Yes, it's a hot market

like a house afire

The Mickster sends along this link to “The Real Deal: Sales in Greenwich double in this quarter vs last year’s

For single-family homes in Greenwich, 200 transactions closed in the first quarter of 2021 — a 94 percent increase from 103 during the same period in 2020.

Still, the market is showing indications of slowing. Sales decreased 29 percent from 2020’s fourth quarter, which saw 282 transactions.

In part, that’s because listings in Greenwich have fallen as homes have been scooped up. Inventory was down 44 percent from the first quarter of last year.

Strong demand and a lack of available homes have led to bidding wars, pushing home prices up. The average sale price in Greenwich hit $2.97 million, a 4 percent increase from the prior quarter and a 39 percent jump from the prior year.

In Fairfield County, which includes Greenwich, the average sale price increased 35 percent from a year ago to $811,000, the third-highest level on record.

The statistics come from Douglas Elliman, and jibe with my general sense of what I’m observing: quick sales, higher prices, and disappearing inventory. But note, our average sales price this past quarter is “the third-highest level on record”. We’re not back to 2007 yet.