BUYERS HAVE FINALLY GOTTEN OFF THE FENCE and are out looking and buying. Ever since Donald J. Trump was elected in November, the floodgates have opened on Greenwich Real Estate. January came in like a lion and, despite a momentary lapse in February, 1st Quarter 2017 Single Family Market Statistics in Greenwich have finished strong!!
The Greenwich Market picked up steam in December 2016, after the election of President Trump who is perceived as being “pro-business”. This, in combination with the Fed raising interest rates, has propelled buyers off of “the fence” and has resulted in a viable seller’s market so far this year.
March finished with Single Family Unit Sales up +28.6% and Sales Volume up +38.6%, Jan.-March 2016 vs. 2017. Homes have been selling, especially under $3M, so inventory finished March slightly down, -3% compared to last year at this time. Furthermore, our Average Sales Price is up + 7.8% to $2,510,202 and our Median Sales Price is up +12+% to $1,870,000. All signs of a healthy seller’s market…
While our market is still being fueled by the lower end, the upper end holds promise as well, with 16 contracts on homes listed between $5-10M and 10 homes sold in the same range as of the end of March this year. Last year-to-date, we had only 5 homes under contract in the $5-10M range and 7 sold homes. Last year, we had only 28 lisitngs that sold in total in the $5-10M range.
Contracts were generally up in the lower end of the market but, some of the most dramatic increases were seen in the mid-range, $5-7M.
Once again, one of the two strongest categories were the $0-1M range. The pinch on inventory (down -18% March 2017 vs. March 2016) in the $0-1M range has hampered its potential but hasn’t stopped it from finishing second in number of contracts as of the end of March. While this range finished with 21% of current contracts, it comprised only 6% of the inventory. What is coming on the market is mostly selling in this range.
Likewise, the strongest $1-2M range reaped 31% of current contracts as of the end of March 2017 and represented 21% of the current inventory. The demand is greater than the supply in this range. Meanwhile, the $2-3M range has been coming on strong this year, with contracts up 35% over last year, representing 18% of current contracts as of the end of March and 20% of the inventory.
Sales in all categories below $7M finished the 1st Quarter very strongly, with the most impressive segment being the $2-3M range, up 125% this year versus last, with 27 single family homes selling in Jan.-March 2017 vs. the 12 that sold during the same time last year. The $2-3M range represented 21% of all 2017 sales year-to-date as of the end of March. Meanwhile, the $0-1M represented 16% of all sales year-to-date and the $1-2M range topped them all, with 38% of all sales as of the end of March 2017.
With the official start of the Spring Market on April 1st, we have some great momentum in the Greenwich Market from 1st Quarter to potentially hit some banner numbers for the Spring Market of 2017!! So, sellers, fix up your homes with light, neutral colors, a state- of –the- art kitchen with stainless steel appliances and a comfortable master bath with all of the amenities because today’s sellers want “move-in condition”. And buyers, especially below $3M, make sure that you are armed with your mortgage preapprovals and act quickly because there is a lot of competition out there for homes in this range, many of which have sold at or above their asking price.
Communication. It’s what makes every relationship with our clients special. We’re always ready to talk ,and just as importantly, we’re always ready to listen. If you have a general question about Real Estate, please call us or use the contact form below. We’ll get back to you promptly.