“Buyers are patient because of the robust inventory,” Houlihan Lawrence said in its report. “They will buy, but without a sense of urgency, and on their own schedule.”
Faring Better
The closer homes were to Greenwich’s commercial district or waterfront, the better they fared. The median price of homes south of the Post Road -- an area that includes the train station and tony shops of Greenwich Avenue -- climbed 4.6 percent to $1.7 million in the quarter, according to Houlihan Lawrence. Properties there also spent less time on the market -- 111 days in the third quarter, compared with 164 days a year earlier.
Condominiums, which tend to be smaller and clustered closer to the commercial district, also are doing better than the rest of the market. The median price of condos jumped 11 percent to $755,000, according to Miller Samuel and Douglas Elliman.
This article was provided by Bloomberg News.