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real estate

Greenwich Bucks County Trend With Steep Fall In Real Estate Sales

Real estate sales fell sharply in Greenwich in the fourth quarter.
Real estate sales fell sharply in Greenwich in the fourth quarter. Photo Credit: Daily Voice File photo

GREENWICH, Conn. -- Real estate sales fell 18 percent in the fourth quarter in Greenwich, bucking a countywide trend that saw increased activity in many other markets.

For the year, sales fell 2 percent in Greenwich. Fairfield County saw an 8 percent increase in the fourth quarter, and 7 percent for the year.

“Prices have moved higher in Greenwich South of the Highway, as buyers continue to be attracted by the area’s convenient location,’’ Houlihan Lawrence said in its fourth quarter report. “But sales are down, in some cases dramatically. Overall sales in the area fell about 11 percent year-over-year, and the fourth quarter showed a drop of more than 31 percent. That trend is a concern.”

Greenwich’s Riverside section saw home sales rise 20 percent in the fourth quarter. For the year, sales in Riverside jumped 18 percent and the average sale price climbed 13.7 percent, according to the HL report, to $2,275,811.

The statistics in most other sections of Greenwich showed a decline in sales. Sales slipped in Old Greenwich (4.2 percent in the fourth quarter), Cos Cob (43.8 percent), South of the Post Road (5.3 percent) and South of the Parkway (34 percent). Real estate sales north of the Parkway, where the average sale price is over $2 million, were essentially flat.

Pricing appears to play an important part in how quickly homes moved in Greenwich. “Both on a quarterly and yearly comparison basis, homes are selling closer to their asking price,’’ the HL report said. “That means buyers are seeing the value, and are coming in with solid offers. Also of note: homes were on the market for 25 percent fewer days in the 4th quarter of 2015, setting up for a faster and more enthusiastic market in 2016. The big winners in the area are homes priced between $1 million and $2 million, where there was a jump of more than 70 percent in sales last year compared to 2014.”

Homes South of the Parkway saw an astonishing rise in price despite the diminished activity. The average sale price rose 14.3 percent, to slightly more than $3 million. Houlihan Lawrence attributed the increase due to its convenient location.

HL also reported interesting statistics in Riverside. The median sale price rose 36.4 percent in the fourth quarter. For the year, the median sale price topped $1.9 million, the highest figure since 2008 and well above the 10-year low of $1.49 million in 2008.

In condominiums, sales increased 13.3 percent in the fourth quarter and 15.8 percent for the year. The median sale price climbed 7 percent for the year to $760,000, just $10,000 shy of the 10-year high set in 2007.

Click here for the complete report from Houlihan Lawrence.

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