Political uncertainty typically doesn’t bode well for business.

As the weather grows colder and holidays near, real estate sales slow down. But an extra factor some real estate experts believe played a role in Greenwich’s market this year was the presidential election. Not knowing what type of policies could soon come into play means some are more willing to sit on their hands and wait.

The impact of this attitude is difficult to quantify, said Joann Erb, executive director of Halstead Property's Greenwich Office, but it’s more likely that stances taken by state and town legislators rather than the president will affect the Greenwich housing market.

The contentious election didn’t seem to affect the number of single-family home sales in October, with almost 40 recorded, according to town records. That number is off only a few from a year ago, according to Erb. The real story lies in the significant drop in median sale price and number of days houses sat on the market.

The median price dropped half a million dollars and homes stayed on the market around 55 days longer when compared to statistics from last year, Erb said.

Real Estate Listings

Of the 40 home sales, most were close to town, with about 10 in central Greenwich, 13 in Old Greenwich and Riverside and a handful sprinkled throughout Byram, Chickahominy, Cos Cob, downtown, Glenville and Pemberwick. Further from town, four homes sold in the Backcountry section, where buyers have their pick of places and aren’t in any rush.

“Buyers aren’t jumping on anything,” Erb said. “Sellers still aren’t understanding that we’re in a status quo market. Prices aren’t going up. People think they should see a 10 to 15 percent increase in a few years, but we’re not. That’s reality.”

MBennett@hearstmediact.com, 203-625-4411; Twitter @Macaela

More Information

Top October home sales

Location

Price

Neighborhood

1

76 Shore Road

$2,502,000

Old Greenwich

2

144 Pecksland Road

$2,700,000

Central Greenwich West

3

73 Sterling Road

$3,200,000

Backcountry

4

5 Jofran Lane

$3,237,500

Central Greenwich East

5

14 Long View Ave.

$3,352,000

Riveside

6

45 Birchwood Drive

$3,800,000

Central Greenwich West

7

180 Shore Road

$3,800,000

Old Greenwich

8

131 Old Mill Road

$4,350,000

North Greenwich/Backcountry

9

15 Winding Lane

$5,250,000

Central Greenwich West

10

14 Rockwood Lane

$7,100,000

Central Greenwich West