October sales in Greenwich, CT were essentially flat with 40 single family homes closing this year as compared to 39 last year. There were 14 condominium/cooperative sales, or two more than in October last year. Year to date sales are also flat with 650 sales compared to 649 sales last year. Single family home sales are down 4% while condominium sales are up 19% according to the Greenwich Multiple Listing Service. Of the homes closed in October, the average size was a typical 4200 square feet and had been on the market an average of 193 days. The median sales price is unchanged at $1.6 million. October Closings Report*
But wait. In October single family home sales volume is up a whopping 50%. The average single family sales price in October was nearly $3 million verses just over $2 million last year. Year to date sales volume is up 11%.
So what happened? Driving the significant increase in sales volume were two sales in excess of $10 million and an additional seven sales over $4 million. The top three sales were waterfront homes. The top 18 of 20 sales were in Greenwich and Riverside. All homes sold for over $1000 per square foot were waterfront. While not comparables, one just can’t help but note: What a bargain compared to the average $1800 per square foot paid in New York City!
Over half of the sales in October were less than $2.5 million and most of those were located in a band north of the Post Road. It is no surprise that homes that had been renovated earned the most sales dollars or uptick in perceived value. It should equally be no surprise that homes that had been wonderful family homes but had not been renovated in the last 25 years or so were slow to sell. Though hard to hear, some homes were just priced wrong to begin with. Sellers who have enjoyed their homes to the fullest are often so busy enjoying it that they don’t have time to renovate or upgrade systems. Some assume that because they renovated when they moved new purchasers should do th same. The difference is there are many more dual income workers than there used to be and so no one home to manage the process. Fresh eyes don’t see the love gone by, they see the wear and tear and work to be done.
Stay tuned for more on sales.
Open Houses
There are 84 open houses on Sunday. Open House Report*
Personal Note
I visited William Pitt Sotheby’s International Realty in New Canaan this week. What an energetic and enthusiastic team! If you have friends looking to buy or sell their home in another area or part of the world, remind them that the referral business is big and strong. Leverage the Sotheby’s global team and its cross selling expertise to your advantage. Talk with a knowledgable Sotheby’s agent first and have them help you build the local team you’ll need. At no additional cost, you will have two Sotheby’s agents vested in helping you achieve your dreams.
Call me with your real estate questions today!
*Contact me in order to gain access to reports.