Single family home sales in Greenwich, CT are down year-over-year. Total sales volume through the third quarter is down 14%, the average price is down 10%, the median price is down 8% and the number sold is down 4%.
It’s not a great short term snapshot. That said, single family homeownership is a long term hold, so looking at longer term trends sheds constructive light on the market. I look back 7 years, a typical holding period, to 2009. I also chose not to include the peak years, which would be difficult to repeat in the short term.
Number of Home Sales Beats 7-Year Average
Given the longer view, demand for single family homeownership in Greenwich is improved. Through September, single family home sales are up 10% this year over the average of the prior seven years. The strong number of sales is a positive indicator for Greenwich, which includes Cos Cob, Riverside and Old Greenwich.
To be sure, the type of demand has changed. Average home prices are down 9%, reflecting weakness in the luxury market.* That said, median sales prices are down only 2%, or essentially flat, thereby repeating consistent demand for affordable Greenwich real estate.
There are 102 Open Houses on Sunday. Open House Report (Contact me for access to Open House reports).