GREENWICH MARKET ANALYSIS BY NEIGHBORHOOD (6/14/14 Update)
Inventory – When you look at the Greenwich market we have something for just about everyone and something in every neighborhood. As of June 14th we have 609 single family homes on the market up from 579 houses at the end of May.
When you look at the inventory map you can see concentrations of listings in Old Greenwich, Riverside, Central Greenwich, and along New York border. This “concentration” is really more of a matter of smaller lot size and greater density of housing in these areas.
The surprising thing is the number of listings in mid-country and back country Greenwich. A quick glance at the map would tend to make you think that we have fewer listings, but when you realize these houses are on two and four acres lots we have a lot of listings in these lower density areas.
Sales and Contracts
Sales – The blue dots show all of the single family homes that have sold in Greenwich through June 14th. We have a good scattering of sales in all parts of town. The post-recession tendency to live closer to town is clearer visible. We now have 220 sold properties up 28 from just two weeks ago, but then June is traditionally the month with the most closing so a big jump is to be expected this month.
The popular areas for buyers is lower Lake Avenue and North Street as well as North Maple all near downtown and Riverside. We do have a good scattering of sales throughout mid-country and back country and once again the number of sales in these areas show a stronger shift to this area than might be indicated due to the lower of density of the two and four acre zones. These areas are doing better this year.
Contracts – Contracts are showing a move south. On the GMLS contract map the green dots are contingent contracts and the yellow dots are pending contracts, i.e. all contingencies satisfied or an all cash deal that never had contingencies.
Clearly as the year goes on the activity near town has continued and mid-country and back country activity has slackened somewhat. The other thing we can see is that Old Greenwich has a bunch of stuff waiting to close as does Cos Cob.
This “fall-off” further north may be due more to the nature of Wall Street bonuses and house purchases. This year was a good year for bonuses at the private hedge funds with some big bonuses going to successful traders and managers. These usually get spent earlier in the year, so their favored areas tend have sales that are earlier in the year. The back country is not dead as it has been in previous years just selling at a slower rate.
Conclusion – Overall the market is doing well, not as good as a spectacular 2013 in unit sales, but much better at the high end. It looks more like a traditional Greenwich market. Our inventory is finally coming back as we break 600 listings. Our 192 sales through end of May are close to the eight-year average of 213 sales at this time of year. It’s a good time to be in real estate.