If you are looking for reasons to be optimistic about real estate sales in Greenwich, Cos Cob, Riverside and Old Greenwich (together, Greater Greenwich) then take a look at the whopping 73% year over year increase in closed volume for the month of January. Single family sales in January were up 61% over last year to 42 sales and the average sales price increased 7% to $2.1 million.
The Greenwich area enjoyed the largest boost with single family sales volume up 89% to $77 million on a 10% increase in average sales price, including a $19.2 million sale. Of the 11 sales in excess of $3 million, 10 were in Greenwich. Condominiums sales were also up significantly to $21 million in sales volume on 17 sales with an average sales price of $1.3 million.
January 2017 Closings (contact me for monthly listing of sales)
While there may be reasons to be optimistic, a month does not a trend make. Is this pent up demand from a lackluster November or 2016? Is it a response to a rise in interest rates that will continue? Will a real and anticipated rise in personal wealth on improved stock market performance drive demand? Perhaps a number of short and longer term demand influencers will provide combined comfort and drive to purchase Greenwich real estate. If you or someone you know is likely to move, then give me a call. I would be delighted to talk about the market and how to best prepare to sell or buy. The more you know, the more likely you are to achieve your real estate goals.
February 5, 2017 Open Houses (contact me for access to Open House reports).
There are only 26 Open Houses on Super Bowl Sunday.