October 2017 Greenwich Sales
November 16, 2017 (Greenwich, CT) - The Greenwich Association of REALTORS® announces the statistics for home sales in The Town of Greenwich, CT for the month of October 2017.
There were 40 single-family residential closings reported during this period according to figures provided by The Greenwich Multiple Listing Service, Inc., the multiple listing service used by REALTORS® in the Greenwich area.
The number of single-family residential closings increased, compared to October 2016 when there were 39 closings in October. The median sale price for a single-family home increased to $1,638,000 from $1,625,000 the median sales price in October 2016.
The average days on the market (DOM) for residential homes was 193 days; which was a decrease from 249 days in October 2016.
"This years October sales are in-line with last years sales, with an increase by one sale for October 2017, closing in on forty Sales VS. October 2016 ending with thirty-nine sales. The median sale price is very similar to last years, with a little bit of an increase to $1,638,000 from $1,625,000 in October 2017. The Average Days on Market has seen a significant decrease from 249 in October 2016 to now which is 193 days on market.
Riverside and Cos Cob were our strongest sectors this month; Riverside closing in on nine sales, from six in October 2016 with a significant median price increase to $2,950,000 from $1,050,000 and Cos Cob closing in on eight sales when there were zero in October 2016, with a median price of $1,183,250. As we are soon approaching the end of the year, the market seems to be acting similarly to the close of last year", stated BK Bates, 2017 President of the Greenwich Association of REALTORS®.
Take aways: I'm always suspicious of the "days on market" calculation used by the GAR, so I'd be wary of that one.
Good to see that Cos Cob saw 8 sales, vs 0 in October of last year.
The "significant" median price increase in Riverside from $1,183,250 to $2,950,00 can almost certainly be attributed to 2016 sales of building lots/teardowns and 2017 sales of new construction. It does reflect the changing economic conditions of this part of town, but if you own one of those teardowns, don't start planning uses for your $3 million windfall.