If sales are down, then why do I keep losing deals to higher offers? Notwithstanding the high profile luxury homes sales that make Greenwich famous and the apparent weakness in that market today, Greenwich is a diverse community with a wide range of inventory – and demand.
Demand Mix Surge at Lower End Exceeds Pre-Crash Levels
The mix in demand, or the percentage of the total number of residential sales, has long favored more affordable homes in Greenwich. What’s changed is the increasing concentration of home sales in the under $2 million category. Persistent demand has translated into a growing percentage of the market competing for well priced inventory. Demand has been further concentrated to readily accessible areas, as defined by proximity to a train, highway, business district or school. In fact, competing bids may be driving up some pricing as the under $2 million market segment continues to outpace the rest of the market and surge past pre-crisis levels.
Since 2004, over 83% of total single family, condominium or cooperative sales have been less than $3 million, and year to date sales under $3 million exceed 85% of the total number of sales.
There are 93 Open Houses on Sunday. (Contact me for access to my Open House Report).
Looking to buy a well-located, up-to-date open floor plan home with all public utilities under $2 million? There will be plenty of competition. A professional approach, speed and terms matter. Call me to help you prepare, negotiate a winning bid, earn contracts and get to closing.