As you can see from the chart below, according to the GMLS, November had a slight rise over last November with 34 single family homes sold in Greenwich as compared to 30 last November. Some of the other statistics indicate that this November pretty solid all around with a slight increase in the list to sale price ratio. This is a key piece of information that all sellers should note and it is often attributed to days on market.
Statistics show that there is a real decline in average sale to list price the longer a house stays on the market. Year to date the average list to sale was 97.1% in the first 30 days dropping to 91.55% when a house was on for 91-120 days. While many things can contribute to excessive days on market, listing a home at the right price is important and a good comparative market analysis is imperative. These CMAs should be revised periodically to stay on top of the current trends.
As always, if you have any questions about real estate in general or information about a specific property, give us a call. Also feel free to pass this newsletter on to your friends.
Wishing a warm holiday season,
Laura and Susan Calabrese
November 2012 GMLS Greenwich Single Family Home Sales at a glance:
beds |
baths |
Sqft |
LP |
lp/sqft |
Sp |
sp/sqft |
sp/lp |
dom |
transactions |
|
Nov. 2010 medians | 4 | 3 | 2,988 | $1,495,000 | $509 | $1,375,000 | $477 | 95% | 84 | 25 |
Nov. 2011 medians | 4 | 3 | 3,336 | $1,572,500 | $485 | $1,472,500 | $450 | 94% | 160 | 30 |
Nov. 2012 medians | 4 | 3 | 2,422 | $1,462,500 | $519 | $1,407,500 | $474 | 95% | 104 | 34 |