Q3 | 2019
Greenwich
Market Update
Cover Property GREENWICH
Offered at $7,900,000 16andrewsfarmroad.com
a message from
Pamela Pagnani Brokerage Manager
During the third quarter of 2019, according to data from the Greenwich Multiple Listing Service, 220 single-family homes (SFH) sold town-wide combining for a total sale volume exceeding $479M. Town-wide, there were 626 SFH listed at the end of Q3 2019. Thirty three percent were listed under $2M, 37% listed in the $2M - $4M range, 19% listed in the $4M - $7.5M range and 11% listed for over $7.5M. Greenwich Proper had the most active SFH inventory with 451 homes for sale followed by Riverside with 66, Old Greenwich with 61 and Cos Cob with 48. Other points of note about the Greenwich real estate market in Q3 2019 include: • Townwide Greenwich, sold dollar volume has steadily increased in Q3 year over year; from $448M in 2017 to $450M in 2018 to $479M this year. • The average sale price for SFH in Greenwich Proper increased 19% from $2.4M in 2018 to $2.9M in 2019. • The average sales price for SFH in Old Greenwich improved 20% over Q3 2018, from $1.99M to $2.4M in Q3 2019. • SFH in both Cos Cob and Riverside experienced an increase in the percentage of pending sales, 80% and 33%, respectively, over Q3 2018. • There was an 28% increase in the average sales price for condominiums town-wide. While Sotheby’s International Realty has offices around the world in 71 countries and territories, here in Greenwich, we serve all areas of town including Cos Cob, Riverside, Old Greenwich and Greenwich Proper, in addition to the surrounding towns. Sotheby’s International Realty – Greenwich Brokerage has approximately 100 affiliated agents who are seasoned real estate experts on all levels. We are proud to announce that the esteemed David Ogilvy and his associates joined our firm in Q3. Together we believe we have the best agents in town and take pride in their caliber and integrity. 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. 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
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GREENWICH
Offered at $3,450,000 230roundhillroad.com
GREENWICH
Offered at $19,995,000 160johnstreet.com GREENWICH
Offered at $9,600,000 11simmonslane.com GREENWICH
Offered at $5,450,000 38Dairy.com GREENWICH
Offered at $2,695,000 66catrock.com *in order from left to right, top to bottom
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Market Snapshot Q3 2019
Townwide
Total Single Family Homes Units Sold
Cos Cob
Riverside
Old Greenwich
54% 18% 17% 11%
Greenwich
Greenwich Riverside Old Greenwich Cos Cob
OLD GREENWICH
GREENWICH
MEDIAN ASKING PRICE
RIVERSIDE
MEDIAN PENDING PRICE
COS COB
MEDIAN SALES PRICE
$1,010,000
$1,199,000
$1,262,000
$1,675,000
$2,087,625
$2,470,000
$2,000,000
$1,999,999
$1,820,000
$2,200,000
$2,195,000
$3,395,000
Median List vs. Pending vs. Sold Price
Q3 Highlights Units
Townwide
500 450 400 350 Less than $2M
300 250
Greater than $7.5M
200
$2M - $4M
150 100 50
$4M - $7.5M
Old Greenwich
Greenwich
Riverside
Cos Cob
Active Single Family Homes Inventory by Price Point & Area 33% 37 % 19% 11%
Less than $2 Million $2 -$4 Million $4 - $7.5 Million Greater than $7.5 Million
Active Single Family Homes Total List Volume by Price Point 11% 28 % 26% 35%
Less than $2 Million $2 - $4 Million $4 - $7.5 Million Greater than $7.5 Million
Q3 Highlights
/ Greenwich Market Update
{Q3 | 2019}
at a glance greenwich proper
99 -11 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. Greenwich Proper includes the following sections of town: North of the Parkway, South of the Parkway, South of the Post Road, Byram, Glenville and Pemberwick.
%
Change in Units Sold {Q3 2019 v Q3 2018]
19
%
Change in Average Selling Price {Q3 2019 v Q3 2018]
2.9m
$
Average Selling Price
Greenwich Proper SINGLE FAMILY HOMES AND CONDOS
Average Median Discount Total Active Pending Selling Price Selling Price Ratio* Units Sold Inventory Listings
sfh
- 9%
- 11%
6%
94%
Q3 | 2019
$2,851,992
$2,000,000
82%
99
451
35
Q3 | 2018
$2,395,344
$1,850,000
90%
111
425
18
Q3 | 2017
$2,862,831
$2,009,725
89%
86
433
19
Q3 | 2016
$2,522,958
$2,200,000
86%
95
473
27
Q3 | 2015
$3,095,744
$2,290,000
88%
99
397
28
29
29
8%
Change
29
19%
{Q3 2019 v Q3 2018}
14
11
13
$2.00
Single Family Homes
19
19
17 15
16
17
19
$2.50
19
22
24
Millions
Median Selling Price | Single Family Homes vs Condos $3.00
6
$1.00
Condos
9
9
$1.50
22019: 0 1 Q3 9: Q3
22019: 0 1 Q2 9: Q2
Q1 2 0 1Q1 9: 2019:
22018: 0 1 Q4 8: Q4
22018: 0 1 Q3 8: Q3
22018: 0 1 Q2 8: Q2
22018: 0 1 Q1 8: Q1
22017: 0 1 Q4 7: Q4
Q3 2017: 2 0 1Q3 7:
22017: 0 1 Q2 7: Q2
22017: 0 1 Q1 7: Q1
Q4 2016: 2 0 1Q4 6:
22016: 0 1 Q3 6: Q3
Q2 22016: 0 1 Q2 6:
Q1 2016: 2 0 1Q1 6:
2015: Q4
2015 : Q4
22015 0 1: Q3 5: Q3
2015: Q2
2015 : Q2
2015 : Q1
$-
2015: Q1
$0.50
Sales Volume
Average Discount Total Active Pending Selling Price Ratio* Units Sold Inventory Listings
28%
33%
2%
- 24%
9%
11%
Q3 | 2019
$956,482,000
$860,000
92%
28
131
20
Q3 | 2018
$746,443,000
$645,000
90%
37
120
18
Q3 | 2017
$912,273.000
$710,230
88%
53
106
19
Q3 | 2016
$983,735,000
$699,000
92%
33
116
27
Q3 | 2015
$963,958,000
$750,000
94%
43
88
28
condos {Q3 2019 v Q3 2018}
Change
* (Avg. List to Avg. Sales Price)
Greenwich
/ Greenwich Market Update
at a glance {Q3 | 2019}
cos cob
19 0 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 {Q3 2019 v Q3 2018]
-17
%
Change in Average Selling Price {Q3 2019 v Q3 2018]
1.3m
$
Average Selling Price
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
29 2016: Q3
29
29
$0.20
2016: Q2
Number of Closed Sales
$0.40
19
19
19 17
9
Total Sales Volume
Average Selling Price
Discount Rati0
Total Active Units Sold Inventory
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
2015: Q2
2015: Q1
6
9
11
13
14
15
16
17
19
22
24
$-
Pending Listings
- 17%
- 17%
- 5%
0%
- 11%
80%
Q3 | 2019
$23,980,000
$1,261,842
88%
19
48
9
Q3 | 2018
$28,930,000
$1,522,384
93%
19
54
5
Q3 | 2017
$19,410,000
$1,493,260
90%
13
46
9
Q3 | 2016
$34,680,000
$1,195,973
87%
29
70
0
Q3 | 2015
$24,390,000
$1,434,584
95%
17
55
2
{Q3 2019 vs. Q3 2018}
Change
Cos Cob
/ Greenwich Market Update
at a glance {Q3 | 2019}
riverside
33 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.
10
%
Change in Units Sold {Q3 2019 v Q3 2018]
-21
%
Change in Average Selling Price {Q3 2019 v Q3 2018]
1.9m
$
Average Selling Price
Average Selling Price | Median Selling Price
Average Selling Price
Millions
$4.00
$3.50
$3.00
$2.50
Median Selling Price
$2.00
$1.50
$1.00
Number of Closed Sales 44
$0.50
Total Sales Volume
33
Average Selling Price
Discount Ratio
30
Total Active Units Sold Inventory
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
2015: Q2
2015: Q1
7
14
13
14
16
18
19
20
24
28
30
32
31
35
37
39
$-
Pending Listings
- 13%
- 21%
- 2%
10%
- 30%
33%
Q3 | 2019
$63,490,000
$1,923,989
89%
33
66
8
Q3 | 2018
$72,740,000
$2,424,527
91%
30
94
6
Q3 | 2017
$50,550,000
$2,106,163
87%
24
82
7
Q3 | 2016
$80,520,000
$2,516,375
84%
32
80
9
Q3 | 2015
$64,150,000
$1,733,715
94%
37
65
8
{Q3 2019 vs. Q3 2018}
Change
Riverside
/ Greenwich Market Update
at a glance {Q3 | 2019}
old greenwich
32 Units Sold
today preserves the charm
28
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.
%
{Q3 2019 v Q3 2018]
20 $2.4m %
Change in Average Selling Price {Q3 2019 v Q3 2018]
Average Selling Price
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 40
$0.50
Total Sales Volume
Average Selling Price
22 14
19
20
22
25
23
Discount Ratio
Total Active Units Sold Inventory
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
2015: Q2
2015: Q1
9
14
15
20
23
23
25
26
30
32
35
$-
Pending Listings
54%
20%
- 2%
28%
- 12%
150%
Q3 | 2019
$76,810,000
$2,400,156
86%
32
61
15
Q3 | 2018
$49,940,000
$1,997,576
88%
25
69
6
Q3 | 2017
$72,000,000
$3,130,375
88%
23
77
4
Q3 | 2016
$65,410,000
$1,868,896
93%
35
74
8
Q3 | 2015
$64,860,000
$2,161,967
94%
30
71
7
{Q3 2019 vs. Q3 2018}
Change
Old Greenwich
/ Greenwich Market Update
Extraordinary Results We celebrate the notable success of our associates and clients
GREENWICH
215 Byram Shore Road Sold $18,600,000
GREENWICH
16 Doubling Road Sold $8,347,000 GREENWICH
25 Indian Chase Drive Sold $6,025,000 GREENWICH
33 Woodside Drive Sold $4,100,000 GREENWICH
8 Juniper Hill Road Sold $3,825,000 *in order from left to right, top to bottom
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$112 BILLION ANOTHER RECORD YEAR IN ANNUAL GLOBAL SALES IN 2018
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Offered at $4,750,000 85dingletownroad.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.