Super Bowl Sunday is traditionally a quiet day for open houses despite the fact that open houses are over well before kickoff time. This Super Bowl Sunday we have eight open houses. You can see the list with hot links to the detailed listing info below and see the interactive map here.
GREENWICH REAL ESTATE MARKET REPORT
The real estate market in most price categories is hot. We have a lot of buyers looking. I was meeting clients at 11 a.m. on Saturday and we had five different groups of buyers show up at the same time. We actually had a shortage of conference rooms to handle all of them. At another listing, we were the fourth group to see the house that day and it wasn’t even 1 p.m.
January Real Estate Sales Down Somewhat in Greenwich, Inventory Up Slightly
We had 30 single-family homes sold in January down slightly from the average sales of 39 homes for the last seven years and only down slightly from the 33 homes sold in January 2012. I had expected a much bigger drop after the record 86 Greenwich house sales in December 2012 as sales were shifted in 2012 to avoid the new federal tases. Not everyone, however, had a need to avoid the fiscal cliff taxes. Couples still get a $500,000 capital gain exemption and estates still get the step in basis to fair market value as of date of death or six months afterwards, if they have a taxable estate.
Active listings are up to 421 listings from 410 listings last week. This small increase is actually bigger than it looks, because almost 50 houses went to contract or had an accepted offer in January 2013. Some sellers seem to have gotten the message that the buyers are out there and are putting their houses on the market earlier than normal. I’ve got a seller who is listing their house with Long Island Sound views on Monday. It will be one of only two such houses under $2 million in Greenwich.
Lots of Contracts in January
For the whole market we have 14 months of supply due to big shift of high end sales to December 2012. This drops dramatically when you add in the 79 pending contracts and offers. This brings our months of supply for the whole market down to only five months. This is only a guesstimate. It assumes that all pending contracts and offers will close in an average of 45 days. Some offers and contingent contracts won’t close or may close months from now, but anytime you see a nine-month difference in months of supply and the same with contracts included you have a very active market. We should have a lot of new listings by late February as the traditionalists wait to list their houses so stay tuned to see whether listings out do contracts.
OPEN HOUSE LIST FOR SUNDAY, FEB. 3, 2013
The open house list and the interactive map are courtesy of Rob Pulitano and the hot links are courtesy of Jared Randall. Check out the Market Insider section of Rob’s website for a lot of useful market stats.
1:00 - 3:00 PM