Greenwich’s red-hot residential market up 12.8% in third quarter

A new report finds that Greenwich”™s residential real estate market remains red hot, with single-family home sales — both in terms of total sold dollar volume and in number of units closed — increasing by a respective 12.8% and 2.6% during the third quarter.

According to Sotheby International”™s latest survey, based on closed production from July to September, the average sales price increased 9.9%, the median sales price increased 8.2%, and pending contracts are down 34.1%. Active inventory as of Sept. 30 was down 44.9%.

Single-family homes in Greenwich proper, which includes but is not limited to both north and south of the Merritt Parkway and south of the Post Road, accounted for more than half of the properties sold in the quarter.

Total sold dollar volume was up 2%, total units sold were down 5%, and pending contracts were down 18% from 56 to 46.

Active inventory in Old Greenwich was down 58% with just six pending listings. The number of units sold was up 12% and the total sold dollar volume of closed transactions was up 40%, from $112 million to $157 million. Old Greenwich experienced the largest increase of all areas in average sales price, up 25.4%, according to the report.

In Q3, year over year, Riverside single-family homes”™ average sale price rose 16.6% from $2.176 million to $2.538 million, and the median sale price rose 11%, from $1.975 million 2020 to $2.195 million in 2021. Total sold dollar volume rose 17% from $111 million to $129 million.

The percent change in total sold-dollar volume for Cos Cob single-family homes for the third quarter, year over year, was the highest of all areas, up 69% year over year from $43 million to $73 million. It also saw an increase of the average sales price, which was up 21.4%, and an increase in the number of units sold, which was up 39%.