August Closings

For the month of August, there were 89 home closings and 86 rentals in Greater Greenwich according to the Greenwich Multiple Listing Service. Of the home closings, 65 were single family properties ranging in sales price from approximately $600,000 to $4,975,000. :The number of single family homes sales was up 25% and the average sales price was down 29% as many more lower priced homes were sold. Sales price as a percentage of list price held at 95% while inventory is up 12%. (Contact me for access to my Closings Report). Average single family rental rates were up 8% over last August and condominiums rental rates were up 10%.

The average price per square foot of sold homes varied considerably, as it tends to do in Greenwich, reflecting great variance in interior finishes, condition, potential to expand and land value. Prices ranged from $280 psf to $926 psf. The average price per square foot for homes that sold in excess of $3 million was $644, while higher prices (on a psf basis) were reached in the $1.5 to $2.0 million range. Sales price per square foot is a good indicator in certain circumstances, but can also lead to a misunderstanding of value without adjustments for all components attributing to value. It is a yardstick best used only for like properties.

There are 87 Open Houses on Sunday. (Contact me for access to my Open House Reports).

Personal Note

If you are enjoying my weekly reports, please consider contacting me several months prior to listing your property for sale or recommend me to your friends considering a move!

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In remembrance of September 11th enjoy a peaceful weekend,

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