The residential real estate market is seasonal with the Spring Market representing a particularly active period. Sellers have completed spring cleaning and landscaping and minor repairs, while prospective purchasers often want to move or conduct upgrades during the summer months so they are settled before the next school year begins. Properties go under contract and then close within 30-90 days, depending on the negotiated contract. Only upon closing is the actual closing price revealed.
While we will not know the pricing trends of the current Spring Market until later, pending and contingent contracts are reflective of current market interest. As defined by the Greenwich MLS, a Contingent Contract status notes a house under contract with contingencies, such as a mortgage or detailed inspection contingency. At times, the contingency is not met and the contract does not close. A Pending status indicates properties under contract with either no contingency or no remaining contingencies. Pending contracts are very likely to close.
This week I look at geographic preferences based on Contingent Contract and Pending status. A map of current contracts indicates a trend we have been noting for some time. The map herein shows single family pending sales in gold and contingent contracts in green. Note the band both north and south of I-95, the Post Road and the Metro North train route in the southern third of Greenwich. Quite simply, the geographic preference represents a desire to be closer to town and commuting venues.
Happy Father’s Day,