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2012 Looks Bright for Greenwich Home Sales

GREENWICH, Conn. – Although smaller homes and lower prices are trending in Greenwich, megamansions are still being sold, says RE/MAX Heritage broker Judy Szablak. She projects that 2012 is looking to be a good year for home sales in Greenwich.

“Generally in Greenwich, $2 million to $3 million is where the majority of properties are selling over the past seven years,” says Szablak, who researches realty and writes for The CT Realty Blog . She said the next biggest price pocket is $1 million to $1.5 million.

Overall during 2011, 524 homes were sold in Greenwich, compared with 482 units sold in 2010, according to Szablak’s research. On average, homes stay on the market for about 211 days.

For homes in Greenwich proper, the average square footage is about 5,100 and the average price is a little more than $3 million. In 2011, 279 units were sold, whereas in 2010, 248 units were sold.

Cos Cob homes sold averaged $1.1 million and less than 2,700 square feet. In 2011, 52 units sold, up slightly from 48 homes sold in 2010. “It’s been hovering around the 60 mark for the past few years, but the price has gone down steadily as well,” said Szablak.

Old Greenwich had a lull last year with only 76 units sold, compared with 91 units in 2010. The average price for a home is $1.9 million at 3,200 square feet.

Prices were fairly flat in Riverside, where the average price is $1.7 million and the average square footage is 3,200. Sales of homes increased from 88 sales in 2010 to 106 units in 2011.

“Really, all around Fairfield County, I’m noticing people are buying smaller homes, maybe only 1,000 square feet on average,” said Szablak. “At one point, everyone wanted a big home, but that segment of the market has been going down in the last few years.”

Upper-end properties prices have increased since 2005. The highest property sold in 2005 was $18.5 million. In 2007, that number shot up to $28.5 million. And in 2011, the highest-priced home sold in Greenwich was $39.5 million.

However, Szablak says fewer properties of more than $10 million were sold in 2011 than any year in the past seven years. “Even in 2009, when the market was a lull in sales, 12 properties over $10 million still sold,” she said. “But in 2011, only seven high-price properties were sold, which is shyer than years past. We haven’t had such a nonperforming year in the upper-end properties since 2006, when eight units sold.”

Szablak is confident that Greenwich will always be a desirable place to live. “It’s the reasons it’s always been: easy access, proximity to New York City and the je ne sais quoi of saying you live in Greenwich,” she said.

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