Greenwich Association of Realtors Announces July 2016 Stats

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219 Orchard Street, Cos Cob sold on July 1, 2016 for $2,120,000. Credit: Robin Kencel of Douglas Elliman

There were 69 single-family residential closings reported during this period 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, compared to July 2015 when there were 72 closings in July. The median sale price for a single-family home increased to $1,950,000 from $1,812,500 the median sales price in July 2015.

The average days on the market (DOM) for residential homes was 167 days; which was an increase from 160 days in July 2015.

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“July’s performance was consistent with 2015. Looking forward, there are currently 96 single-family homes under contract in the Town of Greenwich. August is typically a quiet month for closings; therefore many of those under contract will likely close in September to kick off the fall market. Of the 96 currently under contract, six of those properties are priced over $5million, while 41 of the listings were priced under $1.5million. Year-to-date there are 5% fewer sales compared to 2015 yet the dollar volume of sales is down 13%. Demand continues to be strong across the Town for properties under $2million in good condition,” stated Joann Erb, 2016 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.

 

 

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