The Greenwich Real Estate Market in 2015 was a Buyer’s Market for Single Family Homes. The year ended with overall single family Inventory up 7% year-to-year, Unit Sales down 1%, Sales Volume down 11%, and Days on Market up 3%: all factors that resulted from a favorable Buyer’s Market in 2015. Two other factors that resulted from a Buyer’s Market were the decline in the Average and Median Sales Prices. The average sales price was down 10% year-to-year to $2,423,296 and the median price down 1% to $1,858,125. The one statistic that favored sellers was the percentage of sales price to list price, which was up 0.9%.
Meanwhile, it was a strong Seller’s Market for Condo Sales in Greenwich in 2015. Unit Sales were up 12% year-to-year and Dollar Volume up a whopping 28%!! At the forefront of this surge was the brisk sale of units in a brand new luxury gated community in downtown Greenwich, “The Harbor at Greenwich”. This complex has 6 units that sold in 2015 for between $3.4M-$5.020M. Four more units at “The Harbor” are currently pending for between $3.495-$6.1M. Quite a shot in the arm for Condo Sales….
Single Family Home Contracts, on the other hand, were down the last 4 months of 2015: a very slow Fall Market that resulted in overall contracts for the year being down 3%. Since contracts are predictors of future sales, this statistic is significant.
Contracts on homes closing for under $2M were still driving the market, as they had been for the past several years. Even though there were 14% fewer contracts in the under $1M range 2015 vs. 2014, this segment of the market still comprised 19% of all contracts in 2015, while representing only 7% of the inventory. So, even though supply was down in the $0-1M range, the demand superseded the supply. Likewise, in the $1-2M range, contracts were up year-to-year 6% to 206. This number represented 35% of all 2015 contracts but only 19% of the inventory. Once again, the demand far exceeded the supply in the $1-2M range. Once we hit the $2-3M range, the demand and supply evened off at 19% respectively.
Not surprisingly, Unit Sales finished down a disappointing 1% for the year, with the last 3 months of 2015 averaging a decline in Unit Sales of 16.33%. Once again, like contracts, a very slow Fall Market negatively impacted overall home sales for the year.
As in 2015, Spring Markets tend to be stronger than Fall Markets. Spring is a rebirth and brings with it the hope that the stock market will rebound and the Greenwich Real Estate Market will follow suit.
If you know of anyone who would like assistance this year with buying or selling a home, please provide me with their contact information and I would be happy to help. You can also use my website to initiate a search for properties in Greenwich that fit your criteria. Please feel free to contact me with any questions and, of course, if you would like to see any listing.
Sales of “entry level” homes priced at $2M or below are driving the market, as they have been for several years. For instance, while we continue to suffer from a lack of inventory –at only 8%– in the $0-1M range, this range comprises 17% of all 2015 contracts, demonstrating that the demand far exceeds the supply. Likewise, while the $1-2M range comprises 23% of current inventory, it represents an impressive 36% of all 2015 contracts. Supply and demand level off in the $2-3M range and the tables turn above $3M.
Greenwich living includes numerous attractive amenities that young families with children are looking for, such as parks & playgrounds, a choice of public beaches, a summer ferry system, youth sports programs, neighborhood community centers, adult programs, camps, excellent public & private schools, an ice skating rink, a skate park and a golf course, to name several. This influx by younger families into the Greenwich marketplace contributes to the higher contracts and sales in the lower price ranges. While overall contracts and sales are up year-to-year by 3%, contracts in the $1-2M range, for example, are up 13% and sales are up an astounding 28%. (Contracts and sales are actually down in the $0-1M range but, this is due to a lack of available homes.) And, younger families are not the only group buying Greenwich Real Estate under $2M, as downsizers are in this price range as well. No matter the age group, Beware of the Discriminating Buyer!!
Communication. It’s what makes every relationship with our clients special. We’re always ready to talk ,and just as importantly, we’re always ready to listen. If you have a general question about Real Estate, please call us or use the contact form below. We’ll get back to you promptly.