There are lots of articles about how to be the winning bidder in a tight market. This article is about how a seller can get the best deal when there are multiple buyers.
Being the winning bidder when there are multiple bidders takes preparation, team building and execution. If you do this better than the other bidders you can get the house even when you may not be the highest bidder.
The Covid virus is driving sales in Greenwich with people looking for more land, larger houses and more amenities. We are seeing major turn-arounds in neighborhoods that were tough sells only 3 months ago. Greenwich is new sweet spot in the Covid era.
Covid motivated sales continue to drive Greenwich sales. At the end of May we had 299 sales and contracts, then June came along and sales and contracts surged to 423 houses sold or under contract; an increase of 41% in one month. The story at the upper end is even more dramatic. Above $3 million we went from 68 sales and contracts at the end of May to 111 sales and contracts in June, an increase of 63%. By far our most dramatic jump was closed high-end sales over $5 million which are up 271% in just one month, but more about that later.
How is the Covid virus reshaping the Greenwich real estate market? The short answer is in many ways. We are seeing significant rises in sales of houses on larger lots reversing the trend that we saw post-Great Recession. It looks like everything old is new again and larger houses with amenities on larger lots are back in fashion. Also, rentals may be returning to something more like the early 20th Century.
Condos have been quietly playing a bigger and bigger role in Greenwich. in 2012 condos were only 22% of our market by 2017 they had soared to over 36% of our residential market. Since 2012, they have continued each year to be over 30% of sales compared to single family home sales. Our contracts are up and we will see quicker condo sales soon.
The Greenwich real estate market is being driven not only by buyers from NYC, but also buyers in Greenwich that are looking to upsize in mid-country and backcountry. Sales are 13% while inventory is down 23%. Condo townhouses without interior common spaces are also doing well.
There are lots of way to find a house even in a pandemic. Here is an efficient system to find a house in pandemic.
Our real estate market changed a lot before the virus and even more now. See how each section of town is doing.
Up until April the Covid virus had had a limited effect on the Greenwich real estate market. In April we saw a decline in sales as people buyers didn’t come out as much, however all of those that did were serious buyers. With 96 contracts we will continue to see sales in May.