FULL YEAR 2022 MARKET REPORT
EXECUTIVE SUMMARY
Throughout 2022, local real estate markets were marked by incredibly low inventory levels. The number of homes for sale at any given moment in Darien, New Canaan, and Rowayton was down compared to the same date last year. Given how constrained our markets are by low inventory levels, it is no surprise that sales trended downward during 2022.
Despite high inflation, stock market declines, and the Federal Reserve’s continued interest rate increases, the demand for homes in our markets continued to outpace supply during most of 2022. Appropriately priced homes across most price points continued to attract more than one bidder, with cash buyers active in the marketplace throughout the year. As mortgage interest rates continued to increase, we noticed a decline in the number of “trade-up” buyers within local markets. Seemingly, those who already own a home with a favorable mortgage rate are reluctant to trade their existing loan for a new one with a significantly higher rate.
Regardless, the continued low supply of homes for sale has been great news for sellers. The amount of time it takes to sell a home has plummeted more than 30% across our local markets, and the average price per square foot has increased more than 10% since last year.
As we look toward 2023, we believe that the art of pricing a home for sale will become more challenging as recent comparable transactions, which may have been driven by “pandemic urgency,” become less relevant. The successful seller may want to consider more historical sales data in developing a proper pricing strategy in the future.
As the #1 brokerage in Greenwich, Darien, New Canaan, and Rowayton, Houlihan Lawrence is uniquely positioned to assist local luxury home buyers and sellers. We look forward to an opportunity to serve you in 2023!
With Warm Regards,
Liz Nunan President and CEO
QUARTERLY MARKET OVERVIEW
DARIEN
Q4
% CHANGE FULL YEAR
FULL YEAR
% CHANGE
Q4 2022
2021
2022
2021
LIST
TEN-YEAR
Average Sale Price $1,618,804 $1,619,781 $1,705,978 $1,673,646 $1,676,743 $1,603,743 $1,534,435 $1,655,525 $1,929,797 $2,020,720 Average Sale Price Average Price/SqFt $467 $474 $504 $490 $476 $458 $429 $446 $505 $567 Average Price/SqFt Days On Market 123 109 105 110 125 122 147 124 70 41 Days On Market %Sale Price to List Price 96.1% 96.9% 95.6% 96.0% 95.5% 94.7% 94.0% 96.3% 99.4% 102.7% %Sale Price to List Price
HOULIHANLAWRENCE.COM
HOMES SOLD 59 72 -18.1% 284 422 -32.7% AVERAGE SALE PRICE $2,217,246 $2,015,902 10.0% $2,020,720 $1,929,797 4.7% MEDIAN SALE PRICE $1,800,929 $1,650,000 9.1% $1,690,560 $1,642,000 3.0% AVERAGE PRICE PER SQUARE FOOT $582 $521 11.7% $567 $505 12.3% AVERAGE DAYS ON MARKET 59 70 -15.7% 41 70 -41.4% % SALE PRICE TO
PRICE 100.6% 99.3% 1.3% 102.7% 99.4% 3.3%
MARKET HISTORY
Homes sold for 2022 are annualized based on actual sales year-to-date.
SUPPLY/DEMAND ANALYSIS
PRICE RANGE
AS OF DECEMBER 31, 2022
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
AS OF DECEMBER 31, 2021 2022 vs. 2021
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
% CHANGE IN LISTINGS
% CHANGE IN PENDINGS
$0 - $499,999 0 1 0 0 1 0 0.0% 0.0% $500,000 - $699,999 1 1 1 0 2 0 0.0% -50.0% $700,000 - $999,999 4 2 2 4 4 1 0.0% -50.0%
$1,000,000 - $1,499,999 4 4 1 3 5 1 33.3% -20.0% $1,500,000 - $1,999,999 0 1 0 5 4 1 -100.0% -75.0%
$2,000,000 - $2,499,999 4 4 1 2 2 1 100.0% 100.0%
$2,500,000 - $2,999,999 0 3 0 0 3 0 0.0% 0.0% $3,000,000 - $3,999,999 5 2 3 0 6 0 0.0% -66.7% $4,000,000 and up 5 1 5 6 2 3 -16.7% -50.0%
SOLD PROPERTIES
YEAR-TO-DATE YEAR-OVER-YEAR
PRICE RANGE 01/01/202212/31/2022 01/01/202112/31/2021 % CHANGE 2022/2021 01/01/202212/31/2022 01/01/202112/31/2021 % CHANGE 2022/2021
$0 - $499,999 0 3 -100.0% 0 3 -100.0% $500,000 - $699,999 13 18 -27.8% 13 18 -27.8% $700,000 - $999,999 39 53 -26.4% 39 53 -26.4%
$1,000,000 - $1,499,999 68 113 -39.8% 68 113 -39.8% $1,500,000 - $1,999,999 55 90 -38.9% 55 90 -38.9% $2,000,000 - $2,499,999 31 35 -11.4% 31 35 -11.4% $2,500,000 - $2,999,999 26 45 -42.2% 26 45 -42.2% $3,000,000 - $4,999,999 44 58 -24.1% 44 58 -24.1% $5,000,000 and up 8 7 14.3% 8 7 14.3%
MarketTotals 284 422 -32.7% 284 422 -32.7% Source: Smart MLS, Darien, Single Family Homes, Sold
DARIEN
*Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand
MarketTotals 23 19 1 20 29 1 15.0% -34.5%
QUARTERLY MARKET OVERVIEW
TEN-YEAR MARKET HISTORY
ROWAYTON
YEAR
Q4 2022 Q4 2021 % CHANGE FULL
2022 FULL YEAR 2021 % CHANGE HOMES SOLD 14 16 -12.5% 77 91 -15.4% AVERAGE SALE PRICE $1,907,115 $2,019,398 -5.6% $1,762,701 $1,774,299 -0.7% MEDIAN SALE PRICE $1,585,000 $1,662,500 -4.7% $1,595,000 $1,610,000 -0.9% AVERAGE PRICE PER SQUARE FOOT $669 $620 7.9% $615 $548 12.2% AVERAGE DAYS ON MARKET 36 89 -59.6% 37 80 -53.8% % SALE PRICE TO LIST PRICE 101.6% 97.3% 4.4% 102.7% 99.3% 3.4%
Average Sale Price $1,135,078 $1,340,895 $1,273,026 $1,337,148 $1,379,317 $1,273,417 $1,276,696 $1,345,651 $1,774,299 $1,762,701 Average Sale Price Average Price/SqFt $373 $439 $435 $463 $459 $445 $439 $452 $548 $615 Average Price/SqFt Days On Market 99 117 136 145 110 92 139 110 80 37 Days On Market %Sale Price to List Price 93.7% 96.2% 94.9% 95.3% 95.0% 95.7% 95.3% 96.6% 99.3% 102.7% %Sale Price to List Price
Homes sold for 2022 are annualized based on actual sales year-to-date. HOULIHANLAWRENCE.COM
SUPPLY/DEMAND ANALYSIS
PRICE RANGE
AS OF DECEMBER 31, 2022
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
AS OF DECEMBER 31, 2021 2022 vs. 2021
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
% CHANGE IN LISTINGS
% CHANGE IN PENDINGS
$0 - $499,999 0 0 Not Valid 0 0 Not Valid 0.0% 0.0% $500,000 - $699,999 2 0 Not Valid 1 1 1 100.0% -100.0% $700,000 - $999,999 1 2 1 3 3 1 -66.7% -33.3% $1,000,000 - $1,499,999 0 0 Not Valid 1 0 Not Valid -100.0% 0.0% $1,500,000 - $1,999,999 2 0 Not Valid 0 0 Not Valid 0.0% 0.0%
$2,000,000 - $2,499,999 0 2 0 0 1 0 0.0% 100.0%
$2,500,000 - $2,999,999 0 0 Not Valid 1 0 Not Valid -100.0% 0.0% $3,000,000 - $3,999,999 0 0 Not Valid 0 0 Not Valid 0.0% 0.0% $4,000,000 and up 2 1 2 1 0 Not Valid 100.0% 0.0%
SOLD PROPERTIES
YEAR-TO-DATE YEAR-OVER-YEAR
PRICE RANGE
01/01/202212/31/2022 01/01/202112/31/2021 % CHANGE 2022/2021 01/01/202212/31/2022 01/01/202112/31/2021 % CHANGE 2022/2021
$0 - $499,999 0 1 -100.0% 0 1 -100.0% $500,000 - $699,999 6 7 -14.3% 6 7 -14.3% $700,000 - $999,999 11 15 -26.7% 11 15 -26.7% $1,000,000 - $1,499,999 17 16 6.3% 17 16 6.3% $1,500,000 - $1,999,999 22 20 10.0% 22 20 10.0% $2,000,000 - $2,499,999 6 18 -66.7% 6 18 -66.7% $2,500,000 - $2,999,999 9 3 200.0% 9 3 200.0% $3,000,000 - $4,999,999 5 10 -50.0% 5 10 -50.0% $5,000,000 and up 1 1 0.0% 1 1 0.0%
-15.4%
-15.4%
ROWAYTON
*Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand
MarketTotals 7 5 1 7 5 1 0.0% 0.0%
MarketTotals 77 91
77 91
Source: Smart MLS, Rowayton, Single Family Homes, Sold
QUARTERLY MARKET OVERVIEW
NEW CANAAN
SUPPLY/DEMAND ANALYSIS
PRICE RANGE
AS OF DECEMBER 31, 2022
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
AS OF DECEMBER 31, 2021 2022 vs. 2021
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
% CHANGE IN LISTINGS
% CHANGE IN PENDINGS
$0 - $499,999 0 0 Not Valid 0 0 Not Valid 0.0% 0.0% $500,000 - $699,999 0 0 Not Valid 2 0 Not Valid -100.0% 0.0% $700,000 - $999,999 8 1 8 4 1 4 100.0% 0.0% $1,000,000 - $1,499,999 3 3 1 10 7 1 -70.0% -57.1% $1,500,000 - $1,999,999 9 2 5 5 4 1 80.0% -50.0% $2,000,000 - $2,499,999 3 0 Not Valid 2 8 1 50.0% -100.0% $2,500,000 - $2,999,999 2 2 1 7 6 1 -71.4% -66.7% $3,000,000 - $3,999,999 9 2 5 10 5 2 -10.0% -60.0% $4,000,000 and up 19 1 19 17 3 6 11.8% -66.7%
SOLD PROPERTIES
YEAR-TO-DATE YEAR-OVER-YEAR
PRICE RANGE 01/01/202212/31/2022 01/01/202112/31/2021 % CHANGE 2022/2021 01/01/202212/31/2022 01/01/202112/31/2021 % CHANGE 2022/2021
$0 - $499,999 0 0 Not Valid 0 0 Not Valid
$500,000 - $699,999 4 9 -55.6% 4 9 -55.6% $700,000 - $999,999 19 33 -42.4% 19 33 -42.4% $1,000,000 - $1,499,999 65 116 -44.0% 65 116 -44.0% $1,500,000 - $1,999,999 50 111 -55.0% 50 111 -55.0% $2,000,000 - $2,499,999 39 66 -40.9% 39 66 -40.9% $2,500,000 - $2,999,999 41 43 -4.7% 41 43 -4.7% $3,000,000 - $4,999,999 36 58 -37.9% 36 58 -37.9% $5,000,000 and up 6 4 50.0% 6 4 50.0%
-40.9%
*Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand
MarketTotals 53 11 5 57 34 2 -7.0% -67.6%
MarketTotals 260 440 -40.9% 260 440
Source: Smart MLS, New Canaan, Single Family Homes, Sold
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