Category: Mark Pruner

Everyone knows to get a good Realtor when they buy a house, but if you want to be the winning bidder in this market either have more money than the other bidders, and be ready to spend it or have really good Realtor. So when you get involved in multiple bids make sure you have the best team you can put together.

Sales down to lower inventory. Lower inventory with very good demand is pushing prices higher. Sales over $5 million had a good year.

Greenwich sales and contracts are going where the inventory is. Price doesn't matter high-end sales are doing very well.

Inventory is ticking up when it should be dropping and sales are also doing better than last year. Read when this might be an inflection point.

Rentals are back to average, well, almost. What is almost back to average is the number of rentals that have been reported on the Greenwich MLS. So far this year, we have had 676 rentals through the end of October. We still are seeing rentals move quickly once they are listed.

Since seasonaility isn't a good guide for buyers what is? If you're a buyer looking for a bargain, pay close attention to the days on the market for each specific condo. Listings with significantly above-average months of supply are typically overpriced, have some significant issues (like being located near a highway), or require extensive renovations. Reducing the price can address all three issues, even if it results in a lower price per square foot compared to the competition. It's suprising how often a seller with high DOM, will accept a reasonable offer, just don't start out with low-ball bid or you are likely not to get a counter.

The segment of the market with the highest percentage of off-market sales is properties under $1 million, driven by high demand and seller resistance to full commissions. However, private sellers may miss out on knowing how many offers they could have received or getting the highest possible price. Nonetheless, for some sellers, the allure of privacy and the avoidance of public marketing hassles outweigh the pursuit of the highest price.