Monday, January 18, 2016

Greenwich 2015 Real Estate Topline



SNAPSHOT OF GREENWICH REAL ESTATE SALES IN 2015

Number of Condos Sold: 200
Number of Single Family Homes Sold: 600
Median Sale Price: $1.86 million
Average Sale Price: $2.42 million
Average Days on Market: 176
  
With a fierce and cold winter, 2015 sales started off slow, continuing the soft market of 2014.  A faster sales pace in the remaining quarters ended the year flat in terms of volume sales vs. 2014.  The lowest price Single Family house to sell was $360,000 and highest was $26,000,000.   By area, South of the Parkway led the way in total volume sales with an average sales price of $3.4 million.  Here's how sales sorted out:


Over 10% of these sales were over $6 million.  Old Greenwich and Riverside continued to be buyer favorites and together, accounted for 34% of all sales.  Of note, North of the Parkway is showing favorably and contributed 10% to 2015 volume sales.
  
Looking at 2015 sales by price levels, nearly 75% of all sales were in the $0-2.9 million price ranges. Within this spread, the fastest growing properties were in the $1-1.99 million grouping.  The $3-3.9 million price ranges was the next most popular price segment with 11% of all sales.  The over $8 million price segment continues to have a high inventory to sales relationship.

What did the median price, $1.86 million buy in Greenwich in 2015?  

  • In Old Greenwich, you could have bought an updated 1919 home, 5 bedroom, 3.5 baths, 3,374 square feet, on Grimes Road,
  • A 4,301 square feet, 1927 home that was renovated in the 90s, 5 bedroom, 4 bath on Oval Rd in Riverside, 
  • Or a condo in downtown Greenwich of 3,184 square feet that lasted on the market 7 days

As 2016 begins, the anticipation of rising mortgage rates, the lack of the winter storms that usually keep buyers indoors,  and strong inventory, are contributing to what promises to be a good start to the new year. More detailed information on 2015 sales next week!

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