Greenwich’s housing market was roaring back until the virus hit

Tri-State /
Apr.April 16, 2020 01:00 AM
Greenwich Fairfield market report

The housing markets in Fairfield County and the tony town of Greenwich fared well through much of the first quarter until coronavirus began taking its toll, according to a Douglas Elliman report. Despite the late quarter slowdown, single-family sales in Greenwich hit their second highest first quarter totals in a decade, surging by nearly 40 percent to 103 year-over-year. Single family metrics overall improved year-over-year, while the condo market was mixed. The median sale price was up 9.3 percent to $745,000, but total sales fell 18.8 percent. Listing discounts were also up to 9 percent from 4.2 percent, although days on market fell to 165 from 180.

In Fairfield County, overall median sales price increased about 10 percent to $395,000 and sales were up 8 percent to a total of 2,125 for the quarter. That was largely because of strong numbers for single family homes — condo prices fell 2.5 percent over the year and total sales dropped 2.1 percent to 113. Days on market were up for both single family homes and condos. Supply also fell for both types — 26.3 percent for single family homes and 6.3 percent for condominiums, which could be a result of sellers delaying listings because of the pandemic.


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