The 2021 3rd Quarter Market Report has been published. I typically like to keep the report for a few weeks as I feel it is so imperative to know the market.
Robust demand for homes in Greenwich, Connecticut, continued in the third quarter but at a more normalized pace than the prior quarter. Home sales rose more than 2% as buyers struggled with fewer offerings and shrugged off homes they determined to be overpriced. Ambitious sellers are learning that buyers are happy to wait for price reductions before taking the plunge, while strategically priced homes experience bidding wars.
On average, it took only 87 days to sell a home in the third quarter - a 50% decline from a year ago - suggesting buyers remain poised to leap when the right opportunity comes to market. Continued low mortgage rates coupled with significant investment portfolio appreciation in the last few years have given home-seekers more buying power adding fuel to unit sales and pricing here.
The Cos Cob area experienced the most significant uptick in sales and price with a nearly 40% jump in closings and a 30% increase in median price as buyers found greater value in this centrally located part of town. Buyers and sellers in Old Greenwich raced to contract faster in the quarter than anywhere else in town in an average of just 38 days on the market! And homes that sold in Riverside in Q3 did so, on average, over their asking price. The top sales in the quarter were located in the Belle Haven peninsula, suggesting that luxury buyers love living close to, or on, Greenwich’s 31 miles of coastline. More detailed information on our market areas is in the pages that follow.
Houlihan Lawrence celebrated eight years in Greenwich during the quarter. We are inspired by the community here and grateful for our agents, loyal clients, and support team for making us the #1 brokerage serving this wonderful hometown. Thank you.
With Warm Regards,
Liz Nunan
President and CEO
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