Holiday Market Update - Again

In case you missed my market update a couple of weeks ago, here it is again..

With only a few weeks left of 2012, it has been a very good year for number of homes sold in both Darien & Rowayton.

Prices have definitely come down in Rowayton, not as much in Darien.

Darien:

246 homes have sold ytd in Darien, with another 48 under contract or with accepted offers. So we should have somewhere between 246 and 294 homes sold by the end of the year. Compare that to the last 4 year (2008-2011) totals of 187,181, 248, 225 respectively, 2012 is the best year in terms of number of sales since 2007.

The average sales price is $1,515,250, which is much lower than the

$1,700's in 2011

$1,600’s in 2010

but higher than the $1,400’s of 2009.

Median sales price is $1.2 which is lower than the last 2 years, but higher than the $1.1’s of 2009.

86 homes closed under $1mill

109 between $1mill and $2mill

36 between $2mill and $3mill

9 between $3mill and $4mill

6 over $4mill

So with 195 under $2mill that is nearly 80% of the sales.
And 20% of the sales are over $2mill. 35% of sales were under $1mill.

Market time is 130 days which is 10 days less than it’s been the last few years.

List to sales price ratio is 95%, which is higher than the 91% in 2009, but about the same as 2010 and 2011.

Current inventory is 127 which is about normal for this time of year.

Rowayton:

2012 will see the most number of closed sales since 2007. There are currently 54 homes closed with another 14 under contract or with accepted offers. Compare that to the last 4 year (2008-2011) totals of 47, 49, 54, 53. We could end up
close to the 62 of 2007.

The average sales price is $1,304K, which is a bit lower than previous years of

$1,327K in 2011

$1,479,709 in 2010

but better than $1,062K of 2009.

The average median sales price is $1,007,500. That is quite low, and I attribute that to a plethora of lower end sales in Rowayton this year. $400’s, 500’s and lower..

26 homes closed under $1mill

20 between $1mill and $2mill

5 between $2mill and $3mill

3 over $3mill

So 48% of homes  sold were under $1mill, 85% were under $2mill, and 15% over $3mill.

Market time is 131 days which at 6 months from listing to contract signing is what we expect these days. Many houses are coming on too high and then sitting, reducing, sitting.

List to sales price ratio is 94% which is normal. Remember, that is from the final list priced which may have started out higher.

Current Inventory is around 41 which is about normal for this time of year.

Analysis:

Both markets are selling. This will be a very good year based on number of homes sold, even though prices are definitely lower than they once were.

Go to my website www.elainefalkenberg.com to  see the summary of these stats from 2006 till now.