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Darien Real Estate,2010 Year End Market Report

I’ve published a snapshot report of how the real estate market in Darien fared over this past year. In spite of gloomy reports from other markets around the county, Darien is bouncing back from a poor 2009. All the numbers are headed in the right direction for recovery,owing largely to the recuperation on Wall Street. For those of you who don’t know,Darien, Ct is to Wall Street what Silicon Valley is to Northern California.It’s the engine that drives this market. As  Wall Street bonuses and income go-so does Darien real estate.

As you can see, volume has picked up over the past year.There were 436 homes sold in 2010 versus 426 the prior year which is not huge but compared to other local markets, is terrific.Additionally, average price is up indicating that homes on the higher end of our market are also being sold.In fact in 2009, only 5 homes in the $3million plus range were sold compared to 13 in 2010 including several in the $6million plus category. The entry level of $600k-$1.5million accounts for the lions’ share of the market, which is not unusual. The” days on market” or average time it takes a home to sell has not decreased much and I attribute that to lingering, unrealistic expectations on the part of many sellers.

If we have learned anything in 2010, it is that if you price your home correctly, a buyer will turn up quickly.Most sellers,however, afraid of leaving “money on the table” prefer to start their pricing high and take their medicine in small,protracted doses.

Darien condos remain a soft spot int his market.Few were marketed and sold and I don’t have a good explanation for that.In 2010 only three condos here in town were sold compared with 13 in the prior year.

Basically,if you’re looking for a rebounding market with good value,great schools,waterfront and  a terrific commute to New York City,Darien and environs is the place.This market,combines with historically low interest rates provides the long anticipated “bottom” for Darien,CT homes and condominiums.

Year to Date Jan 1 - Dec 31 Darien

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