Greenwich hasn't seen this many single family homes sold in August since August 2001. June or July normally mark the high point for sales in Greenwich, but this August saw 108 single family homes close, making it the busiest month this year.
In most price ranges, Greenwich is now a seller's market. Demand continues to outstrip supply and push sales prices up. Greenwich, Cos Cob and Old Greenwich (slightly) all witnessed increases in averages sales prices compared to August 2019.
Normally, less than 6 months of supply indicates a seller's market, but Greenwich's price points are so much higher than average that this rule doesn't apply. At the end of August, there was only 8.8 months of supply in Greenwich- this is in stark contrast from this time last year when there were 13 months of supply.
Will This Be the Strongest Fall Market Ever?
This momentum is guaranteed to carry over into Fall market as August 2020 witnessed 101 single family homes in contract vs. only 56 in August 2019. As COVID continues to inscrease demand and decrease supply, we should be in a seller's market through Fall.
For further details on this market, please click on image below for the Sarsen Team September 2020 Market Data:
