Pictured above is the cover and link to our Q2 Market Report. Here is an excerpt from that report:
The real estate market in Greenwich was greatly impacted as a result of the COVID-19 pandemic in the second quarter of 2020. Consequently, Q2-2021 vs. Q2-2020 percent gains cited in this report may render a skewed analysis.
Home sales in Greenwich remained brisk in the second quarter of 2021 as buyers continued to seek out the quality of life that our beautiful hometown offers. Low inventory and high demand kept the market tilted in favor of home sellers, but strategic pricing remained a critical pillar of a successful sale.
As the economy re-opens and commuter lots at our four Metro-North train stations slowly begin to fill daily, we’re all adjusting to life in a post-COVID world. Many buyers today are people who scrambled out of nearby NYC to rent when the pandemic was first recognized as a global health crisis a year ago.
Sales along the coast attracted the most buyer attention in Greenwich. Home sales south of the Post Road spiked more than 300%. Homes in Riverside sold, on average, at or above their asking prices, and nowhere in town did we see quicker sales than in Old Greenwich, with average days on the market of just over 60 days. Our full neighborhood breakdown is in the pages that follow.
The warmer seasons in Greenwich are when this town truly shines. Whether you’re visiting the beach at Greenwich Point, our town tennis, golf, and pool facilities, the many hiking, biking, and equestrian trails, spending a Sunday afternoon watching a Polo match at Conyers Farm or enjoying a stroll along Green- wich Avenue, there’s truly something here for everyone.
Before the end of the quarter, our Riverside and Greenwich offices set a record by closing more than $1 Billion in sales in 2021. We could not have achieved this impressive milestone without our world-class agents, support team, and loyal buyer and seller clients. Thank you for making us the leading brokerage in Greenwich, Connecticut for six and half years!
With Warm Regards,
Liz Nunan
President and CEO
While April 2020 was the first entire month in the - new at the time - COVID-19 grip the sales data from it don't necessarily capture pandemic buying patterns as it was simply too soon for closings to happen, in most cases.
May 2021 is officially in the rearview mirror and while we let the numbers settle on the MLS I thought I’d get out some preliminary sales data for Greater Greenwich Single Family home sales:
- 86 homes closed in Greater Greenwich in May 2021, a 56% increase over May 2020.
- The average selling price in May 2021 was $3,332,765, a 46% increase over last year.
- The median selling price in May 2021 was $2,387,500, a 25% increase over last year.
- Average sold price per square foot was $646, a 30% increase over May 2020.
- Total dollar volume in May 2021 was $286,617,850, a 129% increase.
- Average DOM fell 36% to 166 days.
- See attached Market Overview report for 2021 YTD data – which continues to show a strong demand marketplace.
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Jared Randall
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