What is Selling in Greenwich?
2019 was off to a slow start with both transactions and average price declining 14% and 18% respectively during the first quarter. Every price segment was off from year ago levels. With the absorption rate at 12 months (which we consider equilibrium), it is likely that once we get the expected new supply in the peak spring season that number will grow and create price pressure on sellers or extend the absorption period.
Its A Buyers’ Market All Around
The good news in the industry is that following rising mortgage rates in 3Q and 4Q in 2018, it is refreshing to see the Federal Reserve pause and rates begin to decline in the first quarter. Though noticeably off their bottom, mortgage rates remained very attractive. It’s a good time to be a buyer as money is cheap, the stock market is performing, and there is plenty of inventory and some very motivated, realistic sellers.
To read the full 1Q2019 Snapshot, please click here.