The housing market in Greenwich, Connecticut, has a problem luxury developers in Manhattan can only dream of: short supply.
In the fourth quarter, 32 percent fewer homes were listed for sale than a year before, according to Bloomberg, which cited data from Douglas Elliman.
In the same period, closed sales surged 141% to 282. The rate of sales means it would take only 3.4 months to sell all the Greenwich homes on the market today — a record, according to Bloomberg.
The suburbs outside New York are still enjoying high demand almost a year into the pandemic.
And in Greenwich, the shortage of options is driving up prices as buyers jostle to outbid one another. Last quarter, 14 percent of homes that sold went for prices above asking. In the same time period the year before, just 2.6 percent did.
“A home now represents everything to the family — work, education and play,” Douglas Elliman president Scott Durkin told Bloomberg. “People are realizing that they need to have something coming into the second and third quarters and the summer months.”
[Bloomberg] — Sylvia Varnham O’Regan