Year to date Sales of Single family homes are down 70.5%
The average sale price has consistently dropped since September of 08 and is 21.1% below last year at this time.
The average days on the market for homes that have sold this year also consistently went up to a high of 243 but lower this month to 210. This indicates to me that sellers are becoming more aware and are pricing properties to secure contracts quickly, no longer are the days of testing the market.
The list price to sold price ratio is 88% for homes that have sold this year. Last year at this time is was running closer to 96%
The inventory is up about 6% from last year
The Absorption rate is up to a record 12 months-It will take 12 months to sell the homes on the market at the current rate of absorption. Greenwich typically runs 5 months or less.
April Numbers were as follows:
Sales Down 50% from last April
Average Price Down 40% from last April
Historically the spring market ends the middle of May. We have sold a total of 59 homes this year. At the end of April we sold 47 homes compared to 139 in 08 and 202 in 07. The spring market may have come and gone. There are still some buyers hanging along the sidelines, but no real urgency to purchase unless there is something that is too good to pass up.
Many sellers have been holding on to their price but there may come a day in the not too distant future that those sellers get tired of waiting the market out or worse yet are forced to sell and then we will see even more price reductions.
The lack of sales and the rise in inventory is concerning for home sellers. Much more competition in a declining sales environment will make it much more difficult and even more essential to look better than all the competition.
It is interesting to look at the specific sales year to date and those under contract it clearly shows the homes that sold were homes where buyers felt they "got a deal". Many homes are selling below town assessed prices that are 70% of market value, based upon the 2005 evaluation.