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Greenwich Real Estate Ends First Half with a High-Priced Bang

Russell and Mark Pruner | July 7, 2023

Greenwich, CT

Greenwich Real Estate Ends First Half with a High-Priced Bang

June was a remarkable month in sales with 77 sales of which 10 were over $5 million including our highest and third-highest sales for this year.

Here are the highlights:

Sales took a sharp upturn in June 2023, ending the month with 77 sales of single-family homes
This was up from 50 sales in May 2023 and 8 sales above the 69 sales we had last year in June 2022
We are still below our 10-year, pre-Covid average of 86 sales in June due to very low inventory

Our prices continue to appreciate in 2023 with the average price now $3,143,597
Our median price is up to $2,550,000 or up 37% since the 1st half of 2018
We are up 1% or $25,000 from last year’s median of $2,525,000, which is small, but other areas of the U.S. are seeing prices drop
Our price per s.f. is up 3.2% from last year

We only have 146 listings which is a new record for the end of the first half
Contracts outstanding fell by 17 in June as a result of many deals closing in June
Year-to-date our 252 first-half sales are down 24% from last year’s 331 sales
We would have higher sales if we had more inventory. The big question is how much; as demand is down, just not as much as inventory, leaving a pro-seller market

Our inventory over the last four years is down dramatically at every price level
Under $1 million we have gone from 61 listings in 2019 to 12 listings as of the end of the first half
Our biggest percentage drop is from $1 – 2 million where our inventory has dropped 91%, from 193 listings to only 17 listings this year.
Even the very high-end over $6.5 million has less than half the inventory it had in 2019 going from 91 listings to 40 listings.

Very low inventory makes for very low months of supply with only 3.5 months of supply market-wide
All of our prices range up $5 million supply are seller’s markets
Above $5 million we saw big drops in months of supply when you annualize June sales which was a good month for high-end sales
From $1 – 1.5 million we have 27 days of supply

Our sales YTD are concentrated between $1 and 5 million
Below $1 million we only have 12 listings
Above $5 million demand is less, but sales picked up in June with 10 sales over $5 million compared to 27 sales in the previous 5 months

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