Q2 | 2020
Greenwich
Market Update
Cover Property GREENWICH
Offered at $10,750,000 45husted.com
a message from
Pamela Pagnani Brokerage Manager
As we continue to navigate these unprecedented times, the health and safety of our community is our top priority. We quickly adapted to conduct business and support our clients looking to buy, sell, or rent homes with virtual technology, video tours, and Matterport tours. We invite you to review a summary of sales activity in the Greenwich area during the second quarter of 2020, based on closed production from April - June 2020. The GMLS reports the following market data for this quarter, which is compared here for the same period of 2019. Closed sales from the second quarter do not tell a complete story regarding the housing recovery in Greenwich. Heading into the third quarter, we wanted to bring your attention to additional positive indicators: • Townwide, the median sale price has steadily increased year-over-year over the last 5 years, from $1.495M in 2016 to $1.50M in 2017 to $1.61M in 2018 to $1.67M in 2019 to $1.83M this year. • Riverside single-family homes’ average sale price rose 70% from $1.8M in 2019 to $3.1M and the median sale price rose 43%, from $1.8M in 2019 to $2.5M in 2020. • Total sales volume for Cos Cob single-family homes grew 59%, from $14.74M in 2019 to $23.42M in 2020. • North of the Parkway, in comparison to 2019, the number of single-family homes sold increased 6% for the quarter and 15% year-to-date. As always, we are committed to providing the highest quality service and will continue to support our clients with a suite of virtual marketing tools that are proving effective with buyers today. We hope you find this market report to be a valuable resource and we look forward to working with you to meet your real estate needs. 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/ sothebysrealty.com. sothebysrealty.com
GREENWICH BROKERAGE One
Pickwick Plaza | Greenwich, CT 06830 | 203.869.4343
All figures in this document are as reported by the Greenwich MLS (6/30/2020). 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
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GREENWICH
Offered at $34,900,000 21vistadr.com
GREENWICH
Offered at $30,000,000 14cowdraypark.com GREENWICH
Offered at $20,000,000 136fieldpointcircle.com GREENWICH
Offered at $9,950,000 20sherwood.com GREENWICH
Offered at $8,950,000 7closeroad.com *in order from left to right, top to bottom
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Market Snapshot Q2 2020
Townwide
Cos Cob
Old Greenwich
Total Single Family Homes Units Sold
Riverside
55% 18% 17% 10%
Greenwich
Greenwich Riverside Old Greenwich 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
$1,150,500
$1,595,000
$1,500,000
$2,528,750
$2,865,000 $2,125,000
$2,450,000
$2,822,500
$3,425,000 $1,901,563
$2,695,000
$2,250,000
Single Family Homes Median List Price vs. Pending Price vs. Sold Price
CO S CO B
MEDIAN SALES PRICE
Q2 Highlights Units
Townwide
450 400
Less than $2M
350 300
Greater than $7.5M
250
$2M - $4M
200 150 100 50
$4M - $7.5M
-
Old Greenwich Greenwich
Riverside
Cos Cob
Active Single Family Homes Inventory by Price Point & Area 32% 37 % 20% 11%
Less than $2 Million $2 Million -$4 Million $4 Million - $7.5 Million Greater than $7.5 Million
Active Single Family Homes Total List Volume by Price Point 11% 27 % 27% 35%
Less than $2 Million $2 Million - $4 Million $4 Million - $7.5 Million Greater than $7.5 Million
Q2 2020
/ Greenwich Market Update
at a glance {Q2 | 2020}
townwide
164 8 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 {Q2 2020 v Q2 2019}
2.7m 7.9
$
Average Selling Price
%
Change in Average Selling Price {Q2 2020 v Q2 2019}
Offered at $7,900,000 16andrewsfarmroad.com
Average Selling Price
Millions
Average Selling Price | Median Selling Price $3.00
$2.50
Median Selling Price
$2.00
$1.50
$1.00
152
164
173
single family homes
Total Sales Volume
105
Average Discount Selling Price Rati0
* Total Active Units Sold Inventory
2020: Q2
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 : Q2
74
98
102
108
116
118
135
138
128
145
$-
163
170
184
191
$0.50
184
Number of Closed Sales
Pending Listings *
16%
7.9%
-4%
8%
-19%
26%
2020
$443.32M
$2,703,186
85%
164
580
87
2019
$380.76M
$2,505,025
88%
152
712
69
2018
$426.97M
$2,468,041
87%
173
677
74
2017
$382.91M
$2,349,114
90%
163
638
54
2016
$379.41M
$2,231,847
89%
170
697
71
{Q2 2020 v Q2 2019}
Change
* on last day of quarter
Townwide Single Family Homes
/ Greenwich Market Update
at a glance {Q2 | 2020}
greenwich proper
90 1 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 {Q2 2020 v Q2 2019}
2.9m 1.4 $
Average Selling Price
%
Change in Average Selling Price {Q2 2020 v Q2 2019}
Offered at $5,900,000 266roundhillroad.com
Average Selling Price
Millions
Average Selling Price | Median Selling Price
$4.00
$3.50
$3.00
Median Selling Price
$2.50
$2.00
$1.50
Number of Closed Sales
$1.00
90
89 83
85 2017: Q3
80
87 2017: Q2
single family homes
Total Sales Volume
Average Discount Selling Price Rati0
61
62
2019 : Q4
2020: Q1
* Total Active Units Sold Inventory
2020: Q2
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
39
54
60
63
71
77
85
95
$-
99
111
$0.50
Pending Listings *
2%
1.4%
-5%
1%
-16%
40%
2020
$266.29M
$2,958,824
81%
90
406
56
2019
$259.83M
$2,919,410
86%
89
483
40
2018
$237.74M
$2,864,340
85%
83
440
43
2017
$217.39M
$2,498,693
89%
87
433
33
2016
$218.63M
$2,572,173
87%
85
473
38
{Q2 2020 v Q2 2019}
Change
* on last day of quarter
Greenwich Proper
/ Greenwich Market Update
at a glance {Q2 | 2020}
old greenwich
28 Units Sold
today preserves the charm
27
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.
%
{Q2 2020 v Q2 2019}
2.2m -7.2 $
Average Selling Price
%
Change in Average Selling Price {Q2 2020 v Q2 2019}
Offered at $3,600,000 20westway.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 32
35
$0.50
25 19
22
22 20
Average Discount Selling Price Ratio
* Total Active Units Sold Inventory
2020: Q2
2020: Q1
2019 : Q4
2019 : Q3
2019 : Q2
2019 : Q1
2018: Q4
2018: Q3
2018: Q2
2018: Q1
2017: Q4
2017: Q3
2017: Q2
14
16
Total Sales Volume
2017: Q1
2016 : Q4
2016 : Q3
2016 : Q2
14
15 2016 : Q1
single family homes
25
23 20
23
25
26
28
$-
Pending Listings *
18%
-7.2%
1%
27%
-2%
-21%
2020
$61.07M
$2,181,197
93%
28
80
11
2019
$51.71M
$2,350,614
92%
22
82
14
2018
$56.92M
$2,189,173
91%
26
77
7
2017
$43.22M
$2,161,200
93%
20
74
12
2016
$54.82M
$2,192,800
91%
25
66
7
{Q2 2020 v Q2 2019}
Change
* on last day of quarter
Old Greenwich
/ Greenwich Market Update
at a glance {Q2 | 2020}
riverside
30 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.
0
%
Change in Units Sold {Q2 2020 v Q2 2019}
3.1m 69.8
$
Average Selling Price
%
Change in Average Selling Price {Q2 2020 v Q2 2019}
Offered at $4,699,000 15pilotrocklane.com
Average Selling Price
Millions
Average Selling Price | Median Selling Price
$3.50
$3.00
$2.50
Median Selling Price
$2.00
$1.50
$1.00
Number of Closed Sales 39
$0.50
30
30
33
single family homes
Total Sales Volume
Average Discount Selling Price Ratio
* Total Active Units Sold Inventory
15 2020: Q2
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
7
14
14
16
16
18
19
24
28
30
32
31
35
$-
Pending Listings *
Change
70%
69.8%
-3%
0%
-25%
15%
2020
$92.53M
$3,084,413
88%
30
64
15
2019
$54.49M
$1,816,211
91%
30
85
13
2018
$80.32M
$2,294,716
89%
35
103
12
2017
$99.40M
$2,548,636
90%
39
82
8
2016
$63.53M
$2,049,221
88%
31
80
15
{Q2 2020 v Q2 2019}
* on last day of quarter
Riverside
/ Greenwich Market Update
at a glance
{Q2 | 2020}
cos cob
16 45 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 {Q2 2020 v Q2 2019}
1.5m 9.3 $
Average Selling Price
%
Change in Average Selling Price {Q2 2020 v Q2 2019}
Offered at $3,695,000 647riverroad.com
Average Selling Price
Millions
Average Selling Price | Median Selling Price
$2.00 $1.80 $1.60 $1.40
Median Selling Price
$1.20 $1.00 $0.80 $0.60
Number of Closed Sales
$0.40
single family homes
Total Sales Volume
Average Discount Selling Price Rati0
* Total Active Units Sold Inventory
16 2020: Q2
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
6
9
11
12
13
14
15
16
17
18
19
19
20
22
29 2016 : Q3
29
29
$-
2016 : Q2
$0.20
Pending Listings *
59%
9.3%
-5%
45%
-20%
0%
2020
$23.42M
$1,463,906
89%
16
51
5
2019
$14.74M
$1,339,682
94%
11
64
5
2018
$52.00M
$1,793,017
88%
29
52
5
2017
$22.90M
$1,346,971
90%
17
46
6
2016
$42.43M
$1,463,224
96%
29
70
6
{Q2 2020 v Q2 2019}
Change
* on last day of quarter
Cos Cob
/ Greenwich Market Update
at a glance {Q2 | 2020}
townwide condos & co-ops
38 Units Sold
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.
-17
%
Change in Units Sold {Q2 2020 v Q2 2019}
795k -14.1
$
Average Selling Price
%
Change in Average Selling Price {Q2 2020 v Q2 2019}
Offered at $2,195,000 oldchurchgreen3.com
CONDOS & CO-OPS
{Q2 2020 v Q2 2019}
Total Average Sales Volume Selling Price Discount Ratio
Townwide Condos & Co-Ops
31
36
38
2020: Q2
41 39
36
2020: Q1
2019 : Q4
2019 : Q3
2019 : Q2
2019 : Q1
2018: Q4
2018: Q3
2018: Q2
2018: Q1
2017: Q4
46
46
Change
-29%
-14.1%
-0%
-17%
2020
$30.21M
$795,066
92%
38
2019
$42.55M
$925,057
93%
46
2018
$60.47M
$1,140,896
91%
53
2017
$49.09M
$962,520
93%
51
2016
$32.91M
$685,671
94%
48
2020: Q2
2020: Q1
2019: Q4
2019: Q3
2019: Q2
2019: Q1
2018: Q3 51 2018: Q4
2018: Q1 53 2018: Q2
2017: Q4
2017: Q3
2017: Q2
2017: Q1 51
2016: Q4
69
$0.20
2017: Q3 44
42
2017: Q1
2016: Q3
$0.40
2017: Q2
40
2016 : Q4
2016: 51 Q2
2015: Q2
2016 : Q3
40 482016: Q1
13
2016 : Q2
2016 : Q1
2015 : Q2
$0.80
$0.60
Median Selling Price
Millions $1.40
$1.20
Average Selling Price
Average Selling Price | Median Selling Price
$1.00
Number of Closed Sales
$-
Total Units Sold
/ Greenwich Market Update
Extraordinary Results We celebrate the notable success of our associates and clients
RIVERSIDE
112 Indian Head Road Sold $12,500,000
GREENWICH
45 Field Point Circle Sold $12,800,000 RIVERSIDE
78 & 80 Cedar Cliff Road Sold $7,70,000 GREENWICH
25 Orchard Hill Lane Sold $3,558,750 GREENWICH
293 Stanwich Road Sold $3,372,000 *in order from left to right, top to bottom
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