The first quarter sales reflect a 7% increase in average sales price, while the average sales price to assessment ratio remained essentially unchanged.

The number of units sold was down slightly over the previous year.  However, there were a record number of sales in December of 2012, spurred by the desire to close before the imposition of the capital gains and federal taxes that took effect in 2013.  In addition, the paucity of inventory in the first three months dampened sales.  The buyers were definitely out there.

Why the demand?    Simply, prices have bottomed out and are on the rise, and buyers want to take advantage of the historically low mortgage interest rates. At the lower end of the market, affordability is also a factor.

A Sellers’ Market -- April Turnaround

So far this April, 129 new single family homes have been listed.  We have had 32 sales, and 127 have either accepted offers, contingent contracts, or executed contracts. Sales are eating up the new inventory as it comes on.  The market is hot and multiple bids are not uncommon.  Riverside and Old Greenwich are particularly in demand.

For sellers, appropriate pricing and good condition are key. Buyers, if they are going to finance their purchase, should have a mortgage pre-approval in hand in this competitive climate. 

Please fell free to contact me for more specific information about Greenwich properties, sales trends in your area of town, or if you would like a current price opinion on your home.  For more blog posts and to register for updates, go to my blog.