Common Greenwich home worth tops $3 million for first time in at the very least decade, brokers say

The common worth of a Greenwich single-family home rose to greater than $3 million on the finish of 2021, marking a report for the city, in response to knowledge evaluation from a neighborhood actual property group.

The common worth, which may be skewed increased by the sale of luxurious houses, was simply over $3 million within the fourth quarter of 2021, in response to a report from Compass. That’s up from about $2.7 million in 2020 and almost $2.4 million in 2011.

The Compass report says the $3 million is a report for at the very least the final decade of gross sales knowledge. Invoice Andruss, a Compass actual property agent who works in Greenwich and conducts knowledge evaluation available on the market, believes it could be an all-time report for the city.

“We’ve had simply essentially the most unimaginable 12 months, and I don’t assume we’ll see it once more,” Andruss mentioned.

Final 12 months’s median sale worth was $2.3 million, up from about $2.1 million in 2020, in accordance to a knowledge report from Andruss.

Fifty-four % of Greenwich transactions — 545 — have been gross sales from $1 million to simply below $3 million, in response to Andruss’ report.

Homes offered rapidly and at elevated costs throughout the state and far of the nation by the later a part of 2020 and 2021. Many condominium dwellers sought extra space throughout the pandemic, and low-interest charges made home-buying extra inexpensive for many individuals.

Steve Archino, an actual property agent with Sotheby’s Worldwide Realty, mentioned he’s starting to see extra individuals who got here from New York and rented flats in Greenwich close to the beginning of the pandemic trying to purchase homes within the space.

“They’re nonetheless coming from all over, however now we’re seeing individuals who have been in a rental for a 12 months realizing that you already know Greenwich actually is a superb place,” Archino mentioned.

Rates of interest are anticipated to rise this 12 months, and Archino mentioned he expects to see extra individuals get into the market earlier than the increaes take impact.

Many Connecticut specialists say after the fast-paced gross sales of final 12 months, stock is working low in Connecticut.

The variety of gross sales in Greenwich was 1,006 in 2021, up almost 17 % from the 863 offered in 2020. In 2018, Greenwich noticed 594 gross sales, in response to his report.

However the variety of gross sales dropped within the final quarter of 2021 — from 363 in 2020 to 226 this 12 months, in response to Compass’ report.

The bottom-priced home offered for $450,000, whereas the very best went for about $50 million, in accordance to a knowledge evaluation from Andruss.

“Because the stock was declining and the demand was growing, the costs have ticked up. And I feel it’s the identical in all places,” Archino mentioned.

Two of three highest-priced homes have been waterfront properties, which Andruss mentioned don’t usually come available on the market. Each offered for greater than $27 million.

“I feel that most individuals don’t notice that there’s a actual premium on waterfront,” Andruss mentioned. “There isn’t as a lot as individuals assume while you really see what number of miles of shoreline Greenwich has. So it’s very uncommon to discover a direct waterfront.”

It’s not clear precisely how or if that development will proceed. Andruss doesn’t anticipate 2022 to have fairly as scorching a market as 2021, which he says was a traditionally robust 12 months for the true property market.

However brokers nonetheless anticipate 2022 to be robust.

“My prediction for 2022 is I feel it’s going to stay robust, extremely robust, particularly with the stock at report low ranges and the demand up,” Archino mentioned.

Many brokers and specialists have mentioned a lot of the subsequent 12 months will depend upon stock, which is hitting lows.

On the finish of final 12 months, the state had about two months of stock, when it often has six. The months provide of stock in actual property is the variety of months it might take to promote the present quantity of homes in a given market.

In Greenwich, there are about 150 single-family homes listed on the market. About 39 % of these are listed at greater than $5 million, in response to Andruss’ report.

“The large buzz phrase is the phrase ‘stock,’” he mentioned. “Stock has been down like we’ve by no means seen it earlier than and it’s simply startling. There’s nonetheless demand, there are nonetheless consumers on the market that wish to purchase however not stock.”

Individuals who would possibly wish to promote, thereby creating extra stock, don’t listing their houses as a result of they don’t see something available on the market they might transfer into, Andruss mentioned.

Archino added that he expects extra homes to be listed within the coming weeks throughout the spring market, which he mentioned sometimes begins near the Tremendous Bowl and is beginning to decide up now.

“It’s in full swing once more,” he mentioned. “And I can’t let you know what number of emails fly round from agent to agent in search of extra stock.”

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