Year to date there have been 712 residential sales in Greenwich, CT, up 3%. The median price is down 3%. Single family sales are essentially flat, and the median price is up, yes, 3%. Steady she goes.
Or not! Focusing in, November residential sales were up 55%, according to the Greenwich Multiple Listing Service. In addition, the average sales price was up 52%. So, November residential sales volume townwide increased a whopping 136% over November last year. Oh my!
If one looks through a long distance lens, the landscape appears unchanged. If one looks through a zoom lens, well then, it’s a shock. The truth is probably somewhere in the middle.
Or not. Get out your wide angle lens. The significant action is at either end of the spectrum. In November, the highest sale traded for 90 times that of the smallest sale. Each sale is indicative of recent activity. Luxury buyers are finding choice assets in Greenwich. As I mentioned last week, there were two sales in excess of $20 million in November, driving the November average sales price up to nearly $2.5 million. That said, the median sales price was unchanged at $1.2 million. Why? Value hunters are demanding more inventory at the lower end of the spectrum, where sales are strong. A full 50% of the 62 townwide residential sales in November sold for under $1.2 million. November Closings Report*
Analysis has its place to be sure, but if one doesn’t know what questions to ask, what the aberrations are, where to look or which lens to use, then the resulting analysis may not be valuable to you and could, in fact, be misleading. Do your own research first, but the only way to really know what’s going on in this complex community is to talk to someone who knows, explores, analyzes and works the spectrum. Give me a call!
Greenwich is a spectacularly vibrant and colorful community. One of Greenwich’s greatest attributes is her broad spectrum of diversity. The untold generosity of Greenwich residents attracts ambitious, hard working, educated, giving, sharing and immensely grateful people. Scores volunteer organizations offer residents the opportunity to lead, share and give time, money and effort to the community as a whole and to their friends and neighbors therein. Look at United Nations Day at Julian Curtis Elementary School and you’ll find children representing over 62 native countries. I am enormously fortunate to have experienced and given back to public and private schools, community service and more. Greenwich is a rewarding and harmonious place to live and work.
20 years professional real estate advice.
Contact me to obtain access to reports.
Feature Photo by: James Bold