Darien Real Estate: Insights From the 2014 Market

The Darien real estate market continues to be robust with the average price of the 276 homes sold at just over $1,650,000. Total unit volume was down just slightly from the 288 homes sold in 2013. Demand is strongest in the $1.0 to $1.5 million range reflecting the town’s appeal to many first time home buyers. These buyers tend to prefer fully renovated homes and will pay for condition over square footage. Some interesting statistics from 2014 include:

• The average days on market dropped 13%, from 131 days to 114 days on the market.
• A full 33% of all Darien sales were at or above the last asking price.
• 59% of the 29 homes sold in the 1.0 to 1.999 million ranges closed at or above the last asking price.
• Nearly 50% of closings for the year happened in just three months: June, July and August.
• The average price per square foot in 2014 was $496 up 2.9% from $482 in 2013.
• In 2013 the price range with the highest demand was $1.2 to 1.4 million with 44 home sales. In 2014 the range with the highest demand was 1.4 to 1.6 million with 33 homes sold.

Please click here to read the whole 2014 Real Estate Market Report.

*Statistics compiled from the Darien MLS