|107 STANWICH RD – 950,000 – CURRENTLY ON THE MARKET
Perhaps you know someone who is on the fence about listing their property in this price range. Days on market and List to Price ratio are quite compelling. This evaluation is for all areas of Greenwich including, Old Greenwich, Riverside and Cos Cob. The low end of the market is anything but slow – we need more listings.
August property sales in this price range are down, -10% from 15 in August 2012 lower than the 15 sales last month, August 2013 sales were at their lowest level compared August of 2012 and 2011. August YTD sales as of 87 are running -12.1% behind last year’s YTD sales of 99. There’s no inventory – that’s the cause. The proof is somewhat subjective, although sales to price ratios are higher and days on market are lower – that’s proof that it’s a seller’s market in this arena.
INVENTORY AND MSI
The total inventory of properties available to sell as of August was 48, down -20% from 60 last month, and down 29.4% from 68 in August last year. August 2013 inventory was at its lowest level compared to August of 2012 and August 2011
A comparatively low MSI is more beneficial for sellers, while a higher MSI is better for buyers. The August 2013 MSI of 4 months was the lowest level as compared with August 2011 and August 2012.
MARKET TIME – this is fun to see…..how low can you go?
SALES TO LIST – sellers love this one..98.4% in August 2013 slightly lower than the 99% last month (which was a banner month with multiple bidding wars) but higher than August 2012 which was 95%
INVENTORY – NEW LISTINGS – SALES
The number of new listings in August 2013 was down 76.9% versus July 2013 – we only had 3 new listings in this price range versus 13 last month, and it’s down 57.1% from August last year.