I am happy to report that our spring real estate market is looking better for both buyers and sellers. At the end of the first quarter, we had only 80 single-family homes in inventory, an incredibly low number for the entire Town of Greenwich. This equates to only a one-month supply of homes available to show and then possibly sell. It also indicates a tremendous demand by our buyers now. Six years ago, on March 31, 2020, we had 504 homes in inventory. That is a huge difference from our present supply available. Pre-COVID, agents would have been showing people 4 or 5 listings every time they went out looking for a home to purchase.
Many of you have heard that our spring market usually blossoms after the Super Bowl in February. This year, with all the snow and ice in January and February, we only had 146 new listings come on the market in the first quarter. However, 80 homes closed in the first quarter, and 76 were quickly under contract. Surprisingly, first-quarter sales were good. However, the sale prices have increased, and the number of days on the market has decreased. Buyers have had to be well prepared by their agents to make acceptable offers on properties they hope to purchase.
Starting the first week in April, we noticed a big increase each day of new “Active” listings with more “Coming Soon”, a new way to pre-market new listings for up to 7 days. The property can be displayed to agents and buyers on multiple websites with all the details and photos, but does not allow entry to the property to potential buyers until it becomes “Active”. In this competitive market, with very little inventory, this enables buyers to schedule appointments with their agents to get in for a live viewing as soon as possible. Meanwhile, they can update their paperwork with their agents, lenders if needed, provide current proof of funds, and do a bit of research on the property if they think they may want to make an offer soon after they see if that property fits their needs.
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