High-end Greenwich homes selling well again10 Oct 2012 8:28 AM
In the wake of the housing crisis of the late 2000s, one of the housing sectors hit hardest was the luxury market. As Americans became wary of making significant property investments in such a volatile environment, the sale of high-end homes dwindled precipitously. Since then, real estate experts have closely monitored this segment of the market for signs of recovery.
Over the last few months, these analysts have finally found something to get excited about. According to new data from the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau, the higher-priced end of the housing market experienced one of the best periods in recent years. Sales of homes priced above $400,000 accounted for 21 percent of all sales in August 2012, a 33% increase over July.
This trend is true nationally, but has been particularly evident in Greenwich, where luxury home sales have been rising steadily for several months. According to the Greenwich Patch, high-end sales have been increasing recently, helping lift the median selling price in the process. In fact, the very high-end of the market may be faring the best, according to the source. Increased activity and a bevy of sales have helped reduce the inventory of homes selling for more than $4 million.