Market Update Greenwich CT March 2008

Savvy buyers are getting pretty good deals if they are educated on the market, patient and know when to act. Realistic home sellers are securing deals on their homes as long as they are pricing at or below market value. Greenwich, (including Cos Cob, Riverside and Old Greenwich) is holding up in price appreciation but number of sales year to date is down about 40%. The last four months have seen a downward trend in overall number of sales per month and an increase in listings. While we may still be up in appreciation and number of sales by year end, the trend is clearly pointing to a change. If the trend continues, we may be looking at less optimistic numbers in the coming months.

Year End Stats (Source Susan Nova Greenwich Time/Stamford Advocate)

In 2007 in Greenwich, single-family sales were down one unit to 726, from 727 in 2006. The average price was up 11.6 percent to $2,973,201 in 2007, from $2,663,647, and the median rose 8.3 percent to $2.1 million, from $1.94 million. Condo sales slumped 8 percent to 208, from 227, but the average price climbed 10.9 percent to $1,047,054, from $944,078, and the median was up 2 percent to $750,000, from $735,000.

In Stamford in 2007, single-family sales fell 12 percent to 649, from 738. The average price slid 2.5 percent to $843,792, from $865,715, while the median moved up 1.8 percent to $696,250, from $695,000. Condo sales tumbled 11.3 percent to 842, from 949. The average condo price was up 6.8 percent to $412,360, from $385,954, and the median rose 7.9 percent to $375,000, from $347,500.

Call Pam to talk about your specific real estate needs. 203 550-4282