For Greenwich homebuyers during the peak of the pandemic, bigger was better. And it helped to have a pool.
The average size of houses that sold in the second quarter — 5,034 square feet — was the largest in 10 years of data-keeping, according to a report by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. The quarterly average in the Connecticut town had never before topped 5,000 square feet.
Of the 164 single-family properties that changed hands, 39% had a swimming pool, the biggest share in five years of records, the firms said.
The posh suburban market ignited with demand from New York City residents seeking to escape the coronavirus hot spot. Their interest even included Greenwich’s larger estates, which had fallen out of favor in recent years. Buyers now are seeking out more-generous spreads, with space to work from home, care for children and entertain outdoors in a socially distant way.
“Summer camp has been canceled, summer vacations have been canceled and air travel has been canceled,” said Scott Durkin, Douglas Elliman’s chief operating officer. “And I may have three or four children, and I need an office, and my wife needs an office. Our days are scheduled now within the confines of our own compound.”
Next quarter’s sales figures may point to a continuing trend.
North of the Merritt Parkway, a more remote section of town with lavish houses on multiacre lots, there were 25 purchases still pending at the end of June, brokerage Houlihan Lawrence said in its own report. That was the biggest jump for any neighborhood and more than triple the eight pending deals from a year earlier.
This article was provided by Bloomberg News.
