2016 was not the year for real estate professionals and sellers that it is now behind us. A review of all Greenwich Markets which include – Greenwich in the 06830 and 06831 zip code, Old Greenwich, Riverside and Cos Cob was a disappointment of the total market down -7.27% in comparison to 2015. It’s unfortunate the media focuses on the bigger numbers of the market reports, especially single family homes with a $5MM+ price, rather than a combined total.
One interesting area to point out was the market of residential sales increased by 8.25% in Cos Cob in the price point of $1.5-$2MM by 43.75%! These numbers showed patient sellers whereas the days on market went from 103 in 2015 to 153 to 2016.
Fortune Magazine reports however that Greenwich is just one market showing a decline in sales and luxury real estate sales nationwide has been effected. The negative reflects of a presidential election year that cannot be understated (Forbes.com 6/7/2016). Greenwich is always an area that is pointed out most, as it is the closest to New York City and has always been known as one of the richest towns. Reported foreign buyers are down as the treasury department, and the government is carefully reviewing foreign real estate transactions as suspicious, therefore suspicious or not, foreign buyers are backing out.
Goodbye, 2016 – Hello, 2017!
January 2017 already has shown some promising numbers. There was 71 in residential homes sold total in Greenwich, compared to 48 residential sold in 2016 up 47.9%. Pending listings for residential properties are also up – 72 pending residential homes from 46 pending residential sales a 56.5% change.
Click on the link below, the year 2016 in real estate, now behind us.