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The question I get most often is "How is the Market?" Someone just asked me and as I did research and answered the question. I felt it would be a great blog post.
As you can see by the overall Greenwich Report we are in a challenging market. When you look at this point vs. last year we are up 21.2% in inventory yet down 15.3% in pendings. However, sold we are down 1.7% year over year. This is telling us that deals are getting done but buyers are looking at value. Pricing is more important than ever right now. Look at this report on pricing currently that my headquarters sent to us.
Look under Greenwich and you see that when a property is priced right in Greenwich it sells for 97.1% of the list price with an average day on market of 80 days. However, if you look at properties that are priced too high and have at least one price reduction it sells for 79% of original list price with an average of 540 days on the market. Even living this every day this hit me hard. In today's market you cannot list above the market.
Inventory up 23% from last year at this time. Solds up 25% from last month but down 33% from last April (As you can see percentages jump a lot when you look at each neighborhood, as each property becomes more important).
As you can see just about exact same as last year.
Inventory down 9% from same time last year. Solds up 20% from last month down 45.5% from last year (when looking at 6 homes sold one can see how the percentages jump)
Inventory up 61% from same time last year. Solds down one home from last April and same from last month.
Best,
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Jared Randall
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