The market is definitely looking up in the last two months. If you look at the green 2014 line, you can see that we started out with a bang as lots of buyers believed the pundits and thought interest rates were going higher in 2014. Those buyers pulled the trigger in December 2013 and January 2014.
In February, despite the pundits predictions interest rates fell and so did sales as buyers didn’t feel an urgency to buy. From March to June 2014 sales were better than 2012, but not as good as the near record year for sales that we saw in 2013.
A funny thing then happened this July, sales of single family homes exceeded the June 2014 sales. We had 95 July sales compared to 91 June 2014 sales . Normally as you can see from the 8-year average, (the light-grey line) July sales are good, but significantly below June sales. Last year sales were the same in both June and July, this year they were better. I wonder if this is the start of a trend with sales coming later in the year.
August sale continued July’s momentum this year with 84 sales the same as 2014. So far in September we have had 37 single family home sales compared to 48 for the entire month of September 2013. September 2014 sales will almost certainly be better than September 2013, when the deadlocked Congress let the government shutdown and closings were pushed into October.
As of the end of August we have had 500 single family home sales only 14 below last year and well above the 8 year average of 440 sales through the end of August.
The number of sales is what gets the headlines, but when you look at the total value of home sales in 2014 compared to 2013, this year’s sales volume blows last year away. So far this year we have sold $1.39 billion worth of house in Greenwich up nearly 60% over last year. The major jump in sales from $3 -5 million and over $10 million has led to some good months for town conveyance tax collections.
In August 2014 we had 56 new listings, so far in the month of September we have had 154 new listing. This is 7 more than we had in the fall market of September 2013. The properties are spread throughout the town and they are spread out across all price ranges.
I’ve contributed my share of new listings with:
- 9 Tomney Road as mentioned above, 4 BR, 3/2 BA on for $2,950,000 and for rent for $13,500/mo
- 8 Howard Road a 4 BR, 2/1 BA house on the Greenwich Stamford border in the NE corner of Greenwich for $895,000
- 28 Hollow Wood 4 lots in an R-6 zone in Pemberwick that allows multi-family units
In addition 505 E. Putnam Avenue has been reduced to $2,599,000 for the fall market and 3 Hillside Road is now $1,799,000, both are near Greenwich High School on oversized lots.
Of the 154 new listings that came on the market this month, six are already under contract and one has already closed. The market is gaining momentum, but is still spotty. Pricing is key for sellers. For buyers this is the weekend to get out and look at open houses. If you are serious about buying a house before the end of the year, this is a good time to give me a call as we have some good inventory to show you.