August was a pretty good month in Greenwich real estate even with Irene paying us a call. There were 47 closings on single family homes and 32 accepted offers, contingency contracts or executed contracts. Most of the homes, 13 of them sold in the $2,000,000- $2,999,999 price range with 9 selling in the $1,000,000 – $1,499,999 range. Only 2 sold over $5,000,000 and 2 under $599,999. Median days on market were 91 and median list to sale price ratio was 94.6%. It seems that a lot of sellers priced their homes pretty reasonably and the buyers were able to see that.
In this economy, perceived value is vital. With the fall real estate market starting we should see more houses coming on and hopefully some sizable price decreases. In uncertain times the market can go either way; people want the security of a home in which to raise their family or renting is a good option while they wait things out.
If waiting seems like the answer, it appears as though it could be a long wait with rental money going out the window. We are encouraging our buyers to look for a deal they can live with, then hunker down for a long cozy winter.