A Darien Real Estate Buyer’s Market in the Second Quarter of 2018: Farrell on Real Estate

The second quarter of 2018 in Darien reflected a continuing trend toward higher inventory and a lack of urgency on the part of homebuyers.

There was a 17.4 percent increase in the number of homes for sale, with 22 fewer closings than in 2017 for the first half of the year. There was also a 12.5 percent decrease in pending sales for that same time period.

The average sales price for a home in Darien increased by 7.4 percent in the first quarter of 2018 versus the same time period in 2017, from $1, 777,058 in 2017 to $1,907,749 in 2018.

Sale prices averaged 96 percent of list prices, a 1 percent drop over last year.

The largest increase (100 percent) of inventory was seen in homes priced between $500,000 and $699,999, and the highest demand was seen in the $2,500,000 to $2,999,999 price range. A total of 59 of the 118 homes sold in the first half of the year were priced between $1,000,000 and $1,999,999.

 

The trending lack of urgency on the part of home buyers will make it all that more important for sellers to fairly price their homes and present attractive properties in the increasingly competitive market.

Buyers may be the winners this time around and benefit from this opportunity for increased value.

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Diane Farrell is a realtor with Houlihan Lawrence in Darien. A 20-year town resident,  she is a board member of the Tree Conservancy of Darien. Her marketing and public relations business, Farrell Marketing and Media is based in Darien. You can reach her at dfarrell@houlihanlawrence.com or (203) 984-0644.

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See also:

• How an Expat Here Uses Darien Examples to Describe America’s Exotic Real Estate Culture to Irish Back Home (July 13)

Farrell on Real Estate:

• Will Having a Swimming Pool Help You Sell Your Home? Farrell on Real Estate (July 5)
• When the Price is Right in Selling Your Home — and When It Isn’t: Farrell on Real Estate (May 24)
• A Look at the Darien Rental Market: For Those Not Looking to Buy, Limited Choices: Farrell on Real Estate (May 9)

Darien home sales:

• Old Oak Road Home Sells for $1,050,000 and Other Darien Home Sales (July 12)
• Dubois St Home Goes for Almost $1.3 Million and Other Darien Home Sales (July 5)
• Intervale Road Home Sells for $1.6 Million and Other Darien Home Sales (June 28)

Darien & Rowayton Real Estate Reports:

• Darien & Rowayton Real Estate Report: July 5 to 12 (July 12)
• Darien & Rowayton Real Estate Report: June 28 to July 5 (July 5)

• Darien & Rowayton Real Estate Report: June 21 to 28 (June 29)