Competition Under $1.5 million

Within the prior 6 months, there have been 92 single family home sales in the Greater Greenwich area that sold between $500,000 and $1.5 million as located in the accompanying map, according to the Greenwich Multiple Listing Service. The average sales price was $1,040,000 and closed for 94% of the list price. On average it took 114 days to sell.

The sales story was much more exciting for some sellers and buyers than the averages imply. A healthy 30% sold at or over the asking price, indicating stiff competition for well-priced homes. Many sold at well above assessed value, indicating there had been intervening renovations. That said, the homes varied in age, location and finishing, with most very well presented, if not renovated. Nearly all were in the central or eastern school districts. On average, the homes were on the market for a month, with two outliers on the market over 100 days.

Personal Note

If you are looking to sell, let’s discuss best practices for showing and pricing your home. If you are looking to buy in this popular price range, talk to me about preparing in advance. You will need to be ready to visit houses quickly and follow-up promptly. We will need to make sure you have your paperwork and team ready to go. Otherwise, it may be a frustrating exercise as others snap up homes you are interested in purchasing.

Mary-Stuart G Freydberg
20 years professional real estate advice
Mary Stuart G Freydberg, Sotheby's International Realty
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