Greenwich Real Estate Sales Show Strong First Quarter

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Average home prices soared 20 percent in Greenwich in the first quarter of 2014, according to a recent report.
Average home prices soared 20 percent in Greenwich in the first quarter of 2014, according to a recent report. Photo Credit: File

GREENWICH, Conn. – The Greenwich real estate market showed a strong first quarter, with increases in units sold and average price, according to recently released statistics.

Sales increased 14 percent and the average price jumped 20 percent to $2,660,274, according to statistics released by Russell Pruner of Shore & Country Properties. There was a 300 percent increase in homes sold for $2 million to $3 million.

“They were good numbers, but results may be a little skewed due to a tax change in the 2012 market,’’ Pruner said. "I don’t think the 2013 numbers really reflect the first  quarter from last year. I don’t think we’ll have a real picture until we get through half the year or more.”

The dramatic jump in the median price matched 2007 as a record first quarter high, according to Houlihan Lawrence. Its report said a home priced in the $2 million to $4 million range was the industry sweet spot, with 41 sales of homes in that price range. That total nearly doubles the number of homes sold in that price range for the same time period in 2013.

“I think there was some pent-up demand from the prior year,’’ Pruner said. “With interest rates being as low as they are, that price range found a lot more activity. It’s something that could be the new hot price range. In that range, you have people moving up and trading down.”

Houlihan Lawrence’s report (attached as a PDF) also broke down data by regions. South of the Merritt Parkway had the highest increase in home sales in the $2 million to $4 million price range, with 18 homes sold in that range compared to just seven last year.

Three homes north of the Merritt Parkway sold for more than $10 million, contributing to nearly an 80 percent increase in median sold price.

There were four sales of $10 million or more and three closed sales of $10 million or more. There were just 10 sales in 2013 all of last year for homes in that price range.

Pruner said inventory was nearly level with last year’s numbers and predicted that more homes will be hitting the market.

“We expect it to peak in the first or second week of June,’’ he said. “It has been delayed a little bit because of the weather. There’s a fair amount of pent-up demand. If it’s well-priced and in good condition, it will be snapped up pretty quickly.”

Attached: (q1_greenwich_4-18-2014-final.pdf)

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