Greenwich Real Estate Today – June 5, 2015

Greenwich, CT Real Estate - Months of Supply as of the End of May 2015

Where we are today
So how is the spring Greenwich real estate market really doing? After the dismal winter weather, May statistics from the Greenwich Multiple Listing Service show the market accelerating as both inventory (now 585 units) and new contracts are up. The additional contracts between $5 and 10 million are particularly significant as this was a slow market segment in the first quarter. Our high end market now has some real bargains compared to Manhattan with its recent record-breaking sales prices. We are seeing some more buyer activity in this price range as we move into summer in this price range and which we need as we have 51 listings over $10 million with 3 sales so far this year.

Our hottest sector – $1 – 2 million
The market from $1 to $2 million has been particularly strong for all of 2015 – 82 sales year-to-date as against 59 this time last year – as we see not only young families moving from Manhattan to Greenwich, but also significant demand from “downsizers” from Westchester. Both groups are competing for the same houses. In addition, this price range is a sweet spot for builders looking to spend $1 – 2 million for land to build new and sell for over $3 million to eager buyers looking for a turn-key, brand-new house.

 

Greenwich, CT Real Estate - Months of Supply as of the End of May 2015
Greenwich, CT Real Estate – Months of Supply as of the End of May 2015

 

 

Greenwich Real Estate  inventory, Contracts and Sales
Greenwich Real Estate inventory, Contracts and Sales
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