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real estate

Single Family Home Sales Rise 15 Percent In Greenwich In 2nd Quarter

Single family home sales rose 15 percent in Greenwich in the second quarter.
Single family home sales rose 15 percent in Greenwich in the second quarter. Photo Credit: Daily Voice File photo

GREENWICH, Conn. -- Greenwich real estate posted big gains in the second quarter in units sold and median sale price, according to reports from local brokerages.

The number of homes sold rose 15 percent and the median sale price rose 9 percent according to the report from Houlihan Lawrence. The figures are in comparison to the second quarter last year.

“The market in Greenwich keeps improving,’’ said Joe Valvano, Managing Broker for Coldwell Banker Previews International in Greenwich. “The median sale price keeps going up, and that’s really the key. The average sale price might be influenced by a few huge sales. That’s down a little bit, but fewer very expensive houses are being sold.”

Activity was particularly brisk in Cos Cob and Riverside. In Cos Cob, units sold rose rose 70 percent, prices are up 17 percent and the price per square foot rose 11 percent. Homes are on the market for an average of 30 percent fewer days.

Riverside saw a 65 percent jump in units sold, and the average sale price rose nearly 20 percent.

“Buyers are thinking I can get land, they’re seeing value and it’s right smack in the middle of town,’’ said David Haffenreffer, Branch Manager and Associate Real Estate Broker for Houlihan Lawrence in Greenwich. “It’s convenient to everything. It’s been great to see this neighborhood really come alive.”

Old Greenwich also saw strength in its numbers. Homes sold rose 13.9 percent, and the median sale price rose 16.4 percent.

North of the Merritt Parkway, the number of homes sold rose 7.7 percent, and the median sale price dropped 1.7 percent. But, the average days on market declined 30.3 percent, which Haffenreffer said was an encouraging number.

“When buyers see value they make a move into those locations,’’ he said. “It has been a geography that has been slow to recover. But perhaps we’re seeing some appeal here for people looking for more space and value. It’s been encouraging to see this activity. We’re seeing young families move into that section, and they’re beginning to see it gives them privacy and value.”

Valvano said buyers are finding value throughout Greenwich. Sales of homes between $5 and $7.5 million is up 61 percent compared to last year, according to Valvano, and homes prices between $1.5 and $2 million are up 74 percent from last year.

“If buyers perceive value, they’ll go for it,’’ Valvano said. “They’re looking for homes that don’t need much work. We’re encouraged by what we’ve seen. We’re on a very good roll going into the third quarter. We anticipate that we’ll have a strong year.”

Click here for the quarterly report from Houlihan Lawrence. Click here for the quarterly report from William Pitt and Julia B. Fee, and click here for the report from Berkshire Hathaway HomeServices New England Properties.

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