April 5, 2024 (Greenwich, CT) - The Greenwich Association of REALTORS® announces the statistics for home sales for the month of March 2024 according to figures provided by the Greenwich Multiple Listing Service, Inc. The Greenwich MLS and greenwich.realestate is the most accurate and comprehensive resource of active inventory and property listing data across all five zip codes of the Town of Greenwich.
Single-Family Home Sales
There were 32 single-family residential closings reported across all areas of Greenwich during the month of March 2024. This figure decreased 17.95% as compared to March 2023 when there were 39 closings.
The Median Sale Price for a single-family home increased 1% to $2,537,500 from the median sales price in March 2023, which was $2,500,000.
The average Days On Market (DOM) for residential homes was 68 days; which was a 26% decrease from 93 days in March 2023.
There were 64 new single-family listings brought to the market in March 2024, which is a 20% decrease in New Listings when compared to March 2023 when there were 80. At month-end, Active single-family inventory totaled 136 units, which is a 26.5% decrease from March 2023 when there were 185 units available.
Condominium and Co-op Sales
There were 13 condo/co-op residential closings reported across all areas of Greenwich during the month of March 2024. This figure decreased 48% as compared to March 2023 when there were 25 closings.
The Median Sale Price for a condo/co-op decreased 21.67% to $705,000 from the median sales price in March 2023, which was $900,000.
The average Days On Market (DOM) for condo/co-op residential homes was 49, which was a 34% decrease from 75 days in March 2023.
There were 18 new condo/co-op units brought to the market in March 2024, which is a decrease of new listings compared to March 2023 when there were 27. At month-end, Active condo/co-op inventory totaled 28 units, which is a 46.2% decrease from March 2023 when there were 52 units available.
"In March, there were 136 active single-family units on the market across all areas of Greenwich. This signifies a 2% decrease from the month prior, but a 26% decrease from the same time year-prior. Buyers are continuing to feel the crunch on inventory, and must be ready to act swiftly to be competitive in this market," stated Bryan Tunney, 2024 President of the Greenwich Association of REALTORS®.
The Greenwich Association of REALTORS® (“GAR”) is the professional board of choice for the real estate industry in Greenwich. Established in 1924, the association provides professional development and services for REALTORS® and represents the concerns and interests of private property and home ownership rights. The association has over 850 members and is headquartered in Greenwich, CT.
Wholly owned and operated by GAR, the Greenwich MLS facilitates the most convenient and efficient marketplace for both REALTORS® and consumers by providing instant exposure to the largest possible pool of potential buyers for sellers, and the greatest number of housing options for buyers, which means sellers will receive top dollar for their home, while buyers benefit from transparency in market value.
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Media Inquiries: Stacey Loh, EVP/CEO
Greenwich Association of REALTORS®/Greenwich Multiple Listing Service, Inc.
40 East Elm Street, Greenwich, CT 06830