Interesting article from RealtorMag :
Luxury Sales Heat Up Across the Country
Read More : Luxury Sales Heat Up Across the Country
Article from: http://realtormag.realtor.org/daily-news/2014/05/28/luxury-sales-heat-up-across-country
|Luxury Real Estate - Greenwich, CT|
|Greenwich CT Market Update|
|Greenwich, CT - Market Action Report April 2014|
PricesThe Median Sales Price in April was $2,100,000, up 47.7% from $1,421,750 in April of 2013 and down -0.2% from $2,105,000 last month. The Average Sales Price in April was $3,772,728, up 130.5% from $1,636,880 in April of 2013 and up 53.6% from $2,456,607 last month. April 2014 ASP was at highest level compared to April of 2013 and 2012.
Inventory & MSIThe Total Inventory of Properties available for sale as of April was 425, up 11.3% from 382 last month and down -12.2% from 484 in April of last year. April 2014 Inventory was at the lowest level compared to April of 2013 and 2012.
Market TimeThe average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DOM for April was 204, up 2.0% from 200 days last month and up 3.0% from 198 days in April of last year. The April 2014 DOM was at a mid range compared with April of 2013 and 2012.
Selling Price per Square FootThe Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the 'mix' of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The April 2014 Selling Price per Square Foot of $597 was up 17.5% from $508 last month and up 21.3% from $492 in April of last year
Selling Price vs Listing PriceThe Selling Price vs Listing Price reveals the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a Buyer's market exists, a ratio at or above 100% indicates more of a Seller's market. The April 2014 Selling Price vs List Price of 93.1% was up from 92.6% last month and down from 93.4% in April of last year.
Inventory / New Listings / Sales'This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in April 2014 was 110, up 54.9% from 71 last month and up 1.9% from 108 in April of last year.
Contact Charles Nedder @cnedder - 203.524.4303