To add onto my last post, we have had some activity in the Greenwich CT Real Estate market in the past week. Over the past 10 days, 31 houses have either gone into contract or have an "accepted offer" on them. This is a significant level of movement in the market, though I am not ready to call all of my clients and tell them that they need to come on out before everything is gone.
The reason that I am skeptical about this uptick in activity is that it is just that, a quick uptick in activity. We are now in February and the weather has been nice, so those that are thinking of a spring market purchase might just be poking their heads out early. This is normal and happens in Greenwich real estate nearly every year. If we close out February with some solid numbers I may start to get a little bit more excited.
The second reason I'm cautiously optimistic about the uptick in activity in the Greenwich real estate market is because a lot of this activity is under "accepted offers," which is still a long way away from a contract and then a closing. An accepted offer just means that the seller agrees with the buyer on the price the house should close at. The next step involves the buyer doing inspections, getting financing, working with their attorney on contracts and more. There are a million things that could go wrong and often do.
In the longterm, I see the market coming up, but I have no clue how long that will take. We are in an election year and pending any major news I feel we will be bouncing around this floor for awhile. That being said, it will be spring soon and family real estate in Greenwich, Cos Cob, North Mianus, Old Greenwich and Riverside will sell because families move and want to be in before the next school year.