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Greenwich Home Prices Climb 11% In 2014

This house at 265 Valley Road in Greenwich is on the market for $2.995 million.
This house at 265 Valley Road in Greenwich is on the market for $2.995 million. Photo Credit: Higgins Group

GREENWICH, Conn. -- Greenwich real estate closed with a flurry of activity in 2014 and helped the market achieve an increase of over 11 percent in the median sale price for single-family homes.

Theresa Hatton, executive vice president of the Greenwich Association of Realtors, reported 59 closings in December. “Typically we don’t have anything like that,’’ Hatton said. “It was unusually busy.”

For the year, Houlihan Lawrence reported a 6.2 percent drop in home closings in Greenwich. The median sale price, however, rose 11.1 percent, and the average sale price climbed 19.8 percent.

The median sale price for a single-family home closed for 2014 at $1,881,350, the highest figure since 2008.

“I like the momentum we saw as we closed out the year,’’ said David Haffenreffer, manager of Houlihan Lawrence in Greenwich. “It bodes well for 2015.”

Greenwich’s luxury market, featuring homes priced above $10 million, fared spectacularly in 2014. Sales jumped 87 percent, and median prices rose 11 percent, according to the Houlihan Lawrence fourth quarter report. Inventory is also rising.

“A lot of of it has do with the heat that radiates out of New York City,’’ Haffenreffer said. “That really powers our market. The interest rates were low, and it was a strong stock market. That helped better frame the bonus structures for people in that category. They were able to get deferred compensation from the past five years or so. And the inventory ticked up. There’s a lot to choose from if you’re a buyer in that area.”

The market was strong in all regions in Greenwich. Of all the neighborhoods, Old Greenwich, however, had perhaps the best year.

The average sale price rose 46.8 percent in Old Greenwich, to $2,573,709. The median sale price climbed 33.5 percent, to $2,127,500. The median sale price is at its highest figure in Old Greenwich in the last 10 years, and is nearly $800,000 more than in 2009. The median sale price that year dipped to $1.365 million in Old Greenwich.

Homes south of the Merritt Parkway also had a good year, according to the HL report. The number of homes sold surged 15.6 percent in the fourth quarter, and rose 4.8 percent for the year. The median sale price rose 13.6 percent.

“There was a key to what buyers wanted,’’ Haffenreffer said. “They wanted homes in great condition, priced well and homes that are close to trains, restaurants and shopping. The millennial buyer craves more time. They don’t want longer commutes. That helps sell Greenwich.”

Real estate experts expect that 2015 will continue to be strong, especially if interest rates remain historically low.

“Now is a good time for people looking to sell,’’ Hatton said. “We don’t have a lot of inventory. Buyers are looking, and there’s not a lot to choose from.”

The Houlihan Lawrence report is attached as a PDF. The fourth quarter market report from William Pitt is online and available by clicking here . The Coldwell Banker report is also online and can be found by clicking here . The Berkshire Hathaway HomeServices New England report is here .

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