2017 was a good year for Greenwich CT real estate market. And the good news seems to be continuing this year, although at a slower pace.
Not only did the average sales prices dramatically increases, but also the number of units that were sold and the luxury market seems to roar back to life!
Back in the year 2016, the average sales price was $1, 903, 724 which increased by 13% to $2, 150, 258 last year, 2017.
The number of units sold also has a 3% increase from 754 units in the year 2016 to 774 units in the year 2017.
In this year 2018, however, we can see a slow yet steady pace of the Greenwich CT real estate market.
The High-End is Moving Along
The high-end is doing better this 2018 than last year, although it is not quite as good in April as it was doing during the 1st quarter. We are down 30 listings for above $4 million and while our over $4 million transactions of year-to-date is up 13 sales. This results in the decreasing in the months of supply over the last few years.
More than $10 million when looking at contracts and sales, months of supply are down 6 years from last years. Most negativists might point out that in the whole April, Greenwich did not have even one sale of over $10 million. This dramatic 6-year drop is because of the reduced inventory and sales prior months.
The Mid-Range is Getting Back to Normal
Greenwich Ct has 307 listings in the mid-range between $1 million and $3 million. This is 15% or up 41 listings from this time last year. Sales from $1 million to $3 million are down from 88 sales last 2017 to 75 sales this 2018 or a drop of 15 sales. However, contracts at the same range of price are up by 12 house and just about the same as the current decrease in sales.
Moreover, the $1 million to $3 million price range has an improvement last month of April as expected from the numbers of contracts that are waiting to close in March. This May, there is likely more improvements with 63 contracts in this price range that starts to show up as a deed in the office of the Town Clerk in this month and June.
As a matter of fact, contracts were up in each price category from $800K to 10 million. Greenwich has a total of 72 pending, 44 continents, and 116 contracts which are up from 92 in April last year. This looks good for the overall market.
Under $800K Lacks in Inventory
Under $800K, contracts were flat at only 6 sales and 9 houses under contract. From last year, Greenwich only had 19 listings under $800K, so it means that there is not much to buy. Greenwich is still looking at less than 4 months of supply that indicates a strong market seller.