Greenwich housing market gains carry over from 201218 Mar 2013 11:53 AM
The first half of 2012 remained relatively slow for Greenwich, but by the end of the year, the local housing market was in the best shape it had been since before the recession, according to several recent reports. Patch reported that the last few months of 2012 in particular were especially promising. Spurred by the surge in the last quarter of 2012, home sales increased 15 percent between 2011 and 2012.
Perhaps more importantly, though, the source reports that the gains witnessed at the end of 2012 have continued into 2013. Despite worries that the high volume of sales experienced in December - which some experts believe were prompted by new taxes coming into effect in 2013 - would result in a lower number of sales in January and February, the opposite seems to be true. According to the source, January home sales exceeded expectations and increased on a year-over-year basis.
Unsurprisingly, the high number of sales has resulted in a diminishing inventory of for-sale homes, especially for the luxury homes at the higher end of the market. As consumer optimism and property values have climbed, competition has increased for available homes and the region's inventory has dropped, the Greenwich Post reports.
In addition to the rising home prices, the source reports that low interest rates could be causing the spurt of recent activity in Greenwich. As has been the case in many cities throughout the country, historically low mortgage rates and renewed faith in the housing market have combined to drive sales and return the market to a condition more akin to its state before before the recession.