Home Sales Over $10 Million Accelerating in Greenwich, CT

Over $10 Million Homes Sales Doing Much Better in Greenwich

John Christeroffersen of the Associated Press has a very good article about the rise in sales over $10 million homes in Greenwich and was nice enough to quote me. The article has appeared from coast to coast showing the continuing interest in Greenwich and the high end market.

The pace of the highest end sales is accelerating. We have had 6 properties sell for over $10 million this year. Three of these sales actually went to contract in 2013; one in March and two in October. We then had a contract in each of January, February and March. April is when things really started to take off with four “contracts” in the first 16 days. (Two of the properties went right from active to sold in the same day.)

$10M Real Estate Inventory as of  4/16/14

Greenwich CT Over $10M Real Estate Inventory as of 4/16/14

Greenwich Over $10M Home Inventory

Greenwich Over $10M Single Family Home Sales & Contracts as of 4/16/14

Our inventory of over $10 million listings is actually starting to deplete and months of supply is rapidly declining. In March of 2013 we only had one contract which with 44 active listings gave us 189 months of supply or over 15 years. As of today 4/16/13  we have 10 sales and contracts and only 38 listings. Our months of supply is down to 22.8 months or less than two years of supply.

The other interesting thing about sales this year are where they are in Greenwich.  Six of the ten properties are in backcountry Greenwich, the traditional home of Manhattanites looking for a weekend place. Backcountry Greenwich is less than an hour from Manhattan. Even on a Friday in the summer when the roads to the Hamptons are packed you can hop a Metro-North train and be by your pool in 75 minutes.

The great thing is all of these houses are gorgeous and each one is different. In this price range buyers are very particular and they may find that their options are actually very limited. If you want to live on Long Island in Old Greenwich you only have two choices in this price. So if you are interested in seeing one of these houses before they all disappear give me a call at 203-969-7900.


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