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

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

Work With Us

We are a dedicated group of Greenwich natives. We have a deep passion for our hometown and enjoy everything the town offers its residents from the beach front to the backcountry. That is why we don’t find you just any home, we find you the right home.