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Viewed from this cyclical perspective, it is helpful to place the Greenwich recovery in context with neighboring markets in Westchester. Communities south of I-287 such as Bronxville, Scarsdale, Larchmont and Rye found the bottom in 2011 and are well into a second straight year of price appreciation at all price levels. Northern Westchester, by contrast, has lagged behind, with prices having just bottomed in early 2013 and luxury sales still lagging.

In Greenwich, Riverside is leading the way into the next bull market, followed by Old Greenwich, Greenwich and Back Country, in that order. Riverside is on pace for a fourth straight year of double-digit sales growth, with home sales up 25 percent from 2012 and the median price up 10 percent to $1,740,000. Back Country is playing catch up, but seems to have found its footing with closed sales up 26 percent year-to-date and more impressively, pending sales up 128 percent from Q3-2012.

Source: Houlihan Lawrence

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