Wow, what a change in market activity. The last few weeks have been very quiet. Even those sellers who are priced right and willing to negotiate are not able to close deals. Buyers can have their pick now, if they are brave enough to jump in. Buyers who are making offers are few and far between but are pleasantly surprised with the results. Our market is tied to Wall Street and we are certainly feeling it these past few weeks.
Year to date Sales of Single family homes are down 35% 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
Sellers are catching on-Price right and your home will sell, even in this market! 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 35%. The last five months have seen a downward trend in overall number of sales per month. The good new is that inventory levels seem to be flat. 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
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
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