The Greenwich Association of Realtors announced August home sales statistics on Thursday. There were 52 single-family residential closings reported in August according to figures provided by The Greenwich Multiple Listing Service, Inc., the multiple listing service used by realtors in the Greenwich area.
The number of single-family residential closings decreased by 26% percent compared to August 2014 when there were 71 closings.
The median sale price for a single-family home increased to $1,812,500 from $1,575,000 the median sales price in August 2014. The average days on the market (DOM) for residential homes was 153 days, which represents an increase from 110 days in August 2014.
“Median prices have continued to remain high compared to previous years in Greenwich. The decrease in August closings was in part from the strong closings in June. Many homes closed at the beginning of the summer in anticipation of the new mortgage regulations that were to take effect on August 1, 2015 and were then postponed to take effect on October 3, 2015. September began with many new listings have come onto the market and agents have been busy with showings. We expect a strong fall, with some delayed closings in October due to the mortgage changes,” said Joann Erb, 2015 President of the Greenwich Association of Realtors.
The Greenwich Association of Realtors is the professional board of choice for the real estate industry in Greenwich. Established in 1924, the association provides professional development and services for Realtors and represents the concerns and interests of private property and home ownership rights. The association has over 800 members and is headquartered in Greenwich.