Q2 2020 | Greenwich Market Update

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.

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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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