Q1 | 2019
Greenwich
Market Update
GREENWICH
Offered at $16,350,000 112indianhead.com
GREENWICH
Offered at $6,495,000 252overlookdrive.com
a message from
Pamela Pagnani Brokerage Manager
During the first quarter of 2019, according to data from the Greenwich Multiple Listing Service, there were 73 single-family homes (SFH) sold town-wide which had a total sales volume exceeding $168M. Town-wide, there were 607 SFH listed at the end of the Q1 2019, of which, 183 were listed under $2M, 233 listed in the $2M - $4M range, 132 listed in the $4M - $7.5M range and 59 listed for over $7.5M. Greater Greenwich had the most active SFH inventory with 406 homes for sale followed by Riverside with 80. Of note is that 69% of SFH currently listed are under $4M and a third of SFH listed are under $2M. Other points of note about the Greenwich real estate market in Q1 2019 include: • • • • •
In Old Greenwich, dollar volume exceeded Q1 2018 levels by approximately $15M, from $31.7M in Q1 2018 to $46M in Q1 2019, an increase of 44.7% Old Greenwich experienced a 46.1% increase SFH units, from 13 in Q1 2018 to 19 in Q1 2019 All SFH trades in Cos Cob were under $4M There was a 15% decrease in average sales price town-wide Riverside saw a 67.3% decrease in dollar volume in SFH sales, from $41M in Q1 2018 to $13.3M in Q1 2019
The current condition of the Greenwich real estate market offers an unprecedented opportunity to realize homeownership in our town. Sotheby’s International Realty – Greenwich Brokerage is uniquely positioned to service the needs of discriminating buyers, sellers and renters. While Sotheby’s International Realty has offices around the world in 72 countries and territories, here in Greenwich, we serve all areas of town including Cos Cob, Riverside, Old Greenwich and Greater Greenwich, in addition to the surrounding towns. Sotheby’s International Realty – Greenwich has approximately 90 affiliated agents who are seasoned experts in local real estate laws, zoning, building and rental codes. Our mission is simple: to pair exceptional properties with exceptional clients while offering superior, white glove service. We are pleased to assist you in buying your dream house or selling your home in Greenwich.
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 (9/30/2018). 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 S OTHEBYS H O MES.C O M/ G R E E N WIC H
GREENWICH
Offered at $9,695,000 5ashtondrive.com
GREENWICH
Offered at $12,250,000 344shoreroad.com GREENWICH
Offered at $7,650,000 25indianchase.com GREENWICH
Offered at $4,395,000 151park.com GREENWICH
Offered at $3,750,000 49huntingridgeroad.com *in order from left to right, top to bottom
sothebyshomes.com/greenwich
Market Snapshot Q1 2019
All Greenwich
450 400 350
Old Greenwich
300 250
Greenwich Riverside
200 150
Cos Cob
100 50
Total Single Family Homes Units Sold 39 9 6 19
Greenwich Cos Cob Riverside Old Greenwich
Old Greenwich
Riverside
Cos Cob
Greenwich
0
Active Single Family Homes Inventory by Price Point & Area 183 233 132 59
Under $2 Million $2 - 4 Million $4 - 7.5 Million $7.5+ Million
Q1 Highlights All Greenwich
$2.5
$2.0
$7.5M and up
<$2M
$1.5
$4 - $7.5M
$1.0
$0.5
Single Family Homes Median Selling Price 1.9 $ 1.0 $2.1 $1.6 $
Greenwich Cos Cob Riverside Old Greenwich
Ol d Greenwich
*Price in Millions
Cos Cob
Greenwich
$0.0
Riverside
$2 - $4M
Single Family Homes Total Volume by Price Point 27 % 40 % 13 % 16%
Under $2 Million $2 - 4 Million $4 - 7.5 Million $7.5+ Million
*Price in Millions
Q1 Highlights
/ Greenwich Market Update
at a glance {Q1 | 2019}
greenwich
-15
%
Change in Average Selling Price {2019 v 2018}
-37
%
Change in Units Sold {2019 v 2018}
39 Units Sold
2.5m
$
Average Selling Price
Greenwich SINGLE FAMILY HOMES AND CONDOS
sfh
Average Median Discount Total Active Selling Price Selling Price Ratio Units Sold Inventory
{2019 v 2018}
Change
-15%
-11%
-2%
-37%
23%
2019
$2,466,920
$1,950,000
84%
39
406
2018
$2,904,900
$2,191,250
86%
62
500
2017
$2,883,863
$2,050,000
83%
76
433
2016
$2,752,120
$1,735,000
85%
54
391
2015
$2,966,500
$1,880,000
89%
52
327
Median Selling Price | Single Family Homes vs Condos
$2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0
2015
2016
Single Family Homes
condos
2017
2018
2019
Condos
Average Median Discount Total Active Selling Price Selling Price Ratio Units Sold Inventory
{2019 v 2018}
Change
30%
13%
12%
-4%
-38%
2019
$1,056,354
$740,000
96%
24
98
2018
$813,091
$655,000
85%
25
158
2017
$963,893
$762,500
92%
29
106
2016
$999,638
$797,000
91%
34
100
2015
$985,714
$745,000
93%
28
73 Greenwich
/ Greenwich Market Update
Average Selling Price | Total Units Sold $1.8
20
$1.6
18
$1.4
16 14
$1.2
12
$1.0
10
$0.8
8
$0.6
6
$0.4
4
$0.2
2
$0.0
0
2015
2016
2017
2018
Average Selling Price
2019
Total Units Sold
Q1 | 2019
Under $2 Million
$2 - 4 Million
About
Cos Cob 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 and extensive marinas are located on the upper Mianus Harbor. sothebyshomes.com/greenwich
Average Median Discount Total Active Selling Price Selling Price Ratio Units Sold Inventory {2019 v 2018}
Change
-8%
-16%
-6%
-40%
-50%
2019
$1,520,000
$1,075,000
86%
9
48
2018
$1,650,104
$1,275,000
92%
15
72
2017
$1,285,611
$1,240,000
88%
18
46
2016
$1,302,767
$1,175,000
91%
15
69
2015
$1,489,656
$1,307,500
91%
16
50
Greenwich Market Update / Cos Cob
at a glance {Q1 | 2019}
cos cob
-8
%
Change in Average Selling Price {2019 v 2018}
-40
%
Change in Units Sold {2019 v 2018}
9
Units Sold
1.5m
$
Average Selling Price
at a glance {Q1 | 2019}
riverside
-24
%
Change in Average Selling Price {2019 v 2018}
-57
%
Change in Units Sold {2019 v 2018}
6
Units Sold
2.2m
$
Average Selling Price
Average Selling Price | Total Units Sold $4.0
20 18
$3.5
16
$3.0
14
$2.5
12
$2.0
10 8
$1.5
6
$1.0
4
$0.5
2
$0.0
0
2015
2016
2017
Average Selling Price Q1 | 2019
2018
2019
Total Units Sold Under $2 Million
$2 - 4 Million
$4 - 7.5 Million
$7.5+ Million
About
Riverside Riversideâ&#x20AC;&#x2122;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 â&#x20AC;&#x201C; less than one hour to Grand Central Station in New York City. sothebyshomes.com/greenwich
Average Median Discount Total Active Selling Price Selling Price Ratio Units Sold Inventory -24%
6%
-8%
-57%
64%
2019
$2,229,500
$2,120,000
84%
6
80
2018
$2,925,214
$1,997,500
90%
14
131
2017
$2,260,216
$1,880,000
92%
18
82
2016
$2,002,321
$1,600,000
92%
14
67
2015
$3,651,923
$2,080,000
84%
13
65
{2019 v 2018}
Riverside
/ Greenwich Market Update
Average Selling Price | Total Units Sold $3.0
20 18
$2.5
16 14
$2.0
12 10
$1.5
8 $1.0
6 4
$0.5
2 $0.0
0
2015
2016
2017
2018
Average Selling Price
2019
Total Units Sold
Q1 | 2019
Under $2 Million
$2 - 4 Million
$4 - 7.5 Million
About
Old Greenwich The townâ&#x20AC;&#x2122;s origins are traced to the historic village of Old Greenwich, which today preserves the charm of a gracious New England 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. sothebyshomes.com/greenwich
Average Median Discount Total Active Selling Price Selling Price Ratio Units Sold Inventory {2019 v 2018}
Change
-1%
-18%
-5%
46%
29%
2019
$2,416,377
$1,625,000
87%
19
73
2018
$2,440,615
$1,983,000
91%
13
94
2017
$2,377,643
$2,137,500
88%
14
77
2016
$2,137,633
$1,795,000
91%
15
66
2015
$1,526,124
$1,295,000
94%
9
65
Greenwich Market Update / Old Greenwich
at a glance {Q1 | 2019}
old greenwich
-1
%
Change in Average Selling Price {2019 v 2018}
46
%
Change in Units Sold {2019 v 2018]
19 Units Sold
2.4m
$
Average Selling Price
Extraordinary Results We celebrate the notable success of our associates and clients
GREENWICH
9 Mountain Laurel Drive Last asking $3,850,000
GREENWICH
449 Round Hill Road Last asking $6,650,000 GREENWICH
54 Woodside Drive Last asking $4,499,000 GREENWICH
21 Calhoun Drive Last asking $4,495,000 GREENWICH
79 Pecksland Road Last asking $3,500,000 *in order from left to right, top to bottom
sothebyshomes.com/greenwich
UNRIVALED NCE GLOBAL PERFORMANCE AND LOCAL DOMINANCEA
$112 BILLION ANOTHER RECORD YEAR IN ANNUAL GLOBAL SALES IN 2018
990 22,500 72 OFFICES
AGENTS
COUNTRIES
31 MILLION VISITS TO SOTHEBYSREALTY.COM 13% INCREASE YEAR OVER YEAR
180,000 YOUTUBE SUBSCRIBERS SILVER CREATOR AWARD WINNER
GREENWICH
Offered at $29,500,000 471lake.com
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.