CLARK: Greenwich single-family home statistics

Sales of single-family homes in Greenwich ticked up 7% between January and June of this year as compared sales for this period last year. The median sales price of homes decreased 6% for the first half of this year compared to the first half of last year. The median sale price of a single-family home is $1,875,000 which is down 6% from this time last year.

Relative to single-family inventory when comparing the month of June to June of last year, it was up 15% in the under $1 million price point. This market segment constituted 14% of all sales contracts in the first half of this year. Inventory of homes priced between $1 million and $2 million decreased 10% and comprised 39% of all sales contracts through June. Inventory of homes priced between $2 million and $3 million increased 5% comparing June to June of last year and accounted for 17% of all sales contracts thus far this year. Inventory of homes priced between $3 million and $4 million increased 22% year-over-year and constituted 12% of all sales contracts year to date.

With respect to the homes in the higher price ranges, there was a 30% decrease in inventory of homes asking between $6 million and $8 million year-over year in June. These homes accounted for only 2% of total sales contracts in the first half of this year. Also of note, there was an increase of 38% in inventory of homes listed for $15 million and over in June compared to June of last year. Homes asking $10 million and over accounted 2% of homes sold in the first half of this year.

Turning to single-family homes under contract, the $1 million and under properties decreased 31% the first half of this year compared to this time last year. Although inventory may have increased a bit, there is still a need for these priced homes in sought-after markets of Greenwich. This market segment accounts for 14% of current sales contracts while only 9% of 2015 inventory as of this June. The $1 million to $2 million price range had an increase of 19% in contracts for the first half of this year compared to the first half of last year. This market segment constitutes 39% of current contracts of sale and 19% of all 2015 inventory. Homes priced between $4 million and $7 million under contract increased 40-46% in the first half of this year, but constitute 2 to 7% of current homes under contract.

The most sales reported thus far this year for Greenwich was in the month of February followed by the month of June. Overall sales are up 7% the first half of this year as compared to 2014. Typically, July and August are strong sales months, and realtors are waiting to see the results as we have experienced a slight dip (-3%) reported thus far in sales contracts for single-family homes in June.

(Source: Greenwich MLS)

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]

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