How’s the market? That’s the evergreen question posed to me at the gym,supermarket and every cocktail party in town.
At any given moment the state of real estate in Darien can be up, down or even sideways.It all depends on price point, seasonality and supply of listings and buyers.
What we Do know is whats happened in the recent past, so let’s take a look backward at how Darien real estate fared in 2014.
In a word, I’d say FINE. The statistics for 2014 demonstrate that the market is steady and some trends are evident.
Whether you are a buyer or a seller, the most active price point is the $800,000 to $1.5 million category. in spring of last year, demand exceeded supply and homes flew off the market and in many cases, in bidding wars. This phenomenon drove the “average days on the market” statistic down to 114 days from 131 in 2013. This is also a category that is most sensitive to the” underpricing” strategy. List your home, somewhat below the market and watch the bidders line up. If you have the stomach for it, it’s a great way to sell quickly and with full market participation.
If your home is in the high $1 million to $3 million category- expect delays. These homes are still taking longer to sell, due to some homeowner overpricing but mostly because the appetite for larger homes and yards has diminished.
The upper end remains…well the upper end.While not robust, this market will afford buyers in the $3million plus inventory to choose from in the foreseeable future.
In 2014, the actual number of sales townwide decreased a little over 8 per cent which translates into 25 homes.Average price is holding steady at around $1.650 million and the number of listings overall is just about dead even with 2013 at 382 homes.
Im predicting another robust spring market,particularly in the entry level price point, interest rates are steady and some loosening of lending is expected. Recent legislation puts the onus squarely on buyers to demonstrate their credit worthiness though and that wont change any time soon. Happy House Hunting!