October 2011 continues a trend in Greenwich from earlier months this year which is that sales seem to be different each month. In October 2011 we only had 21 sales which was even worse than October 2008 when we only had 28 sales. This seems to be bad until you look at September 2011 which was the best September we've had in the last five years.
In fact when you look at sales so far this year compared to last year, sales were down in January and February 2011 compared to the same months in 2010 then from March to June sales were up, then down in July and August, up in September and down in October. The dip in January and February can be explained by the cold winter and July and August by the huge shift of sales to June to avoid the increase in the conveyance tax, but the dip in October doesn't have a clear reason. Overall month to month sales in the post-recession new reality" are just going to be variable.
Sales are Up
Â If you look at sales for first 10 months of the year, then sales are up 9% from 466 sales to 508 sales. Sales also recovered from the low end to the high end and this year the recovery extended to houses over $4 million with sales up 30% from last year.
Average Prices are Flat
The average price for the houses that have sold so far in Greenwich is $2,467,020 practically the same as last year's $2,461,165. In Greenwich because our high end can be so high, the better number to look at is the median price. Our median so far this year $1,700,000 up 1% from last year's $1,675,000.
So overall the market is busy. We are ahead of last year's pace of sales and prices are holding up. Old Greenwich and Riverside continue busy and we could do with some more inventory there. For example if you are looking for a house from $800K to $1MM in Old Greenwich I only have 5 houses to show you. Give me a call at 203-969-7900 if you are wondering what your house might be worth in today's market.
To see the latest numbers and weekly open house list with an interactive map check out http://GreenwichStreets.com