Greenwich sales are up strongly over 2019 first quarter, but part of this year over year increase is attributable to the fact that 2019 was a weak year of sales due to the $10,000 SALT tax limit on deductions kicking in. First quarter of 2020 is actually almost identical to 2018 in terms of sales and contracts, but our inventory is down from 600 units in the first quarter to 500 units. This is an obvious reaction to the fact that people don’t want to put their homes on the market during this difficult time.
Traffic to houses is way down, but the few buyers that are out there are very serious. Tire kickers are staying on the sidelines. There has been an increase in phone calls from NYC and we expect that as the pandemic recedes, we will see a surge in activity from buyers seeking to make change to their quality of life.
One way to improve their quality of life is to indulge in many of the same types of cultural experiences the City has to offer, with a suburban flair. We can’t imagine any other town in the country that has so many residents and organizations dedicated to supporting the fine arts, drama, dance, music, and literature. The Greenwich Arts Council ensures that the arts stay wonderfully alive and well in our town and boasts two galleries, a dance studio, a recital hall, and artist’s studios. Under its auspices, we now have “Art to the Avenue,” a May evening when carefully selected artists and musicians bring their work into central Greenwich shops and restaurants. You can stroll the Avenue top to bottom, savoring it all from fine photography and floral art to Japanese Dancers and jazz ensembles.
Look for more on culture and the arts in my next blog.
Your Greenwich Real Estate Pro,
visit https://www.greenwichct.gov/ for more information about our town!