Shh! Don’t tell anyone: Real Estate Inventory in Darien is very low.
Posted by 
Jill Keating Brannigan on Tuesday, December 1, 2009
You might be surprised to learn the real estate inventory in Darien, CT is very low right now. There are only 140 homes listed for sale. Based on the fact that 113 homes have closed in the last 6 months in Darien, that means there is about a 7 month supply of homes for sale. Earlier this year we had a 22 month supply and close to 200 homes on the market.
What does low inventory mean for sellers? If you are wrestling with whether you are going to offer your house for sale in Spring 2010, it means you should consider putting your home on the market sooner rather than later. When inventories rise dramatically there is the potential for buyers to “wait and see” what is coming on next. And it can also drive prices lower.
What does low inventory mean for buyers? Unfortunately is means limited choices. It also means you should keep an eye on price reductions. Normally they indicate a motivated seller who wants to you to bring an offer. There certainly are valuable homes at attractive prices on the market for the buyer who is looking for a deal.
Have we reached a “new normal” for Darien real estate? In 2008 187 homes traded. In 2009 thus far 157 homes have traded and there are 37 transactions pending. Many of them will presumably happen prior to year end. Will be ever go back to trading 350 homes per year? It is very hard to predict but it may be quite a while.
Based on recent inquiries and requests for Comparative Market Analysis I predict a busy Spring 2010 real estate market in Darien. Are you ready to be the first to put your house on the market this holiday season and be the first to the closing table?
