Riverside, CT (PRWEB) November 27, 2013
Shore and Country Properties has released their most recent update for the Greenwich residential real estate market for 2013, which covers for the first ten months of the year. 2013 has been a better year than 2012 in units and dollar volume, but the average is still down and the median price is holding steady with a small gain. The assessment factor is showing value stability throughout the market.
In almost all price ranges, Greenwich single family home values look to have found a bottom. The exception might be those homes priced over $7.5 million. There are fewer buyers looking in these price ranges, but there is still a lot of inventory to look at. Buyers at this price range want what they want, not necessarily what another owner has built unless the buyer and seller have very similar tastes.
What used to be the brightest part of the market, Old Greenwich, has slowed in the number of sales due to what is being named “The Sandy Effect.” Many would be buyers are concerned about new FEMA regulations affecting the renovation and new construction of homes in flood zones. This has also caused many properties outside of the flood zones in this area of town to be less attractive to buyers. If a property is not in a flood zone, would-be buyers should not be shy to pursue the purchase of a home in this area. In fact, because of this misunderstood situation, there are some very good values in this area of Greenwich.
The market is already beginning to slow for the holidays and Shore and Country Properties expects that to continue. They believe there are numerous buyers who would like to purchase a property, but can’t find the right one. If they are correct, they will take a lot of pent up demand into the 2014 spring market – usually early February to late April – which will cause them to have another spring with high demand and low inventory levels. This means multiple offers for homes in good locations – in good condition – that are priced well. All buyers moving into the 2014 market better prepare for this. Shore and Country Properties suggests getting a team in place with a realtor, mortgage person, inspectors and anyone else needed to evaluate a property.
2013 has also been a very bright market for condominiums, which are becoming a very attractive part of the market for those sellers trading down in the market, as well as first-time buyers who are looking for a more carefree lifestyle to enjoy the many amenities Greenwich has to offer.
Shore and Country Properties’ prediction for the Greenwich real estate market for the rest of 2013 and the spring market of 2014 is that it will closely mimic the end of the 2012 and beginning of the 2013 market. More price stabilization is expected to be seen and the eastern side of Greenwich should see appreciation, while mid-country should remain flat and trending upward a little.
The biggest factor in the 2014 Greenwich real estate market will be inventory. If there are inventory levels that peak in early summer at around 600 homes, prices will be fairly stable. If inventory dips below that amount, prices could rise a little more than expected. All in all, the rest of 2013 should echo 2012 except for December, which had a record number of sales. If sales in November and December hit 30-year averages of around 50 sales, the number of sales for 2013 will rise above 700 for the first time since 2007.
"They believe there are numerous buyers who would like to purchase a property, but can’t find the right one. If they are correct, they will take a lot of pent up demand into the 2014 spring market – usually early February to late April – which will cause them to have another spring with high demand and low inventory levels," said Shore & Country Properties.
About the company:
Shore and Country Properties was originally started by Russell Pruner in 1989 as Russell Pruner and Associates. His vision for a company comprised of the town’s best full-time real estate professionals. Nancy Healy joined the company as a partner in 1996. Since starting her career in real estate in 1987, Nancy has been one of the town’s busiest and well-respected realtors. Recently her peers voted her one of America’s Most Preferred Realtors. The year 2000 brought the addition of two more partners, Joan Epand and Ken Yorke. Each added yet more talent to the group, from Joan’s marketing expertise to Ken’s sharp accounting skills and operational abilities.