September 2, 2023 9:59 am Greenwich Real Estate Market Report – July 2023 Sales
The Greenwich Association of REALTORS® announces the statistics for home sales for the month of July 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 59 single-family residential closings reported across all areas of Greenwich during the month of July 2023. This figure decreased 20 % as compared to July 2022 when there were 74 closings.
The Median Sale Price for a single-family home decreased 8.6 % to $2,195,000 from the median sales price in July 2022, which was $2,402,500.
The average Days On Market (DOM) for residential homes was 91 days; which was a 75 % increase from 62 days in July 2022.
There were 55 new single-family homes brought to the market in July 2023, which is a 15.3% decrease in New Listings when compared to July 2022 when there were 65. At month-end, Active single-family inventory totaled 156 units, which is a 40.2 % decrease from July 2022 when there were 261 units available.
Condominium and Co-op Sales
There were 13 condo/co-op residential closings reported across all areas of Greenwich during the month of July 2023. This figure decreased 7 % as compared to July 2022 when there were 14 closings.
The Median Sale Price for a condo/co-op increased 2.3 % to $815,000 from the median sales price in July 2022, which was $796,000..
The average Days On Market (DOM) for condo/co-op residential homes was 22, which was a 35.2 % decrease from 34 days in July 2022.
There were 11 new condo/co-op units brought to the market in July 2023, which is a 60.7 % decrease in new listings when compared to July 2022 when there were 28 units added. At month-end, Active condo/co-op inventory totaled 39 units, which is a 23.5 % decrease from July 2022 when there were 68 units available.
“July 2023 saw a total dollar volume decrease of 20% to $166,689,372 for Single Family Homes across all areas as compared to July 2022. This brings the year-to-date total dollar volume to $958,875,787, which represents a 30.6 % decrease for the same period the year prior. Low inventory continues to be a driver for the decrease in unit sales, however significant buyer demand still exists,” stated Bryan Tunney, 2023 President of the Greenwich Association of REALTORS®.
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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