During all of 2009, the town’s worst year for real estate in decades, two single-family homes were scooped up for under $400,000.
As of last month, that number doubled.
It’s a sign of a market where sales have picked up, but values continue to decline.
There were 197 single-family home sales through May, up 163 percent from 75 during the same time last year, according to data released Monday by Riverside-based Shore & Country Properties and Prudential Connecticut Realty.
The lowest sale price this year was close to $230,000 for a 725-square-foot home at 180 Hobart Ave., built in 1924 in the Pemberwick/Glenville area.
That is compared with 2008, when there was one sale in the lowest price range, and with 2007, when there were none, according to John Cooke, a broker who compiles data for Prudential.
Sales in the $750,000 to $1 million range rose to 32 in the same five-month period, compared with just eight a year earlier. The median sale price dropped from $2.1 million in 2007 to $1.4 million through May.
“It’s showing that the value of real estate in town is down 10 to 20 percent over the last two to three years,” Cooke said.
While bank sales made up all but one of the sub-$400,000 transactions, Russell Pruner, owner of Shore & Country, said it doesn’t look like such situations dominate the approximately 680 single-family homes currently on the market.
Pruner also said he didn’t know how much of a so-called “shadow inventory,” or homes facing foreclosure, Greenwich would see. Banks, he said, don’t want to own property, and would prefer to work with homeowners on troubled mortgages.
“It’s not going (to) all come at once, they’re going to come over time,” said Pruner of bank-owned properties. “Anything they can do, if the people can afford, they want to do that.”