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Real Estate

Greenwich Home Sales Fall 2 Percent In 3rd Quarter

Home sales fell 2 percent in the third quarter in Greenwich.
Home sales fell 2 percent in the third quarter in Greenwich. Photo Credit: File photo

GREENWICH, Conn. -- Greenwich home sales fell 2 percent in the third quarter compared to the same time frame in 2014, according to statistics released by William Pitt Sotheby’s International Realty.

Fairfield County home sales increased 10 percent for the quarter, according to the Pitt report, despite the fall in sales in Greenwich. While some sections fell in Greenwich, some also had sharp rises.

“The local market varies dramatically depending on the neighborhood,’’ Houlihan Lawrence said in its third quarter report. “While Greenwich itself remains a highly desirable area, buyers are willing to wait on the sidelines for the right property.”

The average price in Greenwich climbed 5.1 percent to $2,519,439. The median sale price climbed 8 percent.

North of the Parkway, the number of sales rose 66 percent compared to the same quarter in 2015. The median price in that part of town, however, fell 28.6 percent. Homes in that section are on the market for an average of 276 days, the longest in the area.

Cos Cob, which had been a hot region in the first half of the year, saw inventory grow and homes sit on the market in the third quarter. Sales fell 41.4 percent compared to last year, and the median sale price dipped 2.4 percent. The days on on market average climbed to 141 days, an increase of 46.9 percent from last year.

Prices were down in Riverside, but home sales grew 12.1 percent. Old Greenwich prices and sales were also down from last year.

The Houlihan Lawrence report said the statistics indicate buyers are willing to make offers, but only if the conditions are right.

“If your property is well renovated, in move-in condition, and priced right, you will be able to make a deal,’’ the report said. “Bonus points if you are near transportation, restaurants, shopping and schools that buyers want. But be warned. Miss on any of those and buyers may bypass your offering, and you will be scrambling to re-group. Buyers don’t want to play games. They don’t want to lowball. They want value and quality.”

The condominium market did well in Greenwich in the third quarter, with a 25 percent increase in sales. The average sale price, however, fell 8.3 percent.

For the year, sales are up 3.5 percent in Greenwich. The average sale price, however, has dipped 9.4 percent. The average days on market is 175, a 9.4 percent increase from last year.

“Sellers must be realistic when setting a price,’’ the HL report said. “Many properties are sitting on the market for longer than we would like. The key to cutting down Days On Market is setting the right price from the start.”

Click here for the complete report from Pitt. Click here for the complete report from Houlihan Lawrence.

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