August 24, 2013
Healthy Home Sales on Low End of Market in July (Greenwich Time)
By Maggie Gordon

Home sales throughout town were up in July over last year by 13.5 percent with 84 single-family homes selling over the course of the month.

"The 2013 numbers are much higher than they were in 2012 and 2011, so that's a nice steady growth there," said Beckie Hanley, senior vice president of William Raveis' Greenwich offices.

And while sales are up, the inventory is down. While there were 653 homes on the market in July 2012, that number dropped by roughly 5 percent to 623 homes this July.

"It's moving quicker because it's being priced at a point where people feel like they're seeing value again," said Hanley. "People are ready and poised to get back into the game, so that's been very important to get buyers off the fence."

Most of the homes sold so far this year have been priced on the lower end of the spectrum for Greenwich real estate pricing. A total of 60 homes sold for between $1 million and $1.5 million, while another 52 have sold for between $1.5 million and $2 million, and 55 more between $2 million and $3 million, accounting for 45 percent of all homes sold in the first seven months of the year.

"I think it does show that our market is coming back, but it's been coming back from the bottom up," said Hanley.

She added that the average sale price, which stood at $2.1 million in July is "a good number," and that when that number begins to rise, "everything else will rise with it."

While Hanley said that she is used to seeing more trades for more than $7 million in her 15 years of experience in the town's real estate market, those big transactions have not been totally absent from the scene. There were four residential properties sold for at least $7 million in the months of June and July, including the most expensive sale of the year.

Only one home sold for above $10 million this year--a seven-bedroom, eight-bathroom "European inspired estate" at 21 Midwood Drive, which closed for $10.7 million on July 1, according to public records. The 16,378 square-foot manse, built in 2006, sits on 2.5 acres of property complete with a cascading waterfall and stone walls, and is the most expensive single-family home sold to date this year, according to documents on file at the town's tax assessor office.

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