Mapping closed sales reveals preferences for certain locations – or does it? Let’s take a look at the most recent single family closings reported by the Greenwich Multiple Listing Service. A quick look at the featured map would suggest that, with a couple exceptions, purchasers prefer to be in very specific linear locations. We’ve heard it before. Buyers want to be South of Post Road, near town. It’s true. Most of the sales are in these areas, but let’s break it down a little more.
When sales are clustered along transportation arteries, in high density areas and along borders, then the takeaway is that sales may have as much to do with price as location. Do purchasers of single family homes prefer to be along major roads and train tracks or at the edge of town? Not typically. The map shows recent single family sales under $1.5 million, as reported by the Greenwich Multiple Listing Service for November.
Active listings, as of December 15th, in the same price range show a similar pattern, along transportation routes and town boundary lines. So one might argue that the location of sales may not necessarily be reflective of a preference for these specific locations, but rather reflective of where the majority of purchasers can afford to buy. Of course Greenwich has a lot more to offer, including nearby inventory that allows one to move up within the community as one’s housing needs and capabilities change and grow.
Mapping single family sales between $1.5 million and $3.0 million reveals an entirely different pattern. Those who buy at higher price points take advantage of larger lots and a location with a little more view, a little more privacy or a little less traffic. Given that reaching into higher price range reflects buyers with more choices, then perhaps those mid-range sales provide a better indicator of preferred locations balanced with pricing.
Interestingly, there is no clear pattern that would indicate a consistent preferred location for luxury buyers. Greenwich offers an enormous array of quality locations. Given the mix of topography, commerce, access to water, parks, and elevations, one can find neighborhoods offering an in-town, diverse, beach, suburban, private, secluded, school-oriented, club or equestrian feel. The high end buyers have a choice, and they exercise it all over town.
So what does one find by mapping sales? The location that matters most is: the Town of Greenwich.