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Greenwich Real Estate Market at its Best Since 2007

More homes are selling at a higher price and in a quicker time frame

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Greenwich, CT | Added on August 08, 2014 At 01:42 PM

According to a Coldwell Banker report, the number of homes sold in Fairfield County has dropped 12 percent since this time last year. But Pam Pagnani of Sotheby's Realty says not all towns in Fairfield County are seeing these same results. 

"They're talking about very different markets. Greenwich is unique in that it really doesn't reflect those statistics," said Pam Pagnani, Vice President and Brokerage Manager at Sotheby's realty in Greenwich. 

The Greenwich real estate market is currently booming. 

"In 2013, during the first half of the year which would be January to July, there was one home that was old over 10 million. This year, during that same period, there were eight homes sold which is a 700 percent increase," said Pagnani. 

The number of days a home is on the market is down significantly. A home priced from 7.5 to 10 million dollars is on market an average of 30 percent less days than this time last year. 

"In addition, for those homes that were valued and sold for over 10 million, last year at this time it took about 1400 days on market. This year, it's down 75 percent to 365 days," said Pagnani. 

For example, the famed director Ron Howard sold his home only 10 days after it went to market. It is considered the most expensive single residential property ever sold in the area. 

"We were fortunate to have listed that home and sold it for full asking price of 27.5 million, which broke all records," said Pagnani. 

The Greenwich housing market is at its best since the decline in 2007. 

"The medium sales price is at its highest peak since 2007, and it's over two million dollars," said Pagnani. 

With a renewed interest in the Backcountry, realtors hope the market only keeps increasing. 

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