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 m
arket. 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.
