Reported by Pam Cunconan, REALTOR- E-PRO, eCertified
Updated September 15, 2009.
Current Market Rating: 1
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Current Price Trend: 2
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August numbers were better than expected and brought our year to date numbers up significantly, although still down from last August. We had 20% more contracts signed this August compared to August 08. These contracts will most likely result in higher sales numbers for September and October. There was a flurry of activity in August and we should know soon whether or not that will carry through to September. Our market began its decline last September and continued through August of this year. Year to date Sales of Single family homes are down 45.9% Year to date. We picked up a little ground from the July number of 60%. We have sold 178 Single Family homes year to date. The average sale price also picked up due to several high end sales and we now are 7.4% below last year at this time. The average days on the market for homes that have sold this year went down to 217. This indicates that sellers are becoming more aware of the importance of pricing appropriately. No longer are the days of testing the market. The sellers who are pricing correctly from the beginning or adjusting quickly are the ones who are securing the contracts. The list price to sold price ratio is 89.6% for homes that have sold this year. Last year at this time it was running closer to 96% The inventory is up about 11.4% from last year. This increased significantly in May and June of this year but went down in August. The Absorption rate is up to a record of over 3 years. It will take more than 3 years to sell the homes on the market at the current rate of absorption. Greenwich typically runs 5 months or less. The highest percentages of homes sold in August were the 1 million to 1.5 million price range (25%). Last year the highest percentage of homes were selling in the 2-3 million ranges.
August Numbers were as follows: Sales Down 40% from last August Inventory up 17% from last August Average Price Down 23.5% from last August Sales Volume down 54% from last August At the end of August we sold 178 homes (year to date) compared to 329 in 08 and 482 in 07. Contracts, picked up again in August and this should result in better sales numbers for September and October. Many sellers have recently reduced their price and new listings are coming on priced to reflect the economic realities of today. Some sellers got tired of waiting the market out or worse yet were forced to sell and we are seeing more and more price reductions as a result. The market clearly shows the homes that sold and are under contract are homes where buyers feel they are "getting a deal". Many homes are selling below town assessed prices that are 70% of market value, based upon the 2005 evaluation. Some believe we are back to 2001 pricing.
ZIP Code: 06830 Approximate Location Boundaries: New York State to the North and West. Stamford Ct to the West and the Long Island Sound to the South.
About Pam Cunconan:
Whether she is listing a home for a homeowner or working with qualified buyers, Pam's energy, enthusiasm, professionalism and integrity will directly benefit you as a seller or a buyer. As one of Coldwell Banker's top agents in the country, she's consistently recognized for her excellence. From the beginning of her career when she was named "Rookie of the Year" to her current status as a member of the International President's Elite (awarded to the top 2% of 107,000 realtors nationwide), Pam's accomplishments reflect her unwavering commitment to oustanding customer support and service. "As the Greenwich office's top agent and a highly respected professional in town, Pam will go the extra mile to assist you in reaching your goal, always providing consistent quality service," says Nancy McDonald, Regional Director of Coldwell Banker. Pam can be reached at 203- 550-4282.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
