Why is the Darien real estate market like the weather? Well think about it. This has been one of the worst winters in recent history for most of the country and particularly in the Northeast. The snow has piled up, literally holding us hostage in our homes as we wait for the next storm.
The real estate maket has behaved similarly. We’ve been hit by one punch after another for the past couple of years. While some volume has returned to the market, in 2010,the first two months of 2011 have been off to an anemic start.Houses have come onto the market one and two at a time. There have been sales but buyers and sellers are,for the most part waiting for spring.In my conversations with other agents and homeowners, there is a backlog of buyers and sellers who will ignite a buying spurt at the first sign of crocus.
As a result, I’m going to go out on a limb and make a prediction. As the ice melts and snow recedes, the Darien market will take off like a Ferrari.The most popular price point,as always, will be the $1-$2million price point. If you’re a buyer or seller, keep your eyes open and ear to the ground.This year is being recognized as one that is very near the bottom of the Darien market and I think we will come out of the bad economy and bad weather stronger and more resilient than ever.