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Greenwich Real Estate Weathers the Storm

You might think the housing market took a hit this winter after about 40 inches of snow fell. But the real buyers are out looking, said Greenwich Realtor Juliann Ward of Prudential Connecticut Realty. "The weather hasn't really affected business," Ward said. "I have been very busy the past few weeks."

Greenwich has defied the national decline in housing values, not only last month but also since the housing bubble burst. The median sales price jumped 18.8 percent compared with the same period a year ago, Trulia.com reports. Over the past five years, while most of the country struggled, prices in Greenwich rose by 2.7 percent.

[breakhere] Maria Ruggeberg, managing director at William Raveis, said the No. 1 effect of the snow is less inventory coming on the market. "Sellers are not putting up inventory," she said. "There are buyers out there, but not a lot of new stuff is coming on the market. Buyers from out of town are canceling because of snow. My deals are local, so they get there somehow."

These comparisons from Trulia zigzag from month to month and don't measure the value of individual homes, but they show a trend. The latest median home sale was $1,472,500, according to Trulia.

"I think the best time to negotiate is in the winter because you have less buyers to compete with," said Ruggeberg. "As soon as you have nice weather in April and May you have many more buyers out there."

Prices haven't risen steadily. In December 2010, they were off by 14.6 percent. But for Greenwich, that's a hiccup, she said. It remains the most popular town in Fairfield County, judging by the number of Trulia searches of people looking for homes. For sellers, Ruggeberg said prices could be better in April, May and June.

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