July Real Estate Market Statistics

The Greenwich market statistics are out for July. The amount of current inventory for condominium (includes town homes and co-op’s) sales is down 11 % when compared to July of last year. Condo sales increased 16 %. The median sale price increased 15 %. The market segment having the largest inventory is the $600,000 to $799,000 price segment that increased 111 % year-to-date.

Further supporting these statistics that baby-boomers are downsizing and supporting the local real estate market, are the number of condo’s that went under contract last month. The $2 – 2,999,999 condo market registered the largest increase in sales (400 %) when comparing January-July of this year with that time period last year followed by: the condo’s priced between $1,400,000 – $1,999,999 (+150 %), $800,000 – $999,999 (+50 %) and $600,000 – $699,999 (+27 %).

Relative to single-family sales, current overall inventory is slightly up by 1 % since the beginning of this year through July. The median sale price, however, went down slightly by 1.3 %. The $15 million and over increased 41 % in July compared to July of last year followed under million and $3-$3,999,999 markets that both increased 14 %, and then the $ 2 – 2,999,999 market (+12 %).

Contracts in July for the $ 7 to $7,999,999 increased 67 %, $5 to $5,999,999 increased 54 %, $4M – $4,999,999 (+33 %) and $1 – $1,999,999 (+17 %). Since the beginning of this year as compared to this time period last year, there has been a slight increase in single-family sales (3 %). The $5M to $5,999,999 market segment increase 55 % followed by the $8M to $8,999,999 (+50 %), $1M – $1,999,999 (+38 %), $6 to $6,999,999) and $4M – $4,999,999 (+15 %). (Source: Greenwich MLS)

Nationally, it was reported last week that developers started on single-family houses in July at the fastest rate since fourth quarter of 2007. Housing starts increased 0.2 % in July or a seasonally adjusted annual rate of 1.21 million homes. (Source: Commerce Department)

Single-family home construction accounted for the gains increasing almost 13 % last month. This was the highest rate since December of 2007. Typically, more housing starts indicates more construction jobs and more confidence by real estate developers.

Total housing-starts have increased 11.3 % year-to-date. Economists report that buyers and renters – housing starts for apartment buildings have increased slightly over 12 % this year this July.

Coupled with this report was the news that the number of building permits decreased by 16.3 % in July after reaching an eight-year high last June. Some analysts contend the decrease may be a reduction resulting from months of increases in permits caused by a drop in apartment complex construction. There is only 5.4 months’ supply of new homes currently available in comparison to 6 months which represents a “healthy” market.

Builders are adapting to the new trend of baby boomers downsizing and millenials renting longer before purchasing their first homes.

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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