Financial sector woes slump sales, spur rentals in Greenwich

A mansion in Greenwich, Conn.Despite the wildly different housing stock, the residential market in Greenwich, Conn. appears to be following the lead set by New York City. The New York Post reported that the stumbling economy has pushed rental demand way up and stagnated sales in the haven for financial services executives.

According to a report from Project Real Estate, sales of homes worth more than $2.5 million have fallen 37 percent since 2005, while rentals worth at least $10,000 per month have skyrocketed 292 percent in that time frame. Sales of all homes in that same period fell 29 percent, while rentals jumped 54 percent.

Following that trend the median sales price has fallen 14 percent in the first nine months this year to $2.2 million, while rents are up 11 percent.

The Post attributed these trends to the job cuts, bonus slashes and general declining earnings on Wall Street. [Post]