Low Inventory and High Demand Favor Home Sellers
Home sales in the Greenwich market remained brisk in the second quarter of 2021 as buyers continued to seek out the exceptional quality of life that Greenwich offers, according to the Houlihan Lawrence Greenwich Market Report released today.
Home sales soared in all of the Greenwich area neighborhoods surveyed with Greater Greenwich posting an 87.3% increase. Sales were up 81.3% in Cos Cob; 93.3% in Riverside and 72.4% in Old Greenwich. Median sale prices were up in all but the Greenwich market south of Post Road. 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.
The Greenwich real estate market 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 may render a skewed analysis.
“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,” said Liz Nunan, President and CEO of Houlihan Lawrence.
Nunan noted that 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 were there quicker sales than in Old Greenwich, with average days on the market of just over 60 days.
As an indication of the Greenwich market’s strength, Houlihan Lawrence, which is the leading and most dominant brokerage serving Greenwich, recently announced that its Greenwich and Riverside offices surpassed $1 billion in sales volume in the first six months of this year. Last year, it took eleven months to achieve the billion-dollar mark.
The highest price sale in the first half was $27,750,000 for 23 Smith Road, an extraordinary Belle Haven peninsula waterfront estate on Greenwich Harbor shoreline. Houlihan Lawrence’s Sally Maloney was the exclusive listing agent of the property.
Q2 Markets at a Glance
Greater Greenwich
Homes Sold: Up 87.3.%
Median Sale Price: Up 11.2%
Greenwich
(North of Merritt Parkway)
Homes Sold: Up 45%
Median Sale Price: Up 27.2%
Greenwich
(South of Merritt Parkway)
Homes Sold: Up 78%
Median Sale Price: Up 32.6%
Greenwich
(South of Post Road)
Homes Sold: Up 27%
Median Sale Price: Down 6.2%
Cos Cob
Homes Sold: Up 81.3%
Median Sale Price: Up 18.6%
Riverside
Homes Sold: Up 93.3%
Median Sale Price: Down 12%
Old Greenwich
Homes Sold: Up 72.4%
Median Sale Price: Up 22.4%
