Greenwich real estate market November statistics

The November housing statistics are in for the Greenwich real estate market. The condominium (includes co-op’s and town houses) inventory available increased 13% while sales increased 14% when comparing the first 11 months of 2014 to those of 2015. The sales volume for this market segment increased 31% for this time period, and the days on market decreased 6%.

The average sale price of condominiums increased 15% this year ($1,000,779) when compared to January through November of this year; and the median sale price increased 6% ($725,000). The price segments that had the most contracts compared to this time frame last year were: $600,000 to $699,999 (+56%) and $2,000,000 to $2,999,999 (+50%). Over all the contracts for condominiums was up 11% when compared to last year.

With respect to single-family homes, inventory is up 11% and sales are up 7%. Sales volume is down 10%. The days on market increased 3%. The average sale price decreased 11% ($2,458.645) and the median sale price decreased 2% ($1,862,500).

In terms of inventory, inventory increased this year as compared to 2014 the most in the following price points: $8,000,000 to $9,999,999 (+93%), 3,000,000 to $3,999,999 (+40%) and $2,000,000 to $2,999,999 (+37%). Overall current single-family inventory is up 11% compared to last year.

The single-family home price range which had the largest%age of sales this year was the $1,000,000 to $1,999,999 by 38% followed by the under a million (18%) and $2,000,000 and $2,999,999 (18%).

As expected economists are now reporting baby boomers aren’t downsizing like previous generations and are delaying doing so which is causing shortages in inventory, rising home prices and moves out of necessity.

In prior generations, as soon as people became empty nesters they downsized and moved to smaller homes; and or rented apartments. Boomers are delaying this transition. This, in part, may be attributed to the residual effects of the housing down turn and the Great Recession. Home owners between 2008 and 2011 lost equity in their homes and are trying to recover this loss before downsizing.

Some of the boomers are coming to realize that maintaining the family home is costly and difficult. Stairs and steps are becoming difficult to use. When those reach the decision to move, they find going through years of accumulated items overwhelming; and their homes needing updating and located in areas that are now less desirable. Millennials are seeking smaller homes and homes close to towns and public transportation.

An alternative for baby boomers, if they are able, is to rent their existing homes and down size. The rental market is strong and this rent would be another source of income. Another is to give their home to their children and down size which would have tax advantages.  These options should, of course, be discussed with an accountant and/or attorney.

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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