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Real Estate

Greenwich Homes Get Cheaper and Finally Start Selling Again

  • Buyers in first quarter got biggest discounts in four years
  • Luxury deals help push median price up 12% to $1.87 million
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Photographer: Daniel Acker/Bloomberg
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The slumbering housing market in Greenwich, the Connecticut town favored by Wall Street’s financial elite, jolted awake in the first quarter as buyers emboldened by the rising stock market committed to purchases -- as long as they didn’t have to pay full price.

Home sales in Greenwich jumped 29 percent from a year earlier to 126 deals, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Buyers took longer to deliberate before signing contracts, but sellers coaxed them off the fence by offering discounts averaging 7.9 percent off the last asking price, the most in four years.