Sales Beat 7-Year Average

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).

Warmly,
Mary-Stuart G Freydberg
20 years professional real estate advice
Mary Stuart G Freydberg, Sotheby's International Realty
SIR Web Signature Block

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