Report: Top-tier Greenwich home market grew in 2014

Houlihan Lawrence, which last year opened a Greenwich real estate office and operates 26 offices regionally, said January brings “positive momentum to report in Greenwich real estate.”

Homes featuring seven- and eight-figure price tags are leading the charge.

Key metrics of the residential Houlihan Lawrence 2014 Q4 Market Report for Greenwich include sales of homes priced at and above $10 million jumping 87 percent and, in Old Greenwich, sales of houses priced between $4 million and $5 million rising 400 percent, “a clear sign of renewed interest in the area,” the company said.

In 2014, the luxury market ($10 million-plus) was buoyed by continued gains on Wall Street, and the Federal Reserve”™s low interest rate policy, Houlihan Lawrence said, giving buyers the means and the confidence to purchase the most expensive properties. In greater Greenwich, Houlihan Lawrence reported, sales of $10 million-plus homes rose 87 percent and the median price was up 11 percent over the previous year.

“Inventory is on the rise in the $10 million-plus range, and buyers in this price range have a wide selection of important properties to choose from,” the company reported.

North of the Merritt Parkway, sales more than doubled in the $10 million price range in 2014. Sales of all homes in that area were down for the year by 11 percent, but the median sale price increased by 20 percent. With ample inventory, “North of the Parkway” offers value and opportunity for buyers, the company said.

“South of the Parkway was firing on all cylinders,” Houlihan Lawrence reported. The median sale price increased 14 percent compared with 2013 and the number of homes sold grew by 5 percent. With pending sales (those expected to close within 60 to 90 days) up by 8 percent and inventory down by 6 percent, “all indicators point to a competitive spring market South of the Parkway.”

Houlihan Lawrence reported total home sales for greater Greenwich at 143 for the fourth quarter of 2014, down from 146 sales for the same period in 2013. In total sales for the year, 2013 bested 2014, 646 to 606 sales. The average sale price of $2,467,070 for the fourth quarter of 2014 was down 8.3 percent compared with the average price of $2,690,572 for the same period in 2013. For the full year, however, the 2014 average sale price was up 19.8 percent, from $2,245,168 in 2013 to $2,689,976 for 2014.

Sales doubled in the $5 million to $6 million range in the South of the Post Road area. There was also heavy activity in the $1 million to $2 million range, where sales were up 50 percent.

Cos Cob also saw a surge. Sales in the $2 million to $3 million range jumped 250 percent in 2014 compared with 2013. And properties are starting to sell faster in Cos Cob; average days on the market fell by more than 21 percent in 2014, Houlihan Lawrence reported, and the average price per square foot jumped 19 percent in the fourth quarter.

Riverside saw strength in the $4 million to $5 million range, where sales were up 300 percent, but overall sales were down 34 percent. Median sale prices were up by 11 percent in 2014 in the Riverside area, which the company said it believes will encourage sellers who have been waiting for the right time to list their homes.

Old Greenwich showed strong performance in 2014: median and average sale prices increased by 47 percent and 34 percent, while homes sold remained relatively flat for the year. The $4 million to $5 million range jumped 400 percent, “a clear sign of renewed interest in the area, as buyers adjust to revised flood zone rules following Hurricane Sandy,” the company said.