This is the third 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, YTD SALES, NOV. 2014 SALES & CONTRACTS
Over $4 million dollars our present inventory significantly exceeds our first 11 months of sales meaning we are looking at much more than a year’s supply of listings at present sales rates. You can also see that most of our sales year to date have been between $1 million and $3 million dollars. In fact over $2 million we have seen much better sales in 2014 than we have seen in any post-recession year to date.
Sales in the ultra-high end market over $10 million market have been extraordinary this year. Fifteen houses have been sold in Greenwich over $10 million including one property for $120 million. Greenwich has actually sold more properties over $10 million than San Francisco and Palm Beach combined. New York City, whose population is 130 times Greenwich’s population sales, has sales over $10 million properties is only about 4 times Greenwich sales.
This is the second 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 PRICE APPRECIATION IN 2014
So far this year our median sales price has been $1,881,350 this compares to a median price of $1,640,000 last year. This 15% increase in median price looks very good, particularly at a time when inflation is in the low single digits, but it is a little deceptive. Most of this price increase in the median is due to an increase in sales in the higher price range.
An equally mathematically accurate but even more deceptive year over year comparison is the 34% increase in the 2014 average price to $2,736,683 for a single family home in Greenwich. This average price jump includes the $120 million sale of 120 acres on Long Island Sound.
A better way to estimate the average price increase in Greenwich houses is to compare the change in the ratio of the sales price to the town’s assessed value. This ratio is up 7.1% so far in 2014, but any way you calculate it Greenwich houses are beating inflation.
This is the first 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 – LOOKING GOOD & GETTING BETTER
In July 2014 we saw something we never see, July sales exceeding. August looked even better as we matched sales in August 2013, the best August we have seen in the last nine years. Then sales took a big drop in September 2014 as uncertainty about the future scared homebuyers just as the government shutdown hurt sales in 2013.
Sales rebounded nicely in October and the GMLS only sales figures for November show that November is continuing this recovery with 41 sales reported so far. We normally see an additional 13% of non-GMLS sales if that happens then the 46 sales will match the sales in a very good 2013.