It was reported that 1,187 homes were sold in Fairfield County in the first quarter of this year, which represents an 11.8% increase when compared to the first quarter of last year.
The median sales price for Fairfield County also increased almost 5%. In all of Connecticut, the number of homes sold increased 8.8% and the median price for a home ($225,000) increased 1.1% when compared to a year ago. In Greenwich for the first quarter of this year, approximately 90 properties sold.
The majority of those homes (18.9%) sold between $1,000,000 and $1,499,000. This was followed by homes selling between $2,000,000 and $2,999,999 (reaching 16.7% of the total), homes selling between $1,500,000 and $1,999,999 (14%), and the other price points comprising 10% and below of the residential market, according to the Greenwich MLS.
The median sales price in Greenwich has been reported by various sources in the range of $1,200,000 to $1,800,000, making it the highest in Fairfield County.
Analysts forecast the real estate market will continue to improve in Connecticut. Although analysts project home sales will rise as much as 10% this year, price increases have caused sales to slow in Fairfield and New Haven counties. The amount of time to sell a home increased by 4% in Fairfield County. Pricing homes at or near market is key for a home’s sale.
Although there have been multiple bids on properties in sought-after price points in Greenwich, buyers are not going significantly above the asking price to win the bid. In most cases, it remains preferred terms and conditions of sale that is the basis of the seller’s decision to accept the offer.
Conversely, sellers are not receptive to offers that are considerably lower than what compares to their property support. The key to success is to price the property fairly and not leave room for negotiation as many did in the past. To that end the list-to-sales price in February was 92.3% for homes and 95.1% for condominiums, which includes town homes and co-ops, according to Greenwich MLS.
A key issue facing buyers in Connecticut and other areas of the country is the rate of income increases relative to price increases. So employment and income are still tied to the strength of the real estate market. One job in an innovation-based work sector creates five additional professional and service jobs. According to Real Capital Analytics, Stamford ranks seventh in the top 10 real estate markets that realized sale gains last year.
This is based upon fourth-quarter deals exceeding $2,500,000.
According to the real estate brokerage firm Redfin, the number of sellers who thought it was a good time to sell increased to 45% from 22% earlier this year. More homeowners are seeing their homes valued above the amount of their mortgage and seeing comparable homes selling. The trade-up market is starting to return. This is the market where homeowners are looking for a larger home at affordable interest rates. This is another sign that the real estate market is rebounding.
Mary Ann Clark is a Realtor with Coldwell Banker at 177 West Putnam Avenue in Greenwich. Questions or comments may be emailed to [email protected]