JULY 2015 GREENWICH MARKET REPORT (Part II)
Our inventory is slipping a little which is typical of this time of year, but in the price categories over $1.5M we have good supply. What has been our super-hot category may go to just hot in August as we have more contracts from $1.5 – 2.0M than from $1.0 – $1.5M. We also have a nice number of contracts from $2 – 4M. So we will see the average sales price rise as more sales happen above our average sale price of $2.46M. Our median sales price is $1.875 which is a nice increase from last year.
Even though sales dropped back to our 9 year average in July from stellar 2013 and 2014 July the sales distribution and demand stayed the same in most price categories. The main exceptions were the $7.5 – 10M and the $600K – 800K price range where July sales were 1 sale and 6 sales. Now the fact that one sale can get the annualized months of supply for July sales to drop 21 months shows just how slow this segment has been.
The median house in Greenwich has 3,266 s.f., 4 BR, 3/1 BA on .44 acres. It sales for around $1.87M or $574/s.f.. It takes about 3 – 1/2 months to sell and goes for 94% of its original list price. It has appreciated nearly 20% from the last tax assessment in 2010 or about 4% a year.
| As of 7/31/15 | Sold Price/SqFt | SP/ASMT | SP/OLP | List Price/SqFt | DOM | SqFt +/- | # Bdrms | # FBths | # HBths | Assessment | Acres +/- |
| Average | $ 597 | 1.73 | 92.6% | $ 622 | 177 | 3896 | 4.49 | 3.50 | 0.95 | $ 1,432,280 | 1.08 |
| Median | $ 574 | 1.70 | 94.0% | $ 597 | 113 | 3266 | 4.00 | 3.00 | 1.00 | $ 1,088,710 | 0.44 |
Mark Pruner, Douglas Elliman, 203-969-7900, mark.pruner@elliman.com
