August 15, 2019 (Greenwich, CT) - The Greenwich Association of REALTORS® announces the statistics for home sales in The Town of Greenwich, CT for the month of July 2019.
There were 70 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 decreased compared to July 2018 when there were 76 closings. The median sale price for a single-family home was an increase to $1,972,500 from median sales price in July 2018, which was $1,837,500.
The average days on the market (DOM) for residential homes was 222 days; which was an increase from 145 days in July 2018.
There were 17 condo/co-op residential closings reported during this time period; which was a decrease from July 2018 when there were 18 closings.
The median sale price for a condo/co-op increased to $600,000 from $590,000 the median sales price in July 2018.
The average days on the market (DOM) for condo/co-op residential homes was 128; which was an increase from 122 days in July 2018.
“July 2019 had seventy closings and a median sale price of $1,972,500; With a 7% median sale price increase from July 2018. Greenwich was the sector in town with the most closings, ending July with forty sales. Riverside was next in line with the most closings, ending the month with eleven sales. Condo/Co-Op sales had seventeen closings in July 2019 with a median sale price of $600,000. Pending sales as of 4:45pm Wednesday, August 14th for Single Family homes were forty-seven and fourteen for Condo/Co-Op" stated John McAtee, 2019 President of the Greenwich Association of REALTORS®.
Median price is up, but I suspect that’s in large part due to so many once-expensive homes dropping to levels that found a buyer. A property that once asked for $8, for instance, and sold for $3.5 in July may indeed help raise the median price for the Greenwich market as a whole, but the individual owner won’t be as happy. This tidbit highlights the problem: “The average days on the market (DOM) for residential homes was 222 days; which was an increase from 145 days in July 2018.” Even the 222 figure is a tad misleading, because it doesn’t include, for some homes, the many, many days a property sat on the market at a much higher figure that what it finally sold for. Regardless, it does speak to the slowdown that’s going on.
As I noted in a comment to a reader in another post, there a number of would-be sellers who either can’t afford to take a million-dollar-plus hit on what they paid for their house, or simply don’t want to (and who can blame them?), so I suspect we’ll continue to experience a slow market, as sellers budge on price only grudgingly, and buyers hold off until the price of a particular house hits reality.