The October 2023 Real Estate Market: A Glimpse of Returning Normalcy (or Maybe Not)
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.
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Category: Real Estate
Greenwich 2023 Rentals Are Up – Market Stays Tight
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.
The Real Scoop
As a realtor, I am often approached by many homeowners and buyers to provide answers for a variety of questions pertaining to all things home related. In my quest to provide answers, I have relied on my own expertise, as well as that of many trade professionals I have come to know in our community. I have received overwhelmingly positive feedback regarding my assistance so I have decided to share what I know with the Greenwich community
Greenwich Condo Sales Lower as Inventory Lower with Little Seasonality
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.
Greenwich Sales Average in Q3, but High-End Sales Take Off
In September 2023, Greenwich had more sales over $6.5 million dollars than we had under $1 million. We had 5 sales over $6.5 million, including sales of $22.9 million and $14.7 million.
Under $1 million we only had 4 sales, but that’s what happens when you only have 7 listings under $1 million and 12 listings go to contract.
The Real Scoop
Welcome to The Real Scoop. This monthly column is intended to help homeowners and potential homeowners in our community address a variety of home related and real estate issues. As a Realtor, I am often approached by many homeowners and buyers to provide answers for a variety of questions pertaining to Greenwich and all things home related. In my quest to provide answers, I have relied on my own expertise, as well as that of many trade professionals I have come to know in our community. The information I have provided has been deemed very useful and greatly appreciated, so I have decided to share what I know with the Greenwich community.
Greenwich’s Hidden Real Estate Market: Unveiling the Secrets
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.
Greenwich Real Estate Sales Go Up in August – When They Shouldn’t?
August 2023 was a peculiar month, but peculiar in a good way. We witnessed 64 sales in August this year, and what makes it peculiar is that our August sales exceeded the 59 sales in July. Most years, August sees a decline in sales compared to July, unless external factors disrupt the natural flow of seasonal sales. In 2020, that disruptor was Covid, we had 85 sales in July 2020 followed by a large jump to 108 sales in August 2020. What's causing this rise in Greenwich home sales in August 2023?
High-End Houses in Greenwich in High Demand
We have a lot of things driving our high-end market, a strong stock market, work from home making larger houses more in demand and more people who want larger lots with more onsite amenities. The lifting of travel restrictions means we are also seeing more buyers from Europe and Asia as some recent sales have shown. The U.S., and particularly the Greenwich real estate market, are looking like safer places to invest for overseas money.
Greenwich Houses Sales Vary Greatly by School District
We are at the lowest level for inventory this time of year. Where we don't have inventory to sell, we don't have many sales. Parkway, Glenville and North Street districts are where the sales are and where we have inventory. Cos Cob, Hamilton Avenue, Dundee and other districts are severely supply constrained.
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