According to a second quarter 2016 report from real estate brokerage firm Houlihan Lawrence, year-over-year pending sales as of June 30 were down by 50 percent in Darien and by 37 percent in New Canaan. On the other hand, pending sales in Rowayton were up by a whopping 80 percent.
“Seemingly, Rowayton remains an attractive destination for empty-nesters and downsizers from surrounding communities,” according to the report.
“In all local markets, buyers are looking for brand new or recently-renovated homes,” the report continued. “Buyers are also willing to pay a premium for homes close to town, train and schools. Sellers need to stand out because home inventory on the market is high and presents buyers with a number of options.”
While interest rates are still “near historic lows,” the report added, “many buyers have no memory of higher rates and don’t feel the urgency to act quickly.”
Year to date, completed home sales in Darien were up 0.8 percent, and increased 2.1 percent year over year. In New Canaan, home sales were down 16 percent year to date and 11 percent year over year. Home sales in Rowayton were up 13.8 percent year to date but fell by 3 percent on a year over year basis.