First Quarter Sales Numbers
|Mar. 2014||Inventory||Contracts||Mo. Solds||Tot. Solds+ Contracts||YTD Solds||YTD+ Contracts||Mos Supply||Mos w/ Contracts|
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 market. 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.
$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.