Greenwich CT Real Estate Market Report January 2023
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*All market data can be found at the bottom of this page
Below we are going to review the Greenwich Real Estate Market Data from this month, and if you read until the end, I'll tell both buyers and sellers what to expect in the coming months.
If you are new to my website, my name is Charlie Vinci and I am a Greenwich Realtor. The graphs in the "Greenwich CT Real Estate Market" section are updated on the first of every month. While you are here, you can create a custom market report below to get updated on the exact segment of the market that is most important to you.
You'd rather watch than read? Below is the latest market report video for Greenwich.
Greenwich Closed Sales
Let's start with closed sales which are down to 34 this December. This is obviously down from the last two years. It's also a bit low compared to the pre-covid market from 2017 to 2019. The 5 year trend is slightly concerning but let's take a look at the other data.
You can analyze what has sold near you by using our Sold Property Search and Interactive map.
Quick Tip: Zoom in on your home for nearby sales.
Greenwich Median Sales Price
Here's the median sales price graph. Greenwich is down to just over $1.4MM, which is a bit low compared to last year but if you recall from some of our previous reports, this number tends to jump around a bit due to the low number of sales.
By the way, If you are wondering what your Greenwich home is worth, you can get an instant value by using the home valuation tool right here.
Greenwich Homes for Sale
Jumping to the homes for sale graph, you can see that we were down to 110 this month. As you can see from the 5 year trend, the number of homes for sale in December was on a decline , even before covid, and is now at its ultimate low.
If you are curious about whats on the market, you can use the home search feature on my site to look up active listings.
Greenwich Median Percent of List Price
This is the median percentage of list price earned by sellers, this month its down to 97.1% compared to 98% last year, but it still looks pretty good compared to pre-covid percentages.
Greenwich Median Days on Market
Here is the median days on the market graph. As you can see we have been on a decline since 2019.
Greenwich Pending Sales
Wow, this is a little concerning. Pending sales are down to just 21. Looking at the last 5 years we can see that from 2017 to 2019 we ranged between 23 and 34. With this taken into consideration, 21 is pretty low.
Greenwich Months of Supply
This is the months of supply graph, and we are down to 3.2 months. If you recall, last month we had 4 months of supply, and the month before that we had 4.8 months. So supply has definitely been on a decline. It's likely that the low supply is holding back the number of pending sales that we saw in the previous graph.
Summary
In summary, the data shows that the Greenwich market is continuing to soften a bit, but it’s still strong compared to our pre-covid market.
For Buyers
Countywide sales volume has returned to roughly pre-covid sales volume, however, supply is far more limited than before covid. Buying is certainly not impossible, but it means that buyers are going to need to bring strong offers to get homes this winter and spring. How strong the offer needs to be depends on how well the owner prices the property. You really need a great agent to help you prepare… and navigate this market. You should be setting your initial consultation with an agent now, because the top realtors are likely to be hard to get, when things heat up.
For Sellers
Sellers, I have to ask you a question. Would you overpay for a home right now with everything going on and all of the negative news? I am guessing probably not, and that is what other buyers are thinking too. You should be prepared for buyers to act differently than they did last year when the offers were historically at an all time high, and rates were low. Demand is strong enough that if you have been on the market for 2 weeks or more, and you don't have a solid offer, it's your signal that you are overpriced.
If you are thinking of buying or selling, and don't currently have an agent, don't hesitate to call me. I would be happy to talk about your sale or purchase. You can find my contact information below.
I look forward to hearing from you!
Best,
203.952.7752
Greenwich CT Real Estate Market
Each data point represents the past 3 months of data, so you can easily examine the macro level trends of the Greenwich CT Real Estate Market.
*All Data comes directly from the Realtor's database, the SmartMLS, and is updated on the first of each month.
Quick Tip: Maps are interactive. Touch or Hover to use.