MARKET REPORT 1st QUARTER PART TWO
As reported last week, 2014 has been a different year than the three proceeding years. The two charts that show this best are below. The first pie chart shows first quarter sales. In the last couple of years the segment under $1 million was a small part of the inventory, but they represented a much larger portion of the sales. We see this somewhat in 2014 as the first three pie pieces are a little bigger in the Solds chart than in the Inventory chart, but not that much bigger.
$1M – 3M
If you look at the inventory chart and compare the width of the pie slices you can see that the standout section is the $2 – 3 million (ochre slice). It represents more than a quarter of sales, but less than a fifth of inventory. The other segment that stands out is the $1 – 1.5 M price range which has been selling well in Greenwich for years.
This price in prior years has been a fraction of sales. Now the $3 – 4M segment and the $4 – 5M sales slices are actually bigger than their inventory slices showing accelerating sales in these price ranges. It’s only when we get over $5M that we see the sales rate at less than the inventory. Having said this these categories were nearly none existent last year at this time. So far this year sales over $5 M represent 8% of our sales.
March Sales and Contracts
When you look at sales in March and pending contracts you can see that sales in low end under $2 million are rebounding from earlier this year, particularly in the $1.5 – 2.0M range. The good news for the high end is that we have contracts represented in every price range with the $3 – 4M price range looking particularly good.