Fueling the fall market

What’s going to be fueling the fall real estate market? We appear to be finding out already.

Redfin, a real estate brokerage in approximately 25 markets, reported last week there is a slowdown in home price growth representing more of an alignment of prices with buyers’ expectations. This is expected to cause an increase in home sales this fall.

Redfin also reported for the month of July, homes that closed or sold for more than list price decreased almost 7% from the same time last year. Sellers in areas that have seen significant increases in available-home inventories and home-price appreciation, are adjusting their prices. Price growth was almost flat in July for the first time in five months.

In Greenwich other dynamics are taking place, evident by taking this year-to-date statistics and comparing them with those of last year. Available inventory of homes has varied greatly in each town of Greenwich affecting home sales and prices.

The following statistics were reported for year-to-date in Greenwich neighborhoods through Aug. 30, 2014 as compared to this time last year:

• There was an increase of 58% of new homes listed for sale, a 117% change in sales volume and a 90% increase in average sales price for Byram;

• There was an increase of 48% of new homes listed for sale, a 34% change in sales volume and a three percent change in the average sales price in Cos Cob;

• There was an increase of 18% of new homes listed for sale, a 67% change in sales volume and a 48% change in the average sales price in Glenville;

• There was an increase of 12% of new homes listed for sale, a 150% change in sales volume and a 87% change in the average sales price for homes north of the Parkway;

• There was an increase of 13% of new homes listed for sale, a 76% change in  sales volume and a 42% change in the average sales price for homes in Old Greenwich;

• There was an increase of 10%  of new homes listed for sale, a 167% change in sales volume and a six percent change in the average sales price for homes in Pemberwick;

• There was an increase of 14% of new homes listed for sale, a 1% change in sales volume and an 8% change in the average sales price for homes in Riverside; and

• There was an increase of 10% of new homes listed for sale, a 53% change in sales volume and a 5% change in the average sales price for homes south of the Parkway.

The segment that comprised the largest share of the market (18.4%) in Greenwich for year-to-date was homes priced between $2 million and $2,999,999, followed by the $1 million to $1,499,999 market (18%), followed by the $1,500,000 to $1,999,999 market (12.9%), and followed by the $3 million to $3,999,999 (11.5%), with the other price segments under 10%, according to GMLS.

 

Mary Ann Clark is a Realtor with Coldwell Banker at 177 West Putnam Avenue in Greenwich. Questions or comments may be emailed to [email protected]

By participating in the comments section of this site you are agreeing to our Privacy Policy and User Agreement

© Hersam Acorn. All rights reserved. The Greenwich Post, 10 Corbin Drive, Floor 3, Darien, CT 06820

Designed by WPSHOWER

Powered by WordPress