What lies beneath this modest increase in sales in Greenwich, CT Real Estate year-to-year are very discerning buyers who are willing to wait for the absolutely right home. They are looking for homes that are new or well-renovated, in turnkey condition and affordably priced. They also want to be close to town, near train stations, shopping, restaurants and most public and private schools. As a result of this prudent buyer approach, there is plenty of inventory in all price ranges except the $0-1M, $4-6M and the $10-15M ranges, where there is less this year than last year.
Sales of “entry level” homes priced at $2M or below are driving the market, as they have been for several years. For instance, while we continue to suffer from a lack of inventory –at only 8%– in the $0-1M range, this range comprises 17% of all 2015 contracts, demonstrating that the demand far exceeds the supply. Likewise, while the $1-2M range comprises 23% of current inventory, it represents an impressive 36% of all 2015 contracts. Supply and demand level off in the $2-3M range and the tables turn above $3M.
Greenwich living includes numerous attractive amenities that young families with children are looking for, such as parks & playgrounds, a choice of public beaches, a summer ferry system, youth sports programs, neighborhood community centers, adult programs, camps, excellent public & private schools, an ice skating rink, a skate park and a golf course, to name several. This influx by younger families into the Greenwich marketplace contributes to the higher contracts and sales in the lower price ranges. While overall contracts and sales are up year-to-year by 3%, contracts in the $1-2M range, for example, are up 13% and sales are up an astounding 28%. (Contracts and sales are actually down in the $0-1M range but, this is due to a lack of available homes.) And, younger families are not the only group buying Greenwich Real Estate under $2M, as downsizers are in this price range as well. No matter the age group, Beware of the Discriminating Buyer!!
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