June 5, 2024 (Greenwich, CT) - The Greenwich Association of REALTORS® announces the statistics for home sales for the month of May 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 46 single-family residential closings reported across all areas of Greenwich during the month of May 2024. This figure decreased compared to May 2023 when there were 50 closings.
The Median Sale Price for a single-family home increased 4.97% to $2,938,150 from the median sales price in May 2023, which was $2,799,000.
The average Days On Market (DOM) for residential homes was 53 days; which was an 58.27% decrease from 127 days in May 2023.
There were 101 new single-family listings brought to the market in May 2024, which is a 20.24% increase in New Listings when compared to May 2023 when there were 84. At month-end, Active single-family inventory totaled 179 units, which is a 10.5% decrease from May 2023 when there were 200 units available.
Condominium and Co-op Sales
There were 18 condo/co-op residential closings reported across all areas of Greenwich during the month of May 2024. This figure increased 38.46% as compared to May 2023 when there were 13 closings.
The Median Sale Price for a condo/co-op increased 40.29% to $1,227,500 from the median sales price in May 2023, which was $875,000.
The average Days On Market (DOM) for condo/co-op residential homes was 89, which was a 140.54% increase from 37 days in May 2023.
There were 18 new condo/co-op units brought to the market in May 2024, which is a decrease of new listings compared to May 2023 when there were 21. At month-end, Active condo/co-op inventory totaled 41 units, which is a 16.3% decrease from May 2024 when there were 49 units available.
"In May, there were 18 condo/co-op residential closings reported across all areas of Greenwich. This signifies a 38% increase from the year prior. The Median Sale Price for a condo/co-op also increased to 40.29% to $1,227,500" 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