Prospective home buyers may be refraining from making major investments ahead of the election. Other buyers may be delaying purchases because they are hard at work earning their year-end bonuses, need to receive the year end bonus before they can qualify for a mortgage loan or want to see how much of a down payment or renovation costs they can afford based on that earned bonus. Regardless, the holding pattern is rather familiar at the moment. Speaking optimistically, the current hesitation to buy could translate into pent up demand that will be unleashed in the Spring Market.
The 38 single family homes that closed in October in Townwide Greenwich had an average sales price of just over $2 million as compared to 42 closings last year at an average sales price of $2.5 million according to the Greenwich Multiple Listing Service. Townwide Greenwich includes Greenwich, Cos Cob, Riverside and Old Greenwich,CT. Of note, this year there were 26 under contract as compared to 37 at the same time last year. The median sales price was $1.6 million less than the $2.1 million last year. While the number of condominiums sales was down significantly compared to last year, the average sales price was up from $982,000 to $1.2 million. (Contact me for access to October 2016 Closings Report).
Fall Back! Daylight Savings Time ends Sunday morning. Enjoy your extra hour of sleep or quiet morning time.
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