By Mark Pruner
Real Estate Columnist
Stock market declines means home sales decline in Greenwich
Sales from over $7.5 million have a good August
$1-$4 million is the busiest part of the market
August is a Mixed Month as Stock Market Hurts Most Price Categories
First the good news: Over $5 million dollars the market continued to move along. We had six sales last month and have fourteen contracts waiting to close after many months where some of the high-end price ranges had no sales. If you annualize last month’s sales you see around 2 years of supply, which is not that far from normal, since high end properties will always take longer to sell.
The market also continued busy under $2 million with a little slow down from $600 – 800K and also in our hottest segment from $1-1.5 million. Things were not so good in August from $2 million to $7.5 million.
Overall we only had 51 sales reported on the GMLS when our August average is 65 sales and in August 2014 we had 84 sales. The stock market’s drop in August clearly had an effect on our market, particularly in those price ranges where we see many financial executives buying in the middle and upper middle market.
Inventory Decent, Contracts over $4M Good
When you look at year to date sales the one $1-2 million market continues to look good, be we also see good sales in the $2- 3 million range. Under $1.5 million we have more sales if we had more inventory.
Contracts are looking particularly good from $2-3 million and all the way up to $7.5 million as people are spending their bonuses later in year.
Over $5 million we have lots of good inventory for buyers.
