Greenwich Open Houses, September 9

For Sunday, September 9, we have 51 open houses in Old Greenwich, Riverside, Central Greenwich, Byram, mid-country and backcountry Greenwich. We have 12 listings in the very busy segment under $1 million. We also have a nice assortment above $1 million, with 20 open houses between $1 and $2 million and $19 listings over $2 million. Check out the market report below for more about the reinvigorated over $2 million market.

You can see the live interactive map here and the open house list below. For detailed instructions for the interactive map see GreenwichStreets.com. Once nice feature of the intereactive map is if you zoom in to highest zoom levels you can see the property lines for each listing.

Greenwich Real Estate Market Report

SUMMARY

August 2012 continued the trend that started in June of better high end sales. The under $1MM market continued hot with less than 6 months supply. The addition of pending contracts indicate most price categories will hold except for the over $5 million listings where we have 15 contracts pending.

    $1 – 2 Million Greenwich Real Estate Market

From $1 – 2MM sales have picked up substantially. In April of this year we had 16.6 months of supply with 79 houses available. As of the end of August the months of supply has been cut exactly in half with 8.3 months of supply and 63 houses on the market.

    $2 – 4 Million Greenwich Real Estate Statistics

When you look at this market segment and see 11.4 months of supply for the $2-3 million price range and 16.7 months of supply for the $3-4 million price range it looks like a slow market, but these are year to date statistics with a lot of inertia from 5 months of slow sales through May 2012. If you look at the instantaneous months of supply (i.e. August sales multiplied by 12 months and divided by the inventory). You see a significant drop from as sales were strong in this price range in August. 

    $4 – 5 million Greenwich Real Estate Statistics

When you get over $4 million houses just take longer to sell and so higher months of supply are to be expected, but earlier this year they were extraordinarily high. The $4–5 million dollar range is the only price range where August months of supply (blue bar) were worse than July (white bar). This is because we only had 1 sale in August in this price range.

    $5 million market is sweet spot in Greenwich Real Estate Market

When you see months of supply bars come down the way they have for the $5 – 10 million you know you have an improving market. In July this price category had 30.3 months supply. In August we had 4 houses sell out of an inventor of 86 listings for 27.5 months of supply. Even better we have 9 accepted offers and pending contracts, so pending months of supply drops to 24 months. You can see just how dramatic drop this is when you compare August to April 2012 when we had 44.8 months of supply and an inventory of 112 listings.

    The Over $10 million dollar housing market in Greenwich

In April we had a 94 month or 7.8 years of supply in the over $10 million price category.  We are now down to a 40 month supply or 3.6 years of supply, still high but manageable. In fact this very highest end category has shown a remarkable recovery from 2011 when only 4 homes sold in this price category.  The grouping of July, August, August with pending contracts and instantaneous months of supply show this category may hang around this demand area for the next couple of months. Of course with just 45 listings in this price range you only need 3 or 4 additional sales to see this category come down even more.

Thanks to Rob Pulitano

 Once again Rob Pulitano of Prudential Connecticut's Greenwich office for preparing the open house list and interactive map.

GREENWICH OPEN HOUSE LIST FOR SEPTEMBER 2012