Greenwich Real Estate 1st Quarter Statistics & Market Info – A New Year

MARKET REPORT

First Quarter Sales Numbers

 

Mar. 2014 Inventory Contracts Mo. Solds Tot. Solds+ Contracts YTD Solds  YTD+ Contracts Mos Supply Mos w/ Contracts
< $600K 12 3 2 5 4 7 9.0 7.7
$600-$800K 17 8 4 12 8 16 6.4 4.8
$800K-$1M 18 8 1 9 5 13 10.8 6.2
$1-$1.5M 44 16 6 22 15 31 8.8 6.4
$1.5-$2M 56 16 2 18 10 26 16.8 9.7
$2-$3M 88 11 6 17 25 36 10.6 11.0
$3-$4M 62 18 5 23 14 32 13.3 8.7
$4-$5M 32 7 1 8 8 15 12.0 9.6
$5-7.5M 71 3 1 4 5 8 42.6 39.9
$7.5-$10M 26 4 0 4 0 4 29.3
> $10M 44 4 0 4 3 7 44.0 28.3
TOTAL 470 98 28 126 97 195 14.5 10.8

 

If you just look at total solds graph below, sales are down after the tough winter, but they are up compared to last year in our mid-market $2 – 5 million. The $3 – 5 million market is also getting tighter with months of supply less than an year in what for anywhere else would be the high end mSales.SFH.2012-Mar2014Prelim.mp.040314arket. Our under $1 million market is supplied constrained and what is there is a very picked over market.

 

Sales Mostly Up & Some Down – Greenwich real estate had a stellar year in 2013 with 724 single family homes sold nearly the same as the 729 houses sold in the boom year of 2006. What had changed post-recession was the mix of sales with houses under $2 million dollars doing better as well properties closer to town. Many buyers now want to be closer to their neighbors with a house on a main road.  After March Greenwich sales stayed well above average until the U.S. government shutdown through a kink in September sales, but it only pushed sales into October. January 2014, normally a slow month was excellent then the hard winter slowed sales somewhat in February and March.

 

Mar2014.MoofSup.Ks.bar.mp.040314

$2 -5 M and over $10 million Takeoff

From 2010 to July 2013 the Greenwich house market was very consistent with a seller’s market under $1.5 million and a buyer’s market over $3 million. This changed with record highs in the market and the election of Mayor de Blasio. So far in 2014 we have seen $3 – 4 million homes sell almost as fast as houses under $600,000 homes. We’ve also seen the months of supply of over $10 million dollars home cut in half as financial company buyers become “fully bonused” with deferred compensation and their appreciated stock rewards from prior years accumulating vest in larger amounts.

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