Coronavirus and Stock Market don’t Overcome Low Interest Rates, Sales Up in Greenwich CT Real Estate Market

Transactions continue to climb in the Greenwich real estate market despite concerns about the Coronavirus and the end of the bull market in the stock market. Low Interest rates and pent up demand from last year’s slow market continue to push transactions up. Now this happens every year as we get further into the spring market, but the continued market demand in the face of all the bad news is heartening.

Week of Week Total
1-Jan 2
6-Jan 7
13-Jan 8
20-Jan 10
27-Jan 19
3-Feb 13
10-Feb 11
17-Feb 18
24-Feb 16
2-Mar 25
9-Mar 33

I’ve have three properties that have offers on them and two have back-up offers. Now they are well priced, but this is still quite a turn around from last year’s slow market. We have had 17 sales so far this month compared to 15 sales for the first 15 days of March 2019. Where we really see the difference is in contracts. at end of March 2019 we had 67 contracts and we already have 87 contracts as of March 13th this year.

I’m also hearing of folks from New York City looking for weekend and bailout houses. It’s a lot easier to maintain a social distance on 4 acres of land than in an apartment building. I’m having an open house on Sunday from 1 – 3 pm on some raw land at 5 Greenfield Place in a new subdivision off of Sherwood Avenue with almost 4 acres. I’ll be interested to see who comes to see it.

 

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