Home Buying in Greenwich>Question Details

dj2700, Home Buyer in Greenwich, CT

What is the current trend of prices of Single Family Homes in Greenwich CT area?

Asked by dj2700, Greenwich, CT Tue Feb 26, 2013

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6
It depends on what price range you are looking in. Different price ranges and different area within Greenwich show different trends.
0 votes Thank Flag Link Fri Nov 1, 2013
Looking at 2012 versus 2011, one can see that the average price of a single family home as reported by the GMLS fell by approximately $50,000 and the median price by about $25,000. However, if you were to look more closely, you would see an underlying healthy market. The Riverside, Old Greenwich, and mid-country markets have been reasonably good. Remember that the collection of homes that close in any given year is not a homogeneous collection. In July, 2011, new assessed values were attached to all homes in Greenwich. In the second half of 2011, homes closed at 146.3% of their assessed values. For all of 2012, homes closed at 151.8% of assessed value. A small but broad based improvement in home values. Also, in 2012, there were 579 single family closings versus 526 in 2011. It is certainly nothing like the over-heated market in 2005 and 2006, but there is a good tone to the market. If you would like additional information on specific markets, I would welcome the opportunity to speak with you.
0 votes Thank Flag Link Wed Feb 27, 2013
dj,

The average price and even the median price have been skewed in Greenwich, because the market under $1.5MM has been so busy. As a result averages are down when most house prices are up. In OG and Riverside south of the tracks you are looking at double digit increases. In backcountry prices are flat to down. The best thing to do is look at the prices in your price range and the neighborhoods you want. Let me know if you'd like me to do a micro analysis for you.

You can also find a lot of info in my weekly market reports at GreenwichStreets.com
0 votes Thank Flag Link Wed Feb 27, 2013
Howdy,

In Greenwich, the average and medium prices declined slightly year to year 11 to 12. However, the unit numbers and dollar volume rose. Ask your Realtor. The Greenwich MLS supplies monthly stats. As Realtors in Greenwich, we also have access to other sources one of which tracks sales as a percentage of assessed value. Surrounding towns will have different numbers. In the larger world, one of the experts on Bloomberg yesterday forecast house prices rising moderately through the year. She saw a larger inventory but there appears to be pent up demand as well. She also said the short sales and REO's should not overwhelm the market that some had feared.
Hope this was helpful. Good Luck, Jay
0 votes Thank Flag Link Wed Feb 27, 2013
If you go to http://www.raveis.com and click on local housing data, you will see the best information that is pulled from the MLS's and then formatted in a very user friendly way. You can drill down to the type of property to the exact area...

3 months ending January 2013 vs January 2012 - the average sale price on single family homes was $2,440,531 2013 versus $2,292,969 in 2012. Also compelling is the sales to list price ratio is moving up - from 90% to 92.1% indicating that prices are moving up.

If you would like more information, please don't hesitate to call me - 203-300-7023 or email: deb.halsey@raveis.com
0 votes Thank Flag Link Wed Feb 27, 2013
Hi,
You can check the data right here on the Trulia site by clicking on the " Local Info" tab on the banner at the top of this screen. Then click on "Market Trends". It appears that sales prices are down from last year but list prices are trending up a bit.

Best wishes!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Tue Feb 26, 2013
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