In the prior twelve months there were 604 single family home sales in Greenwich ranging from $400,000 to nearly $20 million. Sales in the entry market, below $500,000, were constrained by a lack of inventory and constituted 1.2% of homes sold. The picture changed dramatically in the $500,000 to $1.5 million range in which there were 225 sales, or 37.4% of all single family sales in the preceding twelve months. There were 198 sales in the $1.5 million to $2.5 million price range, for an additional 32.8% of total sales. A full 83.8% of all home sales closed at less than $3.5 million.
Based on the number of sales, relative affordability remains a driving force in Greenwich market. In isolation, the number of sales within a particular price range could be more reflective of available inventory than strength of market. Strong demand is evidenced by a high sales price to original list price. Of the 605 single family sales in Greenwich a full 469 traded for 98% or more of original list price. Eighty-five closed at or above asking price. Of those, 47 traded for less than $1.5 million.
Notwithstanding the strength of demand for the lower priced product, purchasers did not allow sellers to dictate price and negotiated discounts to the seller’s ask based on quality of product. The location of the lower priced homes coincided with available supply. Purchasers with a strong preference for location need to pay up for the privilege.
In general, luxury homes traded at discounts to original ask price, reflecting weaker demand. At such higher price points, discounts translate into larger dollar hits and become more noticeable and talked about, if not particularly frequent. Luxury product can be found throughout Greenwich, whether on the waterfront, in mid-country or in back country. To be sure, there were notable discounts in North Parkway, where there is amply supply of luxury properties (whether on the market or not) but there were also discounts South of Post Road and in Riverside. To understand the full picture, homes that are actively listed but not sold must be taken into account. Talk to an agent to assess value. Real estate is not a commodity and sales comparables need to be fully understood.
There are 99 open houses on Sunday. April 23, 2017 Open House Report (click link)*
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