Although it's difficult to predict how coronavirus will affect the Greenwich real estate market, 2020 is off to a much stronger start than 2019. The 2020 first quarter surpassed 2019 in single-family home sales (up 37.8%- 102 sold this year vs. 74 last year.) At the end of March, there were 40% more single family homes in contract than the same time the previous year. The average sales price remains lower than last year though so value pricing remains key to staying competitive. The threat of coronavirus has resulted in lower inventory as sellers hesitate to put their homes on the market. Combined with increased sales, this has led to lower months of supply. Although there are less showings, serious buyers are out there making offers. Our team continues to receive offers and make deals.
For further details, please see the Greenwich first quarter market report below.
