We had 41 single family home sell in April 2014 through the Greenwich MLS. We will pick up a few more sales when the final numbers are in from the Greenwich Town Clerk, but we are down slightly from the average of the last 6 years and down from sales in 2013. The last six year average for the first 4 months of the year is 159 sales and we have had 150 Greenwich home sale through the end of April. Last year at this point we had 158 sales. We had a stellar January this year, but since then things have been a little slower. Now a few units difference is not a big deal, but given that the economy continues its slow improvement this drop even though small is curious.
The weakness surprisingly is at the lower end of the market and also in the $5 – 10 million dollar range. The light blue bars in the chart shows YTD sales and as you can see our sales are strongest from $1 million to $4 million. The red bars show the number of contracts in each price range, so given that these bars are taller than the green bars which show April sales we can expect the $1 – 4 million price range to continue to strengthen. Sales under $1 million will also be going up in coming months as the contracts in this price range become sales.
The $5 – 10 million is the only range that will likely continue to show weakness. I say likely, because many of the houses in this price range go right to executed contracts without a mortgage contingency. As such they can go to contract and close in the same month, so the number of contracts is not as good a leading indicator in the higher price ranges. The very high-end over $10 million will continue to show strength. As I said in a Hartford Courant article, “that market is hot and is getting hotter. “