Greenwich Real Estate Sales for July 2015 – Slow Sales, Good Contract Numbers

JULY 2015 GREENWICH MARKET REPORT 

Contracts were down at the end of June so July was not likely to be a stellar month and it wasn’t. We only had 71 sales reported by the GMLS last month. We’ll get a few late sales reported and seven to 10 private sales, but even if we get to 84 sales we will still be below the 98 sales in July 2013 and the 95 sales in July 2014. We will get to our 9 year average of 73 sales and June was a stellar month. With a little time shifting between months we have two above average months.

Greenwich, CT Home Sales 2013 - July 2015 and 9 year average

Greenwich Home Sales 2013 – July 2015 and 9 year average

The good thing is we still have 103 contracts waiting to close. So August should look better than July.

So the raw number looks like this:

As of 8/1/15 Inventory Contracts Last Mo. Solds Tot. Solds+ Contracts YTD Solds  YTD+ Contracts Mos Supply Mos w/ Contracts Last Mo. Annlzd
< $600K 9 2 0 2 12 14 5.3 5.5 ######
$600-$800K 19 7 6 13 20 27 6.7 6.0 3.2
$800K-$1M 24 15 1 16 20 35 8.4 5.8 24.0
$1-$1.5M 40 9 18 27 82 91 3.4 3.7 2.2
$1.5-$2M 68 21 16 37 73 94 6.5 6.1 4.3
$2-$3M 114 19 13 32 68 87 11.7 11.1 8.8
$3-$4M 85 14 8 22 40 54 14.9 13.4 10.6
$4-$5M 47 5 3 8 20 25 16.5 16.0 15.7
$5-7.5M 81 7 5 12 26 33 21.8 20.9 16.2
$7.5-$10M 28 2 1 3 4 6 49.0 39.7 28.0
> $10M 54 2 0 2 3 5 126.0 91.8 ######
TOTAL 569 103 71 174 368 471 10.8 10.3 8.0
                   
Inventory Sales Inv. – Sales Diff
Count 569                          368 201
Total Sales $  $      905,283,029
 Average  $           4,805,284  $           2,460,008  $    2,345,275
 Median  $           3,195,000  $           1,875,000  $    1,320,000
List Price Sold Price  Inv. – Sales Diff

Inventory and Sales

Our inventory is slipping a little which is typical of this time of year, but in the price categories over $1.5M we have good supply.  What has been our super-hot category may go to just hot in August as we have more contracts from $1.5 – 2.0M than from $1.0 – $1.5M. We also have a nice number of contracts from $2 – 4M. So we will see the average sales price rise as more sales happen above our average sale price of $2.46M. Our median sales price is $1.875 which is a nice increase from last year.

Greenwich Real Estate July 2015 Months of Supply by Price Range

Greenwich Real Estate July 2015 Months of Supply by Price Range

Even though sales dropped back to our 9 year average in July from stellar 2013 and 2014 July the sales distribution and demand stayed the same in most price categories. The main exceptions were the $7.5 – 10M and the $600K – 800K price range where July sales were 1 sale and 6 sales. Now the fact that one sale can get the annualized months of supply for July sales to drop 21 months shows just how slow this segment has been.

 

July2015.InvSoldsKs.080815

 

The median house in Greenwich has 3,266 s.f., 4 BR, 3/1 BA on .44 acres. It sales for around $1.87M or $574/s.f.. It takes about 3 – 1/2 months to sell and goes for 94% of its original list price. It has appreciated nearly 20% from the last tax assessment in 2010 or about 4% a year.

As of 7/31/15 Sold Price/SqFt SP/ASMT SP/OLP List Price/SqFt DOM SqFt +/- # Bdrms # FBths # HBths Assessment Acres +/-
Average  $  597 1.73 92.6%  $              622 177 3896 4.49 3.50 0.95  $ 1,432,280 1.08
Median  $  574 1.70 94.0%  $              597 113 3266 4.00 3.00 1.00  $ 1,088,710 0.44

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