Greenwich CT Real Estate Market Report May 2023
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*All market data can be found at the bottom of this page
In the latest market report, we will delve into the current state of the real estate market in Greenwich CT. We'll analyze the latest trends and statistics, provide insight into the factors driving the market, and offer expert predictions for what lies ahead.
Whether you are a current resident, a prospective buyer or seller, or a real estate professional looking to stay up-to-date on the latest developments, this report is an essential resource. So, sit back, relax, and let's dive into the Greenwich data.
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 Median Days on Market
Let's start with the median number of days it took homeowners to sell their home in Greenwich, in April of 2023 It was down to 34 days. Last year in April, we were at 47 days and in 2021, we were at 57 days in April.
If you look closely at the chart, what you'll see is that the median days on market are typically falling this time of year, and likely to continue for a few more months.
As a reference, the median days on market in Q1 of this year was 56, So things certainly seem to be heating up.
Greenwich Closed Sales
Next, let's take a look at how many sales there were in Greenwich. In April of 2023 we had just 26 sales. Last year we had 33, and the year before we had 55.
Where we are now is even low compared to the years prior to COVID. As you can see, we typically have between 29 and 35 sales between 2018 and 2021.
One thing you'll notice by taking a look at the graph is sales typically increase in April for the following three months of May, June, and July, with August and September often being strong sales months as well.
You can analyze what has sold near you by using our Sold Property Search and Interactive map.
Greenwich Median Percentage of List Price
Here's the median price a seller earned in April of 2023, and It was 98.3%. This is relatively stable compared to Q1 of this year when the median was 98.1%.
You'll notice in 2022, we were at 98.6% and in 2021. We're at 98.1%. So this is relatively stable over the last few years as well.
Greenwich Pending Sales
Next we're going to take a look at the number of pending sales in April of 2023. We had just 33 sales pending. Last year we had 48, and the year prior we had 72 in April.
You'll notice by looking at the graph, that with the exception of last year, the number of pending sales have increased for several months after April.
Greenwich Months of Supply
Here's the month of supply graph. In theory, if we didn't get any new homes to sell, we'd have enough inventory in Greenwich to meet buyer demands for another 3.9 months. Back in April of last year, we had 2.7 months of supply, and the year before we had 4.8 months.
In Q1 of this year. We had 3.6 months of supply. So it does seem that the inventory is increasing a bit, and the buyers do have more options now than they did last year.
Greenwich Median Sales Price
This is the median sales price that a seller received in Greenwich in April of 2023. It was at $1.5MM, compared to Q1 which was just over $1.4MM. Last year, believe it or not, we were just over $1.2MM, and the year before we were just over $1.4MM.
Take a look at the five year trend. What you'll notice is that there's no significant increase in price over the last several years in April.
Considering how hot the market has been over the last several years ,I'm wondering if you think this represents Greenwich as a pretty good value. I'd love to know what you think. Tell me in the comments below.
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
Here's the number of homes for sale in Greenwich. In April we were down to 122 homes. Last year we had 130 homes at this time, so we're still decreasing. Take a look at the five year trend.
If you are curious about whats on the market, you can use the home search feature on my site to look up active listings.
Quick Tip: Zoom in on your home for nearby sales.
Conclusion
One thing you will notice by looking at the graph is that If you want the best selection, now's the time to buy because inventory is historically the most plentiful in May and possibly June.
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.