Condo Market: Sales By Price '07/'08

In the Condo Market Summary 2007 vs 2008, we saw that Greenwich condo unit and volume sales were down 36% and 43% respectively from 2007. Breaking down these sales by price class, we see significant double digit declines across all price ranges with the exception of the top and bottom (Over $5.0mln and Under $300k, which jointly account for less than 6% of the condo market). Click on images to enlarge.

Unit sales are down 88%, 71%, 45%, 43%, 40%, 27%, 27% and 15% across eight of the 10 ranges and these declines are nearly matched by volume sale declines. The declines look as out of whack as the increases looked during the boom period. But with the general economic situation and with Wall Street and financial sector employment (among others) getting decimated, prospects for a significant improvement in the Greenwich property market seems slim in the near term. But how low can we go?

In the hardest hit price ranges, unit and volume sales declined nearly 90%, in the $3.5 to $4.99mln range, and just over 70%, for the $2.5 to $3.49mln range. It is not a lot of units: five (5) fewer units sold in the $2.5 to 3.49mln range, and 7 fewer units in the $3.5 to $4.99mln range. But the drop in these sales is $45mln or nearly half of the $94 mln total volume decline from 2007 to 2008 ($218mln to $124mln ). There ain't many of them, but they sure pack a wallop!

What does this mean for condo buyers or sellers? Before I get ahead of myself, I want to check out inventory levels. I’ll be back once I do.