This is the fourth of seven posts on the state of the Greenwich real estate market near the end of 2014. To read the entire report click this link: The Greenwich Real Estate Report YTD – Nov. 2014
INVENTORY & SALES STATISTICS FOR GREENWICH – November 2014
|Nov. 2014||Inventory||Contracts||Last Mo. Solds||Tot. Solds+ Contracts||YTD Solds||YTD+ Contracts||Mos Supply||Mos w/ Contracts||Last Mo. Annlzd|
As of Friday, 12/5/14, we had only 458 single family homes on the market in Greenwich down 60 listings in only one month. The majority of this drop was between $1.5 and $4 million where inventory is down 39 units.
Overall sales for the 2014 are up from 2012, but down about 5% from 2013, which was a stellar year for sales. All of this drop is due to lower sales under $1 million. If we had more inventory in this price range we would have more sales.
While overall sales are down slightly, all of the price ranges above $3 million are up a lot. Over $10 million sales are up from last year with 14 sales compared to 6 sales last year at this time. The increase in over $10 million sales started in September last year and still continues. Greenwich is looking like a good alternative to many New Yorkers in this price range. In total above $3 million we have already sold 6% more houses than we did all of last year.
When you add up the value of all the homes sold so far this year on the GMLS you have total volume of $ 1,444,968,796 and there are another 83 Greenwich houses that have been sold outside the GMLS that are not included in this figure. Given that overall sales are down 5%, this again shows the impact that the increase in high-end sales have had on the market.