How do I describe the doings in Darien Ct real estate this year so far? Well first, the season ,as we all know was severely delayed to to severely lousy weather,and a late spring that still is grudging. Repairs needed from ice dams, slowly melting snow and dazed homeowners kept things in a deep freeze well into April, 2014.
Then came the thaw, or should I say partial thaw. Homes were listed and anything with a working front door and a price tag of $800,000 to $1,600,000, (except those with severely compromised locations,or conditions etc), went to deposit in a nano second. That trend seems to be continuing through June. That’s with one itty bitty exception.
Emboldened by the feeding frenzy of the previous months ( and who could blame them), some homeowners are listing homes at somewhat unrealistic numbers. Those few homes are just sitting there.
Anyway, the feeling among the agents in town is that we couldn’t keep homes on the market. And that is true, to a point. The feeding frenzy it seems exists only in that sweet spot of pricing that I mentioned.
In the $2million plus category, things are slower. For whatever reason, we have a surplus of homes in that price range. My personal opinion is that this category of home has not properly corrected for the new marketplace. Many of the houses in that bracket remain overpriced and homeowners seemed determined to stay the course.Without that log jam being broken we will see stagnancy in this price point.
Waterfront remains less than desirable too owing to the hangover of problems from Hurricane Sandy including new elevation requirements for new and existing homes, but that’s another story entirely. This among other things is also holding down sales in our sister town of Rowayton,CT.as well.
So all in all where does this leave us here in Darien? Down real estate lovers..down. The number of listings is down just slightly by only 1 percent. (it feels worse because we have entry level buyers backed up like planes over LaGuardia). Pending sales are down nearly 20% from least year and number of homes is down 7% from 84 to 78.
So if you’re looking to break into Darien from elsewhere in the entry level price point…get in line….as to the rest…come and get em……