Tuesday
Jun162020
Greenwich Real Estate Guys Blog: Coronavirus Edition; How's the Market
Jared Randall|
The Greenwich Real Estate Guy's Blog: Coronavirus How's the Market?
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The question I get asked most lately is how is the market truly given the coronavirus. As we know real estate take 60-90 days for homes to actually close so it is difficult to say until the numbers are finalized. However, we hear of a mass exodus from New York, and I want to dig into the numbers to give you the most real account of the market. Most of what we are seeing are short term rentals for people coming from the city. Our rental market is up over 350% vs last year. What does it mean for sales, since it has not been 90 days since the lockdown that is tough to say. The only way I could really tell you is to dig deeper into the numbers for April and May. I believe the sold numbers give us a false sense as the homes that have been bought have not closed. So, the only true metric is to look at how many homes went into contract in April over last April then do the same for May. So, for in April we were down 72%. Obviously a horrific number but this was the time we were in lock down and people did not want strangers in the home and fear of buyers looking at homes. Here are the true April numbers:
A quick look at April Greater Greenwich Single Family Home Sales Data:
- 30 homes closed in April 2020 vs. 35 in April 2019 = a 14% decliine.
- April 2020 average sales price was $1,812,262, a 39% drop from April 2019.
- April 2020 median sales price was $1,717,500, a 25% drop from April 2019.
- Total April 2020 $$ volume was $54,367,888, a 48% drop from April 2019.
- Average DOM expanded 55% to 303 days.
- Average sold price per square foot was $461 vs. $608 a year ago.
- Greater Greenwich Home sales $4M+ fell 83% in April 2020 vs. April 2019.
- 14 homes went into Pending status in April 2020 vs. 48 in April 2019, a 71% decline.
Here's a look at May 2020 as compared to May 2019 in the market for Greater Greenwich Single Family Homes:
- 51 homes sold in May 2020, a 10.5% decline compared to May 2019.
- Average prices rose 11% to $2,331,168.
- Median prices rose 1% to $1,920,000
- Average sold price per square foot fell 4% to $498/psf.
- Total $$ Volume in May was $118,889,575, down 0.57%
- Sales in May 2020 ranged from $500k - $17,100,000; sales in May 2019 ranged $589k - $5,350,000.
- Average DOM expanded to 251 days from 222 in May 2019
"Pending" deal activity 6.5% higher than a year ago. This is primarily due to activity in the $1M-$4M price ranges.
If you're still on the fence about which mortgage lender to choose, check out this helpful guide from Money Magazine: https://money.com/best-mortgage-lenders/.
Whether you want to compare brands, take a look at market projections, or see how COVID-19 has affected the current market, they analyzed all of the key aspects of choosing a mortgage lender so that you can pick the best one for your specific needs.
Whether you want to compare brands, take a look at market projections, or see how COVID-19 has affected the current market, they analyzed all of the key aspects of choosing a mortgage lender so that you can pick the best one for your specific needs.
I have paid to open the MLS to you, so feel free to search properties based on your own parameters or set up a portal to get notifications on a customized search. For readers that just follow on the Greenwich Patch I will not be posting all entries on the patch. You can read all postings at www.greenwichrealestateguy.com/blog.
If easier, please subscribe here to receive each post. Please do not hesitate to email (jrandall@houlihanlawrence.com) or call (203-273-1034) if I can assist in any way.
Best,
Jared Randall Join my Mailing List
Houlihan Lawrence Greenwich Search Properties
cell: 203-273-1034 View My Website
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