Business is booming in the Greenwich CT Homes for Sale market and things are looking up!
Currently there are 450 single family Greenwich CT homes for sale. Listing prices range from a 3 bedroom and 2 bathroom colonial in Byram for $399,000 with annual taxes $2,905 to an absolutely fabulous estate on 75 acres (over 4 separately deeded lots) completely renovated with tennis courts, a greenhouse, stable, staff houses and scenic pond available at a mere asking rate of $32,995,000. Interested in a private showing of either home? Or any properties in between? Click here to schedule a showing
The amount of inventory is balancing, while twenty-seven single family homes sold in Greenwich CT in the month of February 2013. But there's still plenty to choose from in the single family home market.
The least expensive home sold for $485,000, in February, and the most expensive home sold last month in Greenwich CT was purchased for $7,400,000. The median sold price of Greenwich CT Homes for sale in February 2013 was $2,400,000, up from $1,335,000 in 2012 but down from $2,700,000 in 2011. Over the past two years we're looking at a 11.1% decrease. But things are starting to turn slowly. Many times I get the questions, "How's the market? Is anything selling?" The answers are: "The market is great. Homes priced right are moving right of the shelf and Greenwich CT Homes for Sale are getting SOLD!"
Looking back at the history of available Greenwich CT homes for sale and those that have sold, one measure I like to consider is the amount of housing inventory available by month.
For instance in February 2011, if no homes were added to the market of Greenwich CT homes for sale, it would have taken about 20 months to sell each home in Greenwich at the rate homes sold the previous month. Now let's compare that to February 2012 - the months of Greenwich homes for Sale inventory was 30 months. Are you starting to see a trend? In February 2013, the Greenwich CT Homes for Sale inventory was just over 8.9 months! That is amazing!
Anyone a student of economics? Remember the supply and demand chart? What happens when inventory decreases and demand increases? Wow -you're good! Yes, sales prices increase. Wondering if the trend will continue? Come back and check next month or visit our Facebook page on real estate and "Like" it for future market analysis postings, local and national real estate updates.
Thinking of selling a home, and wondering what it is worth? Click here Thinking about buying and wondering about the benefits of buying vs renting? You know what to do.... These links will help you get on your way.
If you have questions and or comments about the material presented, please feel free to email, text and/or call me directly. Until next month.....
Data: Courtesy of Greenwich Multiple Listing Service
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