Greenwich – a Sweet Spot in the Real Estate Picture

Where prices have not been rising steadily since the housing bubble burst, overall Greenwich has bucked the national averages.
December 2010 prices were down 14.6% for instance, however, the median sales price jumped 18.8% year to year according to Trulia. Over the last 5 years prices have risen 2.7%.
According to the Greenwich Multiple List Service:

GREENWICH SALES 3.7.10 – 3.7.11 – 619 TOTAL
HIGH 15 13 21,897 55,000,000 35,000,000 1,558
LOW 0 1 451 205,000 174,500 0
AVERAGE 4 3 3,794 2,383,487 2,147,005 177
MEDIAN 4 3 3,040 1,495,000 1,390,000 115


 I love stats – but what story do they really tell?

  • The smallest sold the quickest – the price was the lowest – 85% of the asking price
  • The largest had the most days on market – 64% of the asking  price
  • Average price is relative to average size? – and sells closest to the asking price?
Not always not always and not always  – The largest was Leona’s Helmsley house, and it was a lot of lawn to mow – and who is heating 21,897 square feet unless you own an oil company? Although it reaped the most money, but not relative to asking price – $35M vs $55M – The original was $125, 000 but with only 9+ of 40 acres that were originally offered.
The longest days on market was 19 Lower Cross Rd – 1558 days.

So now that nearly 40 inches of snow have melted, the temperatures seem to be climbing to over the freezing mark, we should begin to see a lot more movement. There are buyers, but there does not seem to be that much enthusiasm for sellers to list their homes. The delay with sellers (besides their reluctance based on the hope that prices will return to the absurd that we saw during the bubble) may be due to the repairs that may be necessary due to the extremely harsh winter. Hell, we saw out lawn for the first time this week….

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