The Greenwich Association of REALTORS® announced the statistics for home sales in The Town of Greenwich for the month of May 2016.
There were 55 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 May 2015 when there were 56 closings in May. The median sale price for a single-family home decreased to $1,775,000 from $1,887,500 the median sales price in May 2015.
The average days on the market (DOM) for residential homes was 214 days; which was a decrease from 219 days in May 2015.
“This spring market is softer than last year, which is not uncommon in election years. Newer construction and remodels are in stronger demand than some older homes. Interest rates are still at record lows and the banks are lending more than in the recent past; this is a wonderful opportunity for home buyers and investors to take advantage of these perfect market conditions,” 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.