Greenwich Real Estate Sales for November 2014 – Part 6 – Supply & Demand

This is the sixth 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

GREENWICH REAL ESTATE – SUPPLY AND DEMAND

Our median sales price in Greenwich YTD is $1,881,350 while our median list price is $3,495,000. You can see this graphically in the pie charts below with less than half of our inventory under $3,000,000 while nearly three-quarters of our sales are under $3,000,000.

Greenwich Real Estate Inventory Nov 2014 Pie ChartGreenwich Real Estate Nov Sales Pie Chart

 

An interesting thing to do is to proceed around the pie charts from top and compare the size of the inventory and the sales for each pie slice. The under $1 million inventory makes of up only 8% of our inventory, but represents 22% of our sales.

Conversely, the over $5 million inventory is 34% of our inventory, but only 10% of our sales. The thing to note is that while the number of sales may be much smaller at the high end, the total dollar amount is huge. The 123 sales under $1,000,000 total $90 million dollars while the most expensive single property sold for $120 million. Even if you exclude that one extraordinary sale the next 7 houses total $97 million dollars. .

The robust part of the market is the $1.5 to $4 million market where we have plenty of inventory and plenty of sales. This was not the case last year. Sales activity slowed down over $2 million, but this year $2 – 4 million has been looking good.

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