July 2016 Greenwich Real Estate Report – Solds Properties Looking Better

By Mark Pruner

Douglas Elliman – Greenwich

mark.pruner@elliman.com – 203-969-7900

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Single family home sales are getting back to normal and that is a good thing. In July we had 68 home sales reported by the Greenwich MLS, which means when private sales are added that we should be at or above our 10-year average. This is what happened in June where the GMLS reported 74 sales and the Town Clerks office recorded 9 more private sales for a total of 83 sales which just about our 10 year average for June of 85 sales.

As of 8/2/16 Inventory Contracts Last Mo. Solds Tot. Solds+ Contracts  YTD Solds  YTD+ Contracts Mos Supply Mos w/ Contracts Last Mo. Annlzd
< $600K 7 2 1 3 11 13 4.5 4.6 7.0
$600-$800K 24 11 3 14 24 35 7.0 5.8 8.0
$800K-$1M 26 9 3 12 27 36 6.7 6.1 8.7
$1-$1.5M 63 28 9 37 65 93 6.8 5.8 7.0
$1.5-$2M 67 24 19 43 67 91 7.0 6.3 3.5
$2-$3M 119 21 17 38 67 88 12.4 11.5 7.0
$3-$4M 93 9 7 16 33 42 19.7 18.8 13.3
$4-$5M 62 4 4 8 18 22 24.1 24.0 15.5
$5-6.5M 68 3 3 6 12 15 39.7 38.5 22.7
$6.5-$10M 63 5 2 7 9 14 49.0 38.3 31.5
> $10M 45 0 0 0 3 3 105.0 127.5
                   
TOTAL 637 116 68 184 336 452 13.3 12.0 9.4

Our inventory is shrinking and our contracts continue to be high. Having said that our inventory is still 68 houses more than last year at this time. From $1 – 1.5M we are up 23 listings (total of 63 listings) and from $5 – 10M we are up 22 listings over last year (total of 131 listings). The one bit of good news is that we are actually down 9 listings to only 45 listings over $10M. We’ve only had 3 sales in this price range through the GMLS which means we have almost nine years of supply.

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In July we had strong sales in the $1.5 – 2.0M sales range (19 sales) and also in the $2 – 3M sales range (17 sales). In fact the core of our market from $1-3 has had good sales this year with a total of 199 sales. Now this is down 24 sales YTD from July of 2015, but our contracts in this price range are where they were last year so I expect that August will be another good recovery month.

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As our inventory has dropped the months of supply has also dropped. We now have a pretty balanced market all the way up to $2M. Above that price range each higher increment is jumping 6 months to year in months of supply.

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