Year to date Sales of Single family homes are down 60.6%. We have sold 97 Single Family homes year to date.
The average sale price has consistently dropped since September of 08 and is 20.8% 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 294. Last month it went down. 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 88.4% for homes that have sold this year. Last year at this time is was running closer to 96%
The inventory is up about 16.5% from last year. This increased significantly in May and June of this year.
The Absorption rate is up to a record of 3 years and 6 months -It will take 3 and half years to sell the homes on the market at the current rate of absorption. Greenwich typically runs 5 months or less.
The highest percentages of homes are selling in the 1 million to 1.5 million price range (18.6%). Last year the highest percentage of homes were selling in the 2-3 million ranges.
June Numbers were as follows:
Sales Down 36.5% from last June
Inventory up 60.3% from last June
Average Price Down 14.7% from last June
Sales Volume down 45.9% from last June
Historically the spring market ends the middle of May. We have sold a total of 97 single family homes this year. At the end of June we sold 97 homes compared to 231 in 08 and 352 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.
Contracts, picked up toward the end of June and this should result in better sales numbers for July and August.
Many sellers have recently reduced their price and new listings are coming on priced to reflect the economic realities of today. Some sellers got tired of waiting the market out or worse yet were forced to sell and we are seeing more and more price reductions as a result.
The lack of sales and the rise in inventory is concerning for home sellers. More competition in a declining sales environment will make it much more difficult to sell. Now more than ever, it is essential to look better than all the competition.
It is interesting to look closely at the specific sales year to date and those under contract. This clearly shows the homes that sold and are selling are homes where buyers feet they are "getting a deal".
Many homes are selling below town assessed prices that are 70% of market value, based upon the 2005 evaluation. Some believe we are back to 2001 pricing.