Greenwich sold 573 single family homes in 2016 for a total volume of $1.26 billion. The average single family home sold for $2.2 million and the median sales price was $1.7 million. Overall the number of sales was down 5% and with more affordable homes outpacing luxury home sales volume was down 13% over 2015 according to the Greenwich Multiple Listing Service.
Compared to the prior two years 2016 was muted and enduringly so. That said, a sense of gloom may be misplaced. In fact, the number of single family sales and the median sales price were equivalent to the average of the prior four years. The trendlines are frustratingly flat. 2014 benefitted from a $120 million sale that supported volume even while the number of sales followed typical seasonal patterns. In 2015, June proved an exceptional month thanks, in part, to a flurry of sales in the $3 to $4+range (perhaps some pent up demand and price adjustments) and a concentration of closings in June in advance of the impending and stricter mortgage closing requirements (TILA-RESPA) that were to go into effect in July.
In 2016, there was a typical payout, but there was no bonus. In the absence of an accelerator on the upside and as a result of the election pause on the downside, 2016 just feels a lot worse.
As I pointed out in an earlier weekly, the big winner in 2016 was Cos Cob where sales increased a whopping 19%. Sales in Greenwich proper, Riverside and Old Greenwich declined. Cos Cob had the lowest median price point among all areas and yet volume still improved a strong 15%. More on that in a later report.
I will continue to work on and release year end information along with market insights through my weekly. Comprehensive analysis and presentations will be available to my clients.
December Closings: Positive News
Not only was the number of December closings up but the average sales price was also up, combining to drive total volume up 8% over last December. The recovery in December was much needed following the rather unfortunately slow November. (Contact me for access to the closings report).
January 8, 2017 Open Houses
With the stock market nearing historical highs and interest rate increases likely in 2017, this season may usher in pent up demand and more activity. Call me to be prepared to list or buy. (Contact me for access to the Open House report).