In Greenwich we have 655 listings of single family homes, condos and co-ops, but only 9 of these listings are co-ops. Condominiums are a much more common form of multi-family housing in Greenwich than co-ops. For analysis purposes condos and co-ops can be treated the same, since most buyers are indifferent as to whether their unit is in a co-operative association or in a condominium association. When you add in condos we have 108 listings available on the market. (All references to condos from this point on also include co-ops unless noted otherwise.)
So far this year we have sold 46 condos and have contracts on another 37 listings for a total of 83 condos off the market. This gives us an overall months of supply of 9.8 months, i.e. at the present rate of sales the current inventory would be sold in 9.8 months.
2014 Condo/Co-op Market – Inventory, Contracts, Sales & Months of Supply
|As of May 8, 2014||Inventory||Contracts||Mo. Solds||Tot. Solds+ Contracts||YTD Solds||YTD+ Contracts||Mos Supply||Mos w/ Contracts|
As you might expect condos tend to be at a lower price point than are single family homes in Greenwich. When you look at the distribution of condos by price in the pie chart below you can see that half of the condo inventory is for units under $800,000. The market demand skews even lower with just over half of the sales being under $600,000. Interestingly we also have greater demand than inventory for condos from $1 – 1.5 million.
The high end condo market, those units over $3 million dollars is a small market with only 10 listings and only one unit sold so far this year. We do have an additional 3 units under contract all between $3 and $4 million. The inventory and sales of co-ops in Greenwich over $4 million is very small with only 4 units in inventory, one sale and no or contracts so far in 2014. In 2013 the highest condo sale was for $3,700,00.
To see how different the high-end condo market is take a look at the same chart of inventory and sales for single family homes below. The greatest inventory in houses is in the $2 – 3 million range where we have almost as many houses listed as we have condos in all price ranges. The highest number of sales is between $1 and 4 million. We have sold 11 houses from $4 – 5 million and we have another 9 under contract.
Greenwich’s condominium market is why I often call Greenwich a small city. We have a variety of housing types, much more so than towns like New Canaan & Darien. We also have multiple villages so that buyers have a variety of home, condo, co-op and rental options