Greenwich housing market shows gains28 Dec 2012 9:50 AM
Greenwich's housing market didn't feel the pinch of the recession as acutely as many nearby regions, and recent data suggests that it is improving more quickly as well. According to the Greenwich Post, improving optimism among buyers across the country has led to gains in home values and sales. Meanwhile, the inventory of for-sale homes in the area has been dwindling, which has contributed to higher sales prices as motivated buyers are forced to compete against one another for available homes.
In fact, Greenwich homes - including luxury homes - have been selling at a rate not seen for several years. According to the Greenwich Patch, the improving market made this November the best November since 2007 in terms of sales volume.
Since November 2012, these trends have not only remained stable, they've improved. According to Trulia, the average listing price in the area rose from $3.92 million in November to $4 million as of December 5. Unsurprisingly, this uptick has paralleled a significant decrease in the number of homes currently available on the market, which has dropped from more than 520 to fewer than 480 in the same time frame.
In addition to the mounting demand for new homes in the post-recession landscape, an improving local economy is likely another factor in the city's rising property values. According to the Patch, the city's unemployment rate dropped to under 6 percent for the first time since reaching its high-water mark of 6.3 percent in June. An improving economy - on a local and national level - combined with renewed homebuyer optimism have helped Greenwich remain one of New England's most desirable cities.