Market Analysis Assistant

Greenwich, CT

Output Example

Provide a Real Estate Market Analysis of Greenwich, CT for the last 6 months

Certainly! I'll conduct a real estate market analysis for Greenwich, CT for the last 6 months. Please allow me a moment while I gather the most up-to-date information.

Thank you for providing the search results. I'll now present a comprehensive real estate market analysis for Greenwich, CT for the last 6 months based on the most current data available.

Median Sale Price: The median sale price of homes in Greenwich has shown significant growth. According to Redfin, the median sale price last month was $2.5 million, representing a substantial increase of 29.8% compared to the same period last year. This indicates a strong seller's market in Greenwich.

Price per Square Foot: The median sale price per square foot in Greenwich is $752, showing an increase of 14.4% year-over-year. This metric further supports the trend of rising property values in the area.

Listing Prices: As of July 2024, the median listing home price in Greenwich was $3.6 million. However, this figure represents an 8% decrease year-over-year, suggesting a potential cooling in asking prices despite the rise in actual sale prices.

Market Activity: The Greenwich real estate market has been active, with 30 sales pending at the end of August 2024, compared to 25 in the same period last year. This indicates a 20% increase in pending sales, suggesting sustained buyer interest.

Days on Market: While specific data for the last 6 months isn't provided, the market has generally been moving quickly. The "Days on Market" metric shows how long homes in Greenwich (zip code 06830) took to sell on average, indicating a competitive market.

Months of Supply: The "Months of Supply" metric, which indicates how long it would take to sell all current listings at the current sales pace, has been mentioned as an important factor in the market update. A low months of supply typically indicates a seller's market.

Old Greenwich Submarket: In Old Greenwich, a part of Greenwich, the median sale price was even higher at $2.9 million last month, showing a remarkable 35.5% increase year-over-year. The median sale price per square foot in Old Greenwich is $802, further highlighting the premium nature of this submarket.

Overall Market Trend: The data suggests that the Greenwich real estate market has been strong over the past 6 months, with rising prices and active sales. However, the slight dip in listing prices could indicate a potential stabilization or slight cooling of the market.

Future Outlook: While specific predictive analytics aren't provided in the search results, the current trends suggest continued strength in the Greenwich real estate market. However, potential buyers and sellers should keep an eye on economic factors that could influence future market conditions.

Visual Representation: To better illustrate these trends, I would create the following charts:

Line graph showing median sale price trends over the past 6 months
Bar chart comparing year-over-year changes in median sale price, price per square foot, and pending sales
Pie chart illustrating the distribution of home values in different price ranges