August 2021 vs. 2019 – Covid & WOOFH Drive Massive Market Changes
By Mark Pruner August 2021 is the inflection point when the fuel that drives the market, listings was finally choked off. At the beginning of the week, we hit an alltime low of 259 single family homes on the market. In the first couple of days
FLOOD DAMAGE From Page 11
suffered damage. "They have a little wagon too. They were bringing down drinks and stuff for everybody," said Slater. He is waiting now for an electrician to come and make repairs. A lthough he has power, the electrician told him to "turn everything off that he does not need." Slater says he was told, "Don't mess around or everything could blow but I think we'll be alright. There is no water in the panels, thank God." Renee Wallace f rom the Department of Public Works (DPW) said, "this was a unique event that brought eight inches of rain in nine hours. Over four inches of rain fell in just one hour, which caused significant flash flooding." She went on to explain that in preparation for the storm, the DPW ensured storm water structures were clear and free of debris, so that the storm water structures could best handle the increased water f low prior, during and after t he stor m. A lso, t hat DPW staff began working at 10pm the n ig ht of the stor m a nd crews have been out this week cleaning up. However, due to saturated conditions from this storm, residents should remain extra cautious. Wallace said neig hbors helping neighbors in Greenwich is the best way to help. "We have found that Greenw ich residents support each other and work together during these trying times. We ask for the public to be both patient with each other and crews working at areas in town impacted by
of September, the beginning of the fall market, we have not gotten a burst of new listings, hopefully that will come next week when we get back to a 5 business day week. The concern is that most people who wanted to sell have done so, but never underestimate supply and demand. The demand is def initely there, it’s driving up prices which should elicit more supply. It’s just we had over 1,100 sales in the 12 months from July 2020 to June 2021. July 2021 was the all-time sales month with 143 sales, while we “dropped” back to 96 sales in August 2021, still 43% above her 10 year average.
flooding." The Red Cross is helping support Greenwich families across Pemberwick, Cos Cob and other Greenwich areas. These a reas have received visits since Friday from volunteers with the American Red Cross, offering cleaning supplies and support. “We start with offering a clean up kit with supplies and then connect families with our trained and caring health and emotional support volunteers. Sometimes having someone to just listen to them changes their outlook for the day, and we have received many kind words of thanks and gratitude,” Dunn Ashley added. Volunteers set off on daily routes in town, both delivering supplies and gathering information as part of their damage assessment process. To help p e ople a f fe c te d by these emergencies, visit redcross.org, call 1-800-RED CROSS, or text the word RED CROSS to 90999 to make a donation. Residents can also make a significant impact as a Red Cross volunteer. Margaret Tjimos Goldberg, Executive Director of Neighbor to Neighbor (N2N) urges residents who need assistance w ith food or personal care items to reach out. She said, "A n y o n e i n n e e d o f f o o d assistance or personal care ite m s sh ou l d r e a c h out to Neighbor. We are here to help!" Call or email N2N at (203) 622-9208 ext. 11; email: mtgoldberg@ntngreenwich. org. Goldberg wants people to k now that if they lost their transportation, N2N partner, TAG , i s m a k i n g de l ive r ie s throughout town.
S o h e r e a r e 10 b u l l e t p o i nt s about what is going on in our market c o m p a r i n g p r e - C ov i d 2 01 9 to a Covid and WOOFH (Work Often or Occasionally From Home) driven market. OVERALL 1. I n v e n t o r y i s w a y d o w n from 585 listings at the beginning of September 2019 to 267 listing in 2021 or a drop of 54% 2. Solds are up over 100% from 393 in 2019 to 752 in 2021 3. As a result, months of supply have fallen off a cliff from 13 months of supply in 2019 to less than 3 months of supply in 2021
4. Total Sales volume is up by 8. South of the Parkway (down $1.37 billion in town of 63,000 people to the Post Road) saw sales volume go 5. Days on market have gone from $295 million to $836 million an from an average of 235 DOM to 129 increase of 184% DOM or a drop of 45% 9. Riverside saw the average sold price per s.f. increase by 23% in 2 NEIGHBORHOODS years from $540/s.f. to $666/s.f. in 2021 6. Old Greenwich has had 117 10. Cos Cob saw the average sales sales in 2021 vs 55 sales by August price to assessment ratio increase by 2019, an increase of 89% 19% from August 2019 to August 2021 7. C o s C o b ( 1 5 7 %) , G l e n v i l l e It’s been amazing, if we get more (129%), South of the Parkway (122%), listings, it will continue to be that way. Pemberwick (120%), Riverside (105%), South of the Post Road (103%) and Ma rk P r u ner i s a Realtor in North of the Parkway (100%) have all Greenwich , CT. He can be reached seen sales double or more from 2019 to mark@bhhsne.com or 203-969-7900. 2020
Stephanie Dunn Ashley, CEO for the American Red Cross Metro NY North Chapter, and a resident of Cos Cob, has been with the teams, going door to door and speaking with neighbors. “It’s really heartbreaking to speak with families that have emptied the contents of their home on to their front yards. The families are worried and unsure what to do, and this is where the Red Cross can help,” she said.
