Mid September Update

The average price dropped for the first time this year and is 4.4% below last year.

The average days on the market for homes that have sold this year are 139 up from 103.

The list price to sold price ratio is 94% for homes that have sold this year.

The inventory is down about 3% from last year

Absorbation rate is 10 months-It will take 10 months to sell the homes on the market at the current rate of absorbtion. Greenwich typically runs 5 months or less.

July numbers were as follows:

Sales Down 30% from last July

Average Price Down 6% from last July

Days on market 24% longer than last July

Contracts were down 57.5% from last July

Inventory was up 47.6% from last July.

The rise in inventory is concerning for home sellers. Much more competition in a declining sales environment will make it much more difficult and even more essential to look better than all the competition.

August are as follows:

Sales Down from last August 30%

Average Price Down 34% from last August (some high end sales last August)

Inventory was down 14% from last August