OCTOBER 2014 GREENWICH REAL ESTATE REPORT

So far in October we have 30 sales of single family homes reported on the Greenwich MLS this compares to only 31 sales for the entire month of September, but then September 2014 was a funny month. July and August had 95 sales and 84 home sales recorded at the Greenwich Town Clerk’s office. So a drop to 31 sales in September was a big change from two excellent months of sales in July and August. Now we did have 9 private homes sale in September a number that looks big next to only 31 sales on the GMLS. When you add in the private sales we had 40 September house sales, still below the six-year average of 43 sales and well below the post-recession record of 57 sales in September 2012.

Greenwich Home Sales 2012-Sept. 2014 w/ 6 year Average

Greenwich Home Sales 2012-Sept. 2014 w/ 6 year Average

If sales continue at the present pace we should have 40 sales in October which gets us back to the post-recession average, but still below October 2013’s sales of 56 houses sold. October last year looked good, because several sales were delayed from September 2013, as worry about the federal government shutdown in September moved sales to October.

When you look at the October sales so far you can also see a shift back to the lower end of the market. For most of this year sales from $3 – 7.5 million and sales over $10 million dollars have done well. Sales under $1 million have dropped from last year, but have still moved at a good pace. The result of all this has been a jump in both the average price and the median price. The median price of a single family home in Greenwich for the first 3 quarters of 2014 is $1.9M up from $1.64M in 2013 due to some market appreciation, but mostly the change in the market mix of what’s selling. The median price of the 30 sales so far in October is $1.57M.

Of the 30 October sales, 9 are under $1M and 9 are from $1M to $2M. We have only 2 sales over $5M so far this month. Only time will tell whether we will continue the boom in sales that we saw in July and August or the drop we saw in September, but so far October is looking better and we have 97 contracts waiting to close.

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