By Mark Pruner
Dashboard Editor
Single family home sales are getting back to normal and that is a good thing. In July we had 68 home sales reported by the Greenwich MLS, which means when private sales are added that we should be above the 10-year average of74 sales. This is what happened in June where the GMLS reported 74 sales and the Town Clerks office recorded 9 more private sales for a total of 83 sales which is just about our 10 year average for June of 85 sales.
Inventory – Our inventory is shrinking and our contracts continue to be high. Having said that our inventory is still 68 houses more than last year at this time. From $1 – 1.5M we are up 23 listings (a total of 63 listings) and from $5 – 10M we are up 22 listings over last year (a total of 131 listings). The one bit of good news is that we are actually down 9 listings to only 45 listings over $10M. We’ve only had 3 sales in this price range through the GMLS which means we have almost nine years of supply.
Sales – In July we had strong sales in the $1.5 – 2.0M sales range (19 sales) and also in the $2 – 3M sales range (17 sales). In fact the core of our market from $1-3 has had good sales this year with a total of 199 sales. Now this is down 24 sales YTD from July of 2015, but our contracts in this price range are where they were last year so I expect that August will be another good recovery month.
As our inventory has dropped the months of supply has also dropped. We now have a pretty balanced market all the way up to $2M. Above that price range each higher increment is jumping 6 months to year in months of supply. When you add in contracts waiting to close the momentum should continue in August. We’ll also see some good sales close in the $6.5 – 10M in August.
