Greenwich continues to be a top choice for newly formed families looking to buy their first home. We believe the more affordable prices, continued low interest rates and shifting demographics will be a benefit to our market. The financial markets have proven the naysayers from the start of the year wrong, and have come back strong to push towards new highs.The job market continues to improve, lifting consumer confidence, and creating new
Old Greenwich remains a popular choice for New York City buyers. The area is off to a strong start, with unit sales up 66 percent in the first quarter from a year ago.City-dwellers are attracted to the areas small-town convenience, along with the beaches, schools, restaurants and shopping. The train to NYC just a short bike or walk away is always a big selling point as well. That has helped lift average selling prices jump nearly 40 percent compared to the first quarter of 2015.
Riverside is also off to a steady start. Sales have moved higher by about 8 percent from ayear ago. But we note that those homes that sell are selling closer to their asking price. That tells us that when homes are thoughtfully priced, buyers who would otherwise nibble, will bite. It is taking longer to sell homes in the area, and that is reflected in lower prices.
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