Category: Mark Pruner

The Greenwich Spring Real Estate Market Comes with a Winter Hangover

The spring market is underway with contracts up 46% from last month. We went from 50 contracts at the end of January to 72 contracts at the end of February. Pretty much every new listing that came on market had an offsetting listing going to contract. The result is that our inventory has been essentially flat all year.

Column: Greenwich Condo Sales Up 29% in 2022 Over 10-Year Average

Last year was a good year for condo and co-op sales in Greenwich. We had 215 sales, which compares to our 10-year, pre-Covid average of 175 sales. Our 2022 condo sales were 23.1% above average. You may see some folks pointing out that condo sales were down 19% over 2021, but 2021 was a record year for condo sales.

Column: $1 Billion Less Sales, Price Up

The Greenwich real estate market had an “average” year in 2022. That’s if you consider a wild roller coaster ride of big ups and downs with surprising twists and turns a normal year, because at the end of the ride you end up back where you started. In 2022, started the year with 152 single family home listings and ended the year with 145 listings. At the end there was a only a small drop in inventory from the beginning to December 31, 2022.

Column: Greenwich’s 2022 Real Estate Records

We had possibly the tightest market ever earlier this year in March 2022. At that time, most price ranges all the way up to $4 million only had a few weeks of supply. Buyer demand was high and houses that had sat on the market for years were selling. Fast forward to December 2022 and our months of supply is mostly under 6 months of supply the traditional dividing line between a buyer’s and a seller’s market, but demand is way down, it’s just that inventory is down even more.
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