Greenwich Home Purchases Soar to a Decade High on NYC Exodus
Purchases of single-family houses jumped 70% in the third quarter from a year earlier to 311.
(Bloomberg) -- Greenwich home sales had the strongest quarter in more than a decade as New Yorkers piled in, searching for extra space in the pandemic era.
Purchases of single-family houses jumped 70% in the third quarter from a year earlier to 311, the most for a three-month period in records dating back to early 2010, according to a report by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. The median price of those deals surged 18% to $2.13 million.
The Connecticut suburb, popular with Wall Street executives, has seen its fortunes reverse after a long stretch of slowing sales and stagnant pricing. Estates on large lots that had fallen out of vogue following the financial crisis are now in demand as buyers place premiums on having extra rooms, swimming pools and enough land for socially distant gatherings.
“With bigger homes, you’ve got the opportunity to have extended family with you, but also more amenities on-site,” said David Haffenreffer, manager of brokerage Houlihan Lawrence’s Greenwich office. “You can spread out and live that quarantine life in a more-liberated way.”
A section of town known as Back Country, featuring large estates on multiacre lots, had the biggest leap in sales during the quarter, Houlihan Lawrence said in its report. Deals in the neighborhood, north of the Merritt Parkway, jumped to 40 from just 16 a year earlier.
“We couldn’t give Back Country away, it was too far away from downtown,” said Scott Durkin, president of Douglas Elliman. Now, its homes have become “the most-requested property.”
Demand increased across all parts of Greenwich, and sellers didn’t have to work very hard to reach a deal. Discounts averaged 4.4%, the smallest in a decade, Miller Samuel and Douglas Elliman said. Properties spent an average of 139 days on the market, 25% less time than a year ago.
The interest hasn’t abated. There were 172 homes under contract as of Sept. 30, more than double the number from a year earlier, according to Houlihan Lawrence.
“This could last a while,” Haffenreffer said. “I don’t see what it is that could turn this on its head.”
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