GREENWICH, Conn. The number of single-family residential closings increased by 2.7 percent in March 2012, compared with March 2011, according to the Greenwich Association of Realtors.
The median sale price for a single-family home decreased from $2,000,000 in March 2011, compared with $1,080,000 for March 2012.
During this period, 38 single-family residential closings were reported, according to the Greenwich Multiple Listing Service.
The number of closings in the first quarter of this year has been consistent with the past three years, said Barb McKee, president of the Greenwich Association of Realtors. The median price drop is indicative of the number of units being sold under $1 million."
Financing, she said, continues to be a challenge for prospective homebuyers, as does finding a "suitably priced nonconventional loan."
Home inventory remains consistent, said McKee. She added that spring has brought out buyers eager to find homes that suit their needs, priced appropriately for the market.
The average time on the market for homes decreased by 57 days, compared with the same period last year.
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