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The areas most affected by the challenges included Darien, New Canaan, and Rowayton markets, according to Houlihan Lawrence Real Estate Brokerage.
A report released on Tuesday, Jan. 9, said despite the sales decline, median sale prices increased in all three markets by nine percent on average, offering sellers favorable returns.
“Amidst the inventory scarcity, we continue to benefit from the diverse offerings of recreation, cultural amenities, and vibrant communities our region has to offer," said Liz Nunan, President and CEO of Houlihan Lawrence. "Most areas have sustained heightened demand across all price points, further fueling the competitive buyer environment."
Nunan added that a small sign of change has emerged with a slight uptick in inventory observed in select luxury markets, though this remains an exception rather than the norm.
Looking ahead the report noted that recent statements from the Federal Reserve indicating a potential reduction in interest rates in mid-2024 may serve as a catalyst, prompting more buyers and sellers to enter the market and start to alleviate the inventory shortage.
Markets at a glance 2023 vs. 2022:
Darien:
- Homes Sold: Down 15.8 percent
- Median Sale Price: Up 13.9 percent
New Canaan:
- Homes Sold: Down 19.2 percent
- Median Sale Price: Up 4.3 percent
Rowayton:
- Homes Sold: Down 33.8 percent
- Median Sale Price: Up 8.5 percent
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