The number and dollar volume of all condominiums sales (private and brokered) in
Greenwich declined dramatically in 2008 compared to 2007. Unit and volume sales declined 36% and 43% respectively.
(Click on Table to enlarge)
The median condominium sale price declined a less dramatic 1.3%, while the average price declined 11% compared to last year.
The functional characteristics of condos remained relatively constant year over year. The median number of bedrooms and bathrooms remained at 2 and 2.1 respectivley. The median unit size increased 4.4% from the prior year to 1,662sqft from 1,592sqft.
Finally, there is just over 14 months inventory of condominiums for sale in Greenwich using 2008 sales and the amount of active inventory at January 1, 2009 . In the near future, I'll provide an analysis of condo inventory by price point.
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