Buoyed by the Pandemic, New York Suburb Greenwich, Connecticut, Finally Sees Sales Recede

Single-family house gross sales in Greenwich, Connecticut—one in all many New York Metropolis suburbs that noticed demand surge because the begin of the pandemic—have fallen since final yr, based on a report Thursday from Douglas Elliman.

Regardless of gross sales slipping 36.9% yr over yr from 328 to 207 within the third quarter, dealmaking remained above pre-pandemic ranges, based on Jonathan Miller, president and CEO of the actual property appraisal agency Miller Samuel. The growth of the previous couple of years utterly revived the Greenwich market, the place houses, particularly its massive contingent of mansions, noticed sluggish gross sales and gradual worth appreciation earlier than the pandemic.   

The median gross sales worth for single-family houses within the prosperous Connecticut city continued to rise yr over yr, up 6.7% to $2.4 million. The median gross sales worth hasn’t declined yr over yr for 14 quarters, Mr. Miller wrote.

With much less itemizing stock accessible, down 18% from final yr, single-family houses are staying available on the market for much less time, averaging 59 days versus final yr’s 77-day common. 

Like single-family houses, luxurious actual property—outlined because the higher 10% of single-family and apartment gross sales—additionally noticed a rise in median gross sales worth, rising 4.8% year-over-year to $7.1 million. 

Nonetheless, luxurious gross sales are down as properly, falling 37.5% yearly to 25 closed gross sales within the third quarter. Falling stock is partly in charge for the slowdown in gross sales. Luxurious listings within the third quarter fell under pre-pandemic ranges to 69 houses, down 6.8% yr over yr. Mr. Miller wrote that this stock is lower than half of what it was pre-pandemic and is the second-lowest luxurious itemizing provide on document.

Although apartment gross sales fell 41.5% yearly, they nonetheless stay “properly above pre-pandemic ranges,” based on Mr. Miller.

Throughout the broader Fairfield County, itemizing stock fell 20.8% yearly and is all the way down to about one-third of pre-pandemic totals. The county’s median gross sales worth, $595,000, is up 8.2% from the third quarter of final yr.