There are 833 active listings of single family homes in Greater Greenwich, up 15% over last year. Of those 562 are in Greenwich, 106 in Riverside, 86 in Cos Cob and 79 in Old Greenwich.
During the month of May, there were 55 single family home closings as compared to 56 last year. The the average sales price in May was $2,042,000 or 20% off the average last year while the median sales price was down 5% to $1,775,000. Sales price remains 96% of list price. {May 2016 Sales Report}
While monthly reviews have value, it is also important to keep an eye on both the long term trends as well as weekly activity responsive to current demand. Looking at the trailing twelve months ending May 31st, the average sales price is down only 6% and there is virtually no change in the median sales price. Immediate demand continues to focus on value, and they are willing move quickly to seize the opportunity.
Greenwich is home to a diverse inventory of home stock, by size, price, location, land quality and condition of home. A temporary decline in average sales price does not necessarily translate into a long term trend. Keep in mind, the Spring is a key time to purchase homes that need renovation during the peak building season. Homes in need of renovation have lower price points as compared to the move-in ready product.
Price discovery continues to be a challenge for the general public, particularly as it relates to the condition of property. Remember, only the best pictures are online. What you don’t see online can also affect value. Agents who walk and breath the market every day can give purchasers and sellers insight into actual comparables, conditions of property, value and negotiating trends.
