Greenwich Open Houses, September 11

For September 11, 2011 we have 32 open houses in Old Greenwich, Riverside, Greenwich, Byram, Glenville and Pemberwick. Prices range from $399,000 to $8,990,000 and we have one rental open house for $5,450. You can print out the list of the Greenwich open houses above and can find the interactive map here. Detailed instructions on how to use the interactive open house map for price, time, directions, aerial views and property lines can be found here.

Market Report

10.9

   Slow August 2011 in Greenwich

In August 2011, 47 single family homes listed on the Greenwich MLS were sold in Greenwich, CT. When the figures from the Town Clerk are in a few more private sales will be added to this number, but August 2011 will still be a poor August compared to any recent August except for the 2009. Market uncertainty driven by the debt ceiling debate, the downgrade of the US credit rating by Standard and Poors and the talk of a double dip recession.

August was also somewhat effected by the acceleration of sales into June 2011 to avoid the increase in the Connecticut conveyance tax that happened on July 1st. When you compare sales in June, July and August 2011 to the same months in 2010 sales are up slightly.

   Months of Inventory Mostly Unchanged

You would think with sales down that inventory would go up, but just as buyers have been slower to purchase homes, many homeowners have been slower to put their houses on the market. As a result sales and new listing have essentially balanced out leaving months of supply little changed. The blue, pending sales bar in the chart indicate that sales will not be jumping up significantly in the next month. We have a total of 63 accepted offers and contracts for sale of single family homes. The closing of these contracts will occur over the next few months. Sales always slow down in the fall and winter, but August is a little early for this seasonal effect to be kicking in.