Greenwich Real Estate – What’s Changed from 2012 to Today

How the market has changed – A comparison of First Half of 2012 to First Half of 2013

The market in Greenwich has gotten better overall. Inventory is down and sales for the first half of the year are up 56 houses to 298 houses sold.  When you add in contracts things are looking even better with an increase of 91 over first half 2012. Months of supply is also down 3.1 months to 11.4 months. The hot market is under $2 million and particularly under $1 million. In fact we could sell more houses if we had more inventory under $1 million.

Inventory in every price range is down except for $3 – 4 million and $5 – 10 million.  In the $3 – 4 million price range we have 16 more houses on the market than we did last year at this time, while sales in the $3 -4  price range are down by two house from last year. This explains why months of supply are up almost 8 months to 31 months or 2.6 years of supply.

For the range from $3 – 7.5 million sales are about the same as last year and over $7.5 million sales are noticeably slower this year. The nice thing is when you look at the contracts and offers the high end will be getting better and sales in July 2013 have borne this out.

  June ’13 Jun ’13 vs.   Jun ’13 vs. Jun ’13 vs. Jun ’13 vs. Jun ’13 vs.
June ’13 Inventory Jun ’12 YTD Solds Jun ’12 YTD+Ks Jun ’12 Mos Supply Jun ’12 Mos w/ Ks Jun ’12
< $600K

13

-12

21

-6

30

-4

3.7

-1.8

3.3

-2.3

$600-$800K

22

-12

27

-4

39

-10

4.9

-1.7

4.2

-2.4

$800K-$1M

21

-3

28

5

37

5

4.5

-1.8

4.3

-2.9

$1-$1.5M

54

-3

62

28

94

40

5.2

-4.8

4.3

-5.7

$1.5-$2M

61

-7

54

15

85

22

6.8

-3.7

5.4

-4.9

$2-$3M

97

-5

58

20

94

33

10.0

-6.1

7.7

-8.1

$3-$4M

93

16

18

-2

37

7

31.0

7.9

18.9

-5.5

$4-$5M

50

-2

12

3

17

2

25.0

-9.7

22.1

-10.9

$5-$10M

111

12

17

2

22

0

39.2

-0.4

66.6

23.9

> $10M

42

-5

1

-5

5

-4

252.0

205.0

63.0

13.4

                     
TOTAL

564

-21

298

56

460

91

11.4

-3.1

9.2

-5.9

A note on the tables – The first column of each group is 2013 data and the second column is the change from 2012.

A comparison of Greenwich, CT real estate sale in June 2012 and June 2013

June is normally the month with the highest sales for the year. As such it has enough sales to give you a feel of how the overall market is doing, something that can’t be said of sales in February, traditionally the slowest month for sales.  As mentioned sales under $1 million would be better if we had more inventory and you can see this when you compare June 2012 to June 2013. As of the beginning of July 2013 we have only 56 listings under $1 million down from 83 last year. Despite a major upsurge in demand from buyers in this price range sales are actually down 7 homes this June from last June as there is not enough good inventory on the market under $1MM.

  June ’13 Jun ’13 vs. June ’13 Jun ’13 vs. June ’13 Jun ’13 vs. June ’13 Jun ’13 vs.
June ’13 Inventory Jun ’12 Contracts Jun ’12 Solds Jun ’12 Tot. Solds+Ks Jun ’12
< $600K

13

-12

9

2

5

-2

14

0

$600-$800K

22

-12

12

-6

4

-7

16

-13

$800K-$1M

21

-3

9

0

10

2

19

2

$1-$1.5M

54

-3

32

12

19

8

51

20

$1.5-$2M

61

-7

31

7

17

8

48

15

$2-$3M

97

-5

36

13

22

12

58

25

$3-$4M

93

16

19

9

3

-4

22

5

$4-$5M

50

-2

5

-1

1

-3

6

-4

$5-$10M

111

12

5

-2

5

2

10

0

> $10M

42

-5

4

1

1

-1

5

0

                 
TOTAL

564

-21

162

35

87

15

249

50

Our Goldilocks zone is from $1 – 3 million where supply has been enough for increased demand. When you look at this price range we are up a total of 63 sales and contracts in June 2013 compared to June 2012. Above $3 million inventory is up 21 and nearly all are really beautiful houses, despite this sales are down 2 house. Over $3 million we have 296 really great houses for sale up 21 houses from last year. Over $4 million contracts and sales are actually down slightly from last year.

 

  2013 Sales Compared to 2012, 2011 and 6 year average

When you look at sales for the last three years and the six year average 2013 is looking good overall. For much of the town that’s true; Glenville for example has become super competitive and mid-country is coming back nicely.

Sales.SFH.2010-June2013.mp

Greenwich Real Estate Prices – Up, Down & Sideways

 

So I reviewed this with a client and he wanted to know what prices were doing in Greenwich.  I told him and he didn’t like the answer, because it’s complicated. Old Greenwich is a great example of these complications. Inventory is tight in OG, sales are up and many houses go to multiple bids. Despite this the average sales price is down. The problem is that the very highest priced Old Greenwich houses with Long Island Sound views are slow to sell. Many OG houses are probably up 10% or even more over last year. Until all price ranges start to move in the same directions looking at average price alone doesn’t give you much of a feeling of how the market is doing. For that you really need a Realtor.🙂

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