Q1 | 2020
Greenwich
Market Update
Cover Property GREENWICH
Offered at $4,750,000 11deerlane.com
a message from
Pamela Pagnani Brokerage Manager
No one will be able to fully predict the effect the coronavirus pandemic will have on the real estate market, but at Sotheby’s International Realty, the health and safety of our agents, clients, employees and community is our #1 priority. We invite you to review a summary of sales activity in the Greenwich area during the first quarter of 2020, based on closed production from January – March 2020, much of which went into contract before the onset of the coronavirus pandemic. The Greenwich Multiple Listing Service reports the following market data for this quarter, which is compared here for the same period of 2019. Heading into the second quarter of 2020, here were a few positive things in the Greenwich housing market: • • • •
Townwide, we saw a 40% uptick in the number of single-family units closed, an increase from 74 to 104; and a growth in total dollar volume from $170M in 2019 to $221M. The average sales price for single-family homes fell 7.7% town-wide, which provides the opportunity for potentially more buyers to enter our market. The predominant number of sales that occurred for single-family homes were priced less than $2M, with 62 homes sold, followed by the $2-4M price band, with 32 homes sold, and 10 homes sold in the $4M-$7.5M category. No homes traded over $7.5M in the first quarter of 2020.
Real estate is all about location, and location is our Greenwich community. Here are a few local organizations which you can help during this time: • • • • •
United Way of Greenwich’s COVID-19 Community Relief Fund Greenwich YWCA Domestic Abuse Inner City Foundation for Education and Charity, Emergency Fund Neighbor to Neighbor Kids in Crisis
During this unprecedented time, we are continuing to represent clients who want or need to sell a home and our local teams are working hard continuing to conduct the business of real estate. We are committed to providing the highest quality service and will to continue to support our buyers and sellers using state-of-the-art technology and a suite of virtual marketing tools which make it easy to view and experience the finest real estate in the world from the safety of one’s home. As always, our goal in sharing market data with you is to create a better understanding of the trends affecting our unique housing market. We hope you find it to be a valuable resource and look forward to working with you to meet your real estate needs now and in the future. If you have any questions about the Greenwich market, please do not hesitate to reach out to me or any of our independent sales associates at 203.869.4343. sothebyshomes.com/greenwich
GREENWICH BROKERAGE One
Pickwick Plaza | Greenwich, CT 06830 | 203.869.4343
All figures in this document are as reported by the Greenwich MLS (3/31/2020). Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc. Real estate agents affiliated with Sotheby’s International Realty, Inc. are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc. Equal housing opportunity.
Featured Properties We invite you to explore our exclusive offerings at
sothebyshomes.com/greenwich
RIVERSIDE
Offered at $4,950,000 7indianhead.com
GREENWICH
Offered at $8,600,000 32vineyardlane.com GREENWICH
Offered at $4,295,000 9witherell.com GREENWICH
Offered at $3,175,000 15flaglerdrive.com GREENWICH
Offered at $2,549,000 42windinglane.com *in order from left to right, top to bottom
sothebyshomes.com/greenwich
Market Snapshot Q1 2020
Townwide
Cos Cob
Total Single Family Homes Units Sold
Old Greenwich
Riverside
59% 15% 14% 12%
Greenwich
Greenwich Old Greenwich Riverside Cos Cob
O LD GR EEN W I C H
GR EEN W I C H
MEDIAN ASKING PRICE
R I V ER S I D E
MEDIAN PENDING PRICE
$975,000
$1,637,500
$1,400,000
$1,925,000
$3,160,000
$2,595,000
$1,900,000
$2,650,000
$1,616,250
$1,910,000
$2,195,000
$3,295,000
Single Family Homes Median List Price vs. Pending Price vs. Sold Price
CO S CO B
MEDIAN SALES PRICE
Q1 Highlights Townwide
Units
400 350 300
Less than $2M
250 200
Greater than $7.5M $2M - $4M
150 100 50 -
Old Greenwich
Greenwich
Riverside
Active Single Family Homes Inventory by Price Point & Area 33% 36 % 20% 11%
Less than $2 Million $2 Million -$4 Million $4 Million - $7.5 Million Greater than $7.5 Million
$4M - $7.5M
Cos Cob
Active Single Family Homes Total List Volume by Price Point 11% 26 % 27% 36%
Less than $2 Million $ 2 Million - $4 Million $4 Million - $7.5 Million Greater than $7.5 Million
Q1 2020
/ Greenwich Market Update
at a glance {Q1 | 2020}
townwide
104 41 Units Sold
%
On scenic Long Island Sound, just 30 miles from midtown Manhattan, Greenwich, Connecticut is a vibrant cosmopolitan community considered among the most desirable in the nation.
Change in Units Sold {Q1 2020 v Q1 2019}
2.1m -7.7
$
Average Selling Price
%
Change in Average Selling Price {Q1 2020 v Q1 2019}
Offered at $34,900,000 21vistadr.com
Average Selling Price
Millions
Millions
Average Selling Price | Median Selling Price $3.00
$2.50
Median Selling Price
$2.00
$1.50
$1.00
Number of Closed Sales 184 152
184
176
single family homes
Total Sales Volume
Average Discount Selling Price Rati0
* Total Active Units Sold Inventory
2020: Q1
2019 : Q4
2019 : Q3
2019 : Q2
2019 : Q1
2018: Q4
2018: Q3
2018: Q2
2018: Q1
2017: Q4
2017: Q3
2017: Q2
2017: Q1
2016 : Q4
2016 : Q3
2016 : Q2
2016 : Q1
2015 : Q4
2015 : Q3
74
104
102
118
135
138
128
98
117
122
146
$-
164
172
183
191
$0.50
Pending Listings *
Change
25%
-7.7%
1%
41%
-30%
28%
2020
$2.21M
$2,125,674
86%
104
501
41
2019
$1.70M
$2,302,406
85%
74
607
40
2018
$2.72M
$ 2,663,322
88%
102
797
86
2017
$3.18M
$2,482,738
85%
128
638
51
2016
$2.28M
$2,329,112
87%
98
593
46
{Q1 2020 v Q1 2019}
* on last day of quarter
Townwide Single Family Homes
/ Greenwich Market Update
at a glance {Q1 | 2020}
greenwich proper
61 56 Units Sold
%
Greenwich Proper includes the following sections of town: North of the Parkway, South of the Parkway, South of the Post Road, Byram, Banksville, Glenville and Pemberwick.
Change in Units Sold {Q1 2020 v Q1 2019}
2.3m -5.7 $
Average Selling Price
%
Change in Average Selling Price {Q1 2020 v Q1 2019}
Offered at $14,295,000 75byramshore.com
Average Selling Price
Millions
Millions
Average Selling Price | Median Selling Price $4.00 $3.50 $3.00
Median Selling Price
$2.50 $2.00 $1.50 $1.00
2020: Q1
2019: Q4
2019: Q3 99
2019: Q2
61
63
60 single family homes
Total Sales Volume
Average Discount Selling Price Rati0
* Total Active Units Sold Inventory
2020: Q1
2019 : Q4
2019 : Q3
2019 : Q2
2019 : Q1
2018: Q4
2018: Q3
2018: Q2
2018: Q1
2017: Q4
2017: Q1
2016 : Q4
2016 : Q3
2016 : Q2
2016 : Q1
2015 : Q4
2015 : Q3
39
54
61
89
2019: Q1
2018: Q4
2018: Q3
2018: Q2
86
2018: Q1
2017: Q4
80
2017: Q3
86 2017: Q3
2017: Q2
88 77
72
70
2017: Q2
2017: Q1
2016: Q4
2016: Q3
95
2016: Q2
87
2016: Q1
2015: Q4
99
2015: Q3
$-
111
Number of Closed Sales
$0.50
Pending Listings *
Change
47%
-5.7%
0%
56%
-15%
23%
2020
$142M
$2,325,833
84%
61
347
27
2019
$96M
$2,466,920
84%
39
406
22
2018
$176M
$2,928,397
86%
60
500
45
2017
$220M
$2,856,150
83%
77
433
25
2016
$149M
$2,752,120
85%
54
391
27
{Q1 2020 v Q1 2019}
* on last day of quarter
Greenwich Proper
/ Greenwich Market Update
at a glance {Q1 | 2020}
old greenwich
16 Units Sold
today preserves the charm
-16
of a gracious New England
Change in Units Sold
The town’s origins are traced to the historic village of Old Greenwich, which
community with classic Colonial Old Greenwich homes and beautiful waterfront properties. Old Greenwich offers an intimate shopping district and lies a short distance from scenic Greenwich Point with its fine town beach, park, and boating facilities.
%
{Q1 2020 v Q1 2019}
2.1m -10.5 $
Average Selling Price
%
Change in Average Selling Price {Q1 2020 v Q1 2019}
Offered at $6,395,000 11nawthorne.com
Average Selling Price
Millions
Average Selling Price | Median Selling Price
$3.50
$3.00
Median Selling Price
$2.50
$2.00
$1.50
$1.00
Number of Closed Sales
25 19
22
22
20
Average Discount Selling Price Ratio
* Total Active Units Sold Inventory
2020: Q1
2019 : Q4
2019 : Q3
2019 : Q2
2019 : Q1
2018: Q4
2018: Q3
2018: Q2
2018: Q1
2017: Q4
2017: Q3
2017: Q2
2017: Q1
14
16
Total Sales Volume
2016 : Q4
2016 : Q3
2016 : Q2
14
15 2016 : Q1
2015 : Q4
2015 : Q3
single family homes
25
23 20
23
23
25
26
30
$-
32
35
$0.50
Pending Listings *
-25%
-10.5%
5%
-16%
-25%
-25%
2020
$35M
$2,163,085
91%
16
55
6
2019
$46M
$2,416,377
87%
19
73
8
2018
$34M
$2,464,321
92%
14
94
15
2017
$33M
$2,377,643
88%
14
77
10
2016
$32M
$2,137,633
91%
15
66
7
{Q1 2020 v Q1 2019}
Change
* on last day of quarter
Old Greenwich
/ Greenwich Market Update
at a glance {Q1 | 2020}
riverside
15 Units Sold
Riverside’s extensive shoreline on the river, harbor, and Long Island Sound contributes to its appeal as a desirable waterfront community with a unique and popular variety of properties for sale at any given time. Closely linked to its neighboring village of Old Greenwich, Riverside also has a Metro North commuter station – less than one hour to Grand Central Station in New York City.
114
%
Change in Units Sold {Q1 2020 v Q1 2019}
2 -2.2
$ m
Average Selling Price
%
Change in Average Selling Price {Q1 2020 v Q1 2019}
Offered at $2,695,000 104meadow.com
Average Selling Price
Millions
Average Selling Price | Median Selling Price $2.00 $1.80 $1.60
Median Selling Price
$1.40 $1.20 $1.00 $0.80 $0.60
Number of Closed Sales
$0.40
33 30
28
16 14
single family homes
Total Sales Volume
Average Discount Selling Price Ratio
* Total Active Units Sold Inventory
2020: Q1
2019 : Q4
2019 : Q3
2019 : Q2
2019 : Q1
2018: Q4
2018: Q3
2018: Q2
2018: Q1
2017: Q4
2017: Q3
2017: Q2
2017: Q1
2016 : Q4
2016 : Q3
2016 : Q2
2016 : Q1
2015 : Q4
2015 : Q3
7
14
15
19
18
16
20
24
30
32
31
35
37
$-
39
$0.20
Pending Listings *
110%
-2.2%
7%
114%
-35%
-50%
2020
$30M
$2,036,500
91%
15
52
4
2019
$15M
$2,082,429
85%
7
80
8
2018
$41M
$2,925,214
90%
14
131
15
2017
$41M
$2,260,216
92%
18
82
11
2016
$28M
$2,002,321
92%
14
67
7
{Q1 2020 v Q1 2019}
Change
* on last day of quarter
Riverside
/ Greenwich Market Update
at a glance
{Q1 | 2020}
cos cob
12 33 Units Sold
Situated just east of Central Greenwich, Cos Cob provides a peaceful village-like setting in a close-knit community. Cos Cob residential areas border the scenic Mianus River. Extensive marinas are located on the upper Mianus Harbor.
%
Change in Units Sold {Q1 2020 v Q1 2019}
1.1m -23 $
Average Selling Price
%
Change in Average Selling Price {Q1 2020 v Q1 2019}
Offered at $1,279,000 23shannonlane.com
Average Selling Price
Millions
Average Selling Price | Median Selling Price $2.00 $1.80 $1.60
Median Selling Price
$1.40 $1.20 $1.00 $0.80 $0.60
Number of Closed Sales 29 2016 : Q3
29
29
$0.20
2016 : Q2
$0.40
20 18
19
16
17
single family homes
Total Sales Volume
Average Discount Selling Price Rati0
12
* Total Active Units Sold Inventory
2020: Q1
2019 : Q4
2019 : Q3
2019 : Q2
2019 : Q1
2018: Q4
2018: Q3
2018: Q2
2018: Q1
2017: Q4
2017: Q3
2017: Q2
2017: Q1
2016 : Q4
2016 : Q1
2015 : Q4
2015 : Q3
6
9
9
11
13
14
15
17
19
22
$-
Pending Listings *
Change
3%
-23%
-2%
33%
-2%
100%
2020
$14M
$1,169,792
85%
12
47
4
2019
$14M
$1,520,000
86%
9
48
2
2018
$20M
$1,464,397
91%
14
72
11
2017
$24M
$1,257,684
88%
19
46
5
2016
$20M
$1,302,767
91%
15
69
5
{Q1 2020 v Q1 2019}
* on last day of quarter
Cos Cob
/ Greenwich Market Update
at a glance {Q1 | 2020}
townwide condos & co-ops Condominiums and co-ops are attractive and desirable housing alternatives in the Town of Greenwich. Whereas condominiums are individually owned, co-op owners purchase shares in the co-op complex. Condominiums in each area can be apartment style, townhouse or free-standing houses. Co-ops are typically well-established and centrally located to all that Greenwich Proper has to offer.
39 Units Sold
8
%
Change in Units Sold {Q1 2020 v Q1 2019
924k -3.9
$
Average Selling Price
%
Change in Average Selling Price {Q1 2020 v Q1 2019
Offered at $759,000 36greenwichhillsdr.com
$1.20
Median Selling Price
$1.00
$0.80
$0.60
$0.40
Number of Closed Sales
CONDOS & CO-OPS
Total Average Sales Volume Selling Price
Discount Ratio
39
36
-3.9%
-5.6%
8%
2020
$36M
$924,766
88%
39
2019
$35M
$962,006
93%
36
2018
$24M
$778,586
86%
31
2017
$40M
$958,211
93%
42
2016
$37M
$934,070
91%
40
Change
2020: Q1
Total Units Sold
4.1%
{Q1 2020 v Q1 2019}
2019 : Q4
2019 : Q3
2019 : Q2
2019 : Q1
2018: Q4
2018: Q3
2018: Q2
2018: Q1
2017: Q4
2017: Q3
2017: Q2
2017: Q1
2016 : Q4
2016 : Q3
2016 : Q2
2016 : Q1
31
36
41
46
44
46
51
53
51 42
40
51
40
48
54 2015 : Q4
$-
62
69
$0.20
2015 : Q3
Millions
Average Selling Price
Average Selling Price | Median Selling Price
$1.40
Townwide Condos & Co-Ops
/ Greenwich Market Update
Extraordinary Results We celebrate the notable success of our associates and clients
GREENWICH
147 Byram Shore Road Sold $3,825,000
GREENWICH
38 Dairy Road Sold $5,550,000 GREENWICH
11 Brynwood Lane Sold $4,750,000 GREENWICH
63 Glenville Road Sold $2,575,000 GREENWICH
215 Shore Road Sold $2,550,000 *in order from left to right, top to bottom
sothebyshomes.com/greenwich
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