September 20, 2023 10:54 am Greenwich Real Estate Market Report – August 2023 Sales
The Greenwich Association of REALTORS® announces the statistics for home sales for the month of August 2023 according to figures provided by the Greenwich Multiple Listing Service, Inc. The Greenwich MLS and greenwich.realestate is the most accurate and comprehensive resource of active inventory and property listing data across all five zip codes of the Town of Greenwich.
Single-Family Home Sales
There were 64 single-family residential closings reported across all areas of Greenwich during the month of August 2023. This figure decreased 13.5% as compared to August 2022 when there were 74 closings.
The Median Sale Price for a single-family home decreased 3% to $2,617,250 from the median sales price in August 2022, which was $2,700,000.
The average Days On Market (DOM) for residential homes was 77 days; which was a 24% increase from 62 days in August 2022.
There were 40 new single-family listings brought to the market in August 2023, which is a 23% decrease in New Listings when compared to August 2022 when there were 52. At month-end, Active single-family inventory totaled 139 units, which is a 42.6% decrease from August 2022 when there were 242 units available.
Condominium and Co-op Sales
There were 20 condo/co-op residential closings reported across all areas of Greenwich during the month of August 2023. This figure decreased 9% as compared to August 2022 when there were 22 closings.
The Median Sale Price for a condo/co-op increased 7.4% to $912,500 from the median sales price in August 2022, which was $849,500.
The average Days On Market (DOM) for condo/co-op residential homes was 43, which was just over a 10% decrease from 48 days in August 2022.
There were 13 new condo/co-op units brought to the market in August 2023, which is a 45.8% decrease in new listings when compared to August 2022 when there were 24 units added. At month-end, Active condo/co-op inventory totaled 35 units, which is a 47.8% decrease from August 2022 when there were 67 units available.
“In terms of activity on a more local level, Cos Cob saw the greatest percentage increase in sales throughout August 2023 as compared to both the month and year prior with 14 Single Family unit sales for the month, as compared to 6 unit sales in both July 2023 and August 2022. This represents a 133% increase for the month of August, however Single Family unit sales for Cos Cob are still down 18.3% YTD, but that trends slightly ahead of the 21.9% decrease YTD for SF unit sales across all areas of Greenwich.” stated Bryan Tunney, 2023 President of the Greenwich Association of REALTORS®. “This decrease in unit sales year to date is directly attributed to the lack of inventory. As of the end of August, there is 2.2 months supply of inventory. This is among the lowest recorded inventory for the Town of Greenwich, and represents an 18.9% decrease from the previous month, and a 33.6% decrease from August 2022.”
The Greenwich Association of REALTORS® is the professional board of choice for the real estate industry in Greenwich. Established in 1924, the association provides professional development and services for REALTORS® and represents the concerns and interests of private property and home ownership rights. The association has over 850 members and is headquartered in Greenwich, CT.
If you have any questions about the market or are considering buying, selling, renting or investing in the area, please feel free to contact Remy of Douglas Elliman.
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Greenwich, CT 06830
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