I hope everyone is enjoying their family and loved ones on this Valentine's Day. 12 Maplewood Drive in Cos Cob is pictured above. This home has four bedrooms, three full baths, with two more half baths. It is listed as 3,139 s.f. The open house is from 2-4 p.m. Sunday.
The question I get asked most often is how is the market. Here is a little snapshot of the market as of January for all of Greenwich:
- 62 homes sold in January, an 88% increase over January 2020.
- Average DOM of homes sold in January was 163 days.
- Total $$ volume in January was $198,350,500 vs. $87,740,088 last January.
- Median prices rose 3.4% to $1,912,500.
- There are only 288 homes on the market in Greenwich, CT today, a 37% reduction over last year at this time.
- Demand remains high with 136 homes in contract, a 112% increase over last year.
I was communication with a reader who had asked about whether his house or my house has gone up in value in the last year, last few months etc. It got me thinking and ran some analysis. As an estimate as every location and house is different this is where I believe homes stand vs different times in the last year, for Greenwich as a whole:
Now vs. last year- approximately 3% increase in value
Now vs. 9 months ago- approximately 5% increase in value
Now vs. 6 months ago- approximately 2% increase in value
Now vs 3 months ago- approximately 1% increase in value
With the lack of inventory and the buyer demand increasing I believe these numbers will continue to increase. Remember that the first four months of last year the world came to a standstill so just about all of the increase has happened in last 6-8 months. The difficulty of writing a blog is how to give customized data for over 500 readers. That being said if you would like specific or customized data to your location or specific house please do not hesitate to email or call.
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