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For those of you who did not see the market report from my last post, I have sent it again for you. Pictured above is the cover of the 1st Quarter Market Report. Here is a synopsis from our CEO in regards to the market:
Spring is a special time in Greenwich, Connecticut. As daffodils emerge and “Crocus Hill” comes alive with a beautiful array of colored flowers, we begin to turn our attention away from the brisk winter to focus on warmer days ahead.
In our local real estate market, the temperature remains hot as buyer demand exceeds a limited supply of available homes. At the close of the first quarter, there were just 145 homes for sale, a 49% decline from the same period a year ago. The market is tilted in favor of sellers, with median prices rising 13% in the quarter. In short, it remains an opportune time to sell a home in Greenwich.
However, buyers have their pricing limits. Despite the headline-grabbing stories of properties that garner multiple bids and sell at or over the asking price, it’s important to note that 61% of the homes sold in Q1 sold at a discount to the asking price. Proper initial pricing remains the single best way to yield the highest selling price.
In the pages ahead, we break down how our many neighborhoods performed in the quarter, but here are a few highlights: the $4M - $5M price range in Mid-Country Greenwich was the only price band that showed an uptick in homes in con- tract, up 167%. Cos Cob experienced the biggest decline in days on market, falling 37%, on average, to just 89 days. And homes that sold in Riverside and Old Greenwich in the quarter did so, on average, at just over the asking price.
For more than seven years, Houlihan Lawrence has been the #1 brokerage serving the Greenwich community. We remain grateful for our elite team of agents and their loyal clients. Thank you.
With Warm Regards, Liz Nunan
President and CEO
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Jared Randall
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