GREENWICH, Conn. -- Greenwich real estate activity in the third quarter reflected a countywide trend of declining sales but higher single home values.
Sales fell 8 percent in the third quarter in Greenwich compared to the third quarter in 2013. However, the average sale price climbed 8 percent, according to a report from Houlihan Lawrence.
For the year, Greenwich home sales are down 8 percent, but the average home price is up 30.8 percent and the median home price is up 14.5 percent.
In Fairfield County, sales fell 9 percent for the quarter compared to 2013, according to a report from William Pitt Sotheby’s International Realty. The median sale price rose 1 percent across the county in the last 12 months.
“The unstable financial markets created a little bit of an issue for us, not just here in Greenwich but the real estate market overall,’’ said Joseph Valvano, managing broker of Coldwell Banker Previews International in Greenwich. “People are cautious when the markets are fluctuating.”
Despite the dip in activity, the Houlihan Lawrence report said nearly 600 homes will exchange owners this year, which would be the second highest mark since 2007. Only 2013 will have seen a higher number of homes sold.
The average sale price for a Greenwich home this year is $2,767,016, the highest figure since 2008. Homes also are selling at 93.8 percent of sale price, an increase of more than 6 percent from 2009.
Some pockets in Greenwich had solid activity in the third quarter, according to the HL report. South of the Post Road, 20 homes sold, an increase of 82 percent. In Cos Cob, 29 homes sold, an increase of 53 percent.
North of the the Merritt Parkway, sales cooled. Just 12 homes exchanged hands in the third quarter, down from 22 last year, a 46 percent decline. The good news for that region is the average sale price climbed 31 percent to $3.8 million.
Valvano said new construction in Riverside has done well and Greenwich real estate continues to be a solid investment.
“We expect continued stability across the Greenwich housing market in Q4-2014,,’’ the Houlihan Lawrence report said. “We ended Q3 with both inventory, and pending sales up about 7 percent from 2013 levels. Rising prices are helping to draw in more inventory, which in turn continues to find plenty of willing buyers who are out looking.”
The complete Houlihan Lawrence report is attached as a PDF. The William Pitt report is online.
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