The decline in both the average sales price and the median sales price through the end of the year reflect what has been happening all year, namely, a weaker demand for higher-end homes. The total number of homes sold showed a six percent decline over last year, continuing a three-year pattern.
Houses in the lower-end, $2 million and under, showed no appreciable change in value, while the middle and high-end homes declined. Also the number of homes sold actually increased at the lower-end by 3%, while the rest of the market declined by 17%.
Breaking that down further, between $2 million and $5 million, units sold in 2016 totaled 204, down from 230 (-11%) the previous year. The most telling number, however, was sales of homes over $5 million – only 36 this year, compared to 50 in 2015 (off by 28%).
Good News for 2017
As we start the new year, the number of homes sold in January increased by 62%, from 26 last year to a whopping 42 according to the Greenwich Multiple Listing Service. In addition, there are 30 pending sales, and 24 more with contingent contracts. Let us hope this pace continues into the year.
Feel free to contact us for more specific information about Greenwich properties, sales trends in your area of town, or if you would like a current price opinion on your home.