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A month into the 2nd quarter and a lot of the positives we were feeling from the first quarter seem to have dissipated. Although, the numbers show a difficult April, deals are still being done, just at a slower pace:
Greater Greenwich Market (all of Greenwich)
For all of Greenwich the amount of homes sold declined when compared to the month before as well as the year before. There was a 43% decline vs. the month before and a 21% decline when compared to April of 2016. The sole positive is the average Days on the Market declined 8% over last month, and 4% over last year.
In the town of Greenwich there were 18 properties sold. That is down 41% vs. last month (March 2017) and down 10% over April of last year. Positive being days on market decreased and the price per listing price percentage grew.
The Cos Cob Market had five properties sold in April with is a 50% decline over last month but a 66% growth over April of 2016. For the average days on market drastically dropped for the five properties (47% over last month and down 13% over last year) showing Cos Cob is a little stronger market than the other towns.
Three properties sold in Riverside for the month of April, that is a decline of 50% over the month before and 66% decline over April of last year, but obviously percentages jump up with smaller numbers. Days on Market did see a big decline again.
Four homes sold in Old Greenwich for the month of April. That equates to a 33% decline vs last month as well as April of last year. Days on Market actually increased on these three deals.
What does all of this mean?
We see consistently across all of Greenwich the amount of homes for sale increase, with the amount of properties sold decline. We must take into account this is only one month, and the first three months of the year were very strong months. So, part of this is that March was so strong. However, it is important to note that with the strong 1st quarter results coupled with the time of year we are seeing more inventory hit the market, even more than last year. Hence, buyers (especially in higher price points) have a lot of houses to choose from. Sellers must be priced appropriately and show value when selling their home. I would be happy to discuss in more detail if you would like. Please do not hesitate to email (jrandall@houlihanlawrence.com) or call (203-273-1034) if I can assist in any way.
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Jared Randall Join my Mailing List
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