Corcoran Report | Greenwich Year End 2022

RESEARCH | GREENWICH 2022

R ESEARCH

| GREENWICH 2022

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Real estate agents affiliated with Corcoran Centric Realty are independent contractors and are not employees of Corcoran Cent ric Realty. Corcoran Centric Realty is a licensed real estate broker located at 103 Mason Street, Greenwich, CT 06830. All materi al presented herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal notice.

R ESEARCH | GREENWICH 2022 | 3

SINGLE FAMILY/COOP/CONDO

-33.4% YE AR OVER YE AR

+11.2% YE AR OVER YE AR

- 1. 7 % YE AR OVER YE AR

-34.2% YE AR OVER YE AR

-32.7% YE AR OVER YE AR

+2.3% YE AR OVER YE AR

The trend of falling inventory continued throughout the year as the number of Greenwich homes for sale sunk below 150, a 1-month supply and an all-time low. To put this in perspective, over the past 3 decades the active inventory has averaged 500-800 properties for sale. Many buyers who delayed purchasing during the pandemic entered the market during the first half of 2022 adding to overall demand. Low inventory also played a major factor in adding urgency to the process and driving days on market down. The $2.45M median price of a single family finally exceeded the prior high of $2.2M reached way back in 2007. Buyers continued to seek out space, privacy, and turnkey properties. The condo/coop market also reached its highest median price ever at $825K, up 8.6% from 2021 and 43% over the last 10 years. For the second consecutive year, listings declined by triple-digits annually, a whopping 32% YoY. During Q4 we saw a decline in activity due to rising interest rates, inflation, and concerns about the future of the economy. Migration from NYC to the suburbs, especially the well-established ones, continues to be strong. Quality of life and work from home (on at least a part-time basis) have been strong macro drivers of demand. Combined with a lack of inventory the market remains competitive and multiple bids are a continual force to reckon with. Expect the trend of low inventory to continue as we head into 2023 as many local homeowners holding sub 3% mortgages delay trading up into the much higher interest rates available in today’s climate. This is still a great time to sell.

R ESEARCH | GREENWICH 2022

Although sales were down 33.4% YoY, the market remained strong due to low inventory and high demand. If homes were priced competitively, which in most cases they were, multiple bids were the norm throughout the year. With inventory levels at historic lows, we expect this trend to continue in 2023.

CLOSED SALES

2022

2021

%CHG (YR)

ALL OF GREENWICH

852

1,280

-33.4%

SINGLE-FAMILY

637

1,006

-36.7%

215

274

-21.5%

GREENWICH

528

788

-33%

COS COB

108

135

-20%

RIVERSIDE

108

171

-36.8%

OLD GREENWICH

108

186

-41.9%

Buyer demand slowed in Q3&4 2022 due to rising interest rates, inflation, and volatile financial markets, however supply was still an issue forcing the market to remain competitive at any given price point. Inventory levels were down 32.7% YoY with the highest decline being in Riverside at 35.2%.

CLOSED SALES

2022

2021

%CHG (YR)

1,065

1,583

-32.7%

796

1,228

-35.2%

269

355

-24.2%

GREENWICH

708

1,090

COS COB

145

169

-14.2%

RIVERSIDE

103

159

-35.2%

OLD GREENWICH

109

165

-33.9%

ALL OF GREENWICH SINGLE-FAMILY CONDO/COOP

SINGLE- FAMILY

CONDO / COOP

CONDO / COOP

300 250 200 150 100 50 0

2015

2016

2017

2018

2019

-35%

SINGLE- FAMILY

ACTIVE INVENTORY

NUMBER OF CLOSED SALES

CONDO/COOP

| 4

2020

2019

2020

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Following the hottest market ever in 2021, single family sales were down 36.7%

It was a competitive year for the condominium/coop market. Although sales

for the year while the median sale price was up 6.5% YoY to $2.45M which is only

were down 21.5% from 2021, the market remained strong and sale prices up

10% above the previous peak back in 2007. Greenwich experienced a strong Q3

8.6% with a median price of $825K. Q2 was the strongest quarter for condo/coop

with 204 sales while Q4 slowed with 101 sales, down 41.3% YoY as inventory

sales with 64 closings.

levels dipped to the lowest on record.

MEDIAN SALE PRICE

$2,800,000 $2,500,000 $2,200,000 $1,900,000 $1,600,000 $1,300,000 $1,000,000 $700,000 $400,000

$900,000

PRICE

$800,000 $700,000 $600,000 $500,000

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

$400,000

2007

PRICE

MEDIAN SALE PRICE

$300,000 2006

2008

2010

2012

SINGLE FAMILY

2022

2021

%CHG (YR)

CLOSED SALES

637

1,006

-36.7%

Q1

142

200

-29%

Q2

190

314

Q3

204

Q4 INVENTORY

MEDIAN PPSF

2016

2018

2020

2022

YEAR

YEAR

MEDIAN PRICE

2014

CONDO/COOP

2022

2021

%CHG (YR)

CLOSED SALES

215

274

-21.5%

Q1

49

67

-26.9%

-39.5%

Q2

64

83

-22.9%

320

-36.2%

Q3

45

69

-34.8%

101

172

-41.3%

Q4

57

55

3.6%

796

1,228

-35.2%

INVENTORY

269

355

-24.2%

$2,450,000

$2,300,000

6.5%

MEDIAN PRICE

$825,000

$760,000

8.6%

$669

$595

12.4%

MEDIAN PPSF

$564

$500

12.7%

R ESEARCH | GREENWICH 2022

Greenwich’s luxury market is defined as the top 10% of all single-family transactions in terms of price. In 2022, that included all sales above $5.215M. There were 9 sales above $10m in 2022 vs 15 in 2022. In the $5m-$10m range there were 90 homes sold in 2022 compared to 120 in 2021. Prices remained predominately stable year-over-year. The highest priced sale in Greenwich was 70 Lower Cross Road which traded privately for $21,875,000 in late November. The second highest priced sale was 435 Round Hill Road, closing at $17,616,666 in April. Coming in at #3 was 32 Grahampton Lane which was originally listed for $14.4M and closed at $12.8M. Waterfront 25 Nawthorne Lane was the highest priced sale in Old Greenwich in over 3 years at $10.550M. Average price, PPSF and size all decreased between 3 and 10% vs 2021 where there were 2 outliers on the upper end, 100 Field Point Circle which traded for $50M and 30 John Street for $45M.

LUXURY

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2022

2021

%CHG (YR)

MEDIAN PRICE

$6,675,000

$6,632,000

0.65%

AVERAGE PRICE

$7,281,980

$8,101,181

-10.1%

HIGH PRICE

$17,616,666

$50,000,000

-64.8%

AVERAGE SIZE

8,681

8,965

-3.2%

AVERAGE PPSF

$839

$904

-7.2%

25 Nawthorne Lane, Old Greenwich Caroline Shen & Jeff Jackson Closing Price: $10,550,000 | Date Closed: 6/16/2022 Young turn-key modern waterfront home located in a desirable Old Greenwich neighborhood, walkable to the beach and village. Two lots were combined to create a unique 0.71 acre west-facing site on Greenwich Cove. A remarkable collaboration between architects Brooks & Falotico, designer Lynn Morgan and renowned builder Hobbs has produced the perfect blend of art & function for waterfront living. A superior level of architectural design and craftsmanship reveals itself in this 5/6 BR and 5.2 BA 7304 SF residence. The sleek chef's kitchen is outfitted with professional-grade appliances, 9-foot Dolomite marble island and custom-built cabinetry by master crafter Stephen Gamble.

*LISTING INFO COURTESY CORCORAN CENTRIC REALTY

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| GREENWICH 2022

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Below are the top ten priciest properties that sold in 2022. Some have sold at a small discount to their original ask and others were heavily discounted after being stagnant on the market. 25 Lindsay and 34 Beechcroft both sold over ask and within mere days being on the market, (less than 20). *70 Lower Cross Sale was sold off market and not included in the statistics.

70 Lower Cross Road

NON MLS

$ 21,875,000

na

11/28/2022

na

9,522

2021

$ 2,297

10

7

9

2

435 Round Hill Road, Greenwich

$ 19,995,000 $ 17,616,666

88%

4/4/2022

188

14,798

2005

$ 1,190

4

7

7

3

32 Grahampton Lane, Greenwich

$ 14,400,000 $ 12,800,000

89%

5/20/2022

371

10,534

2022

$ 1,215

2.53

7

8

2

25 Lindsay Drive, Greenwich

$ 12,250,000 $ 12,350,000

101%

7/6/2022

17

11,778

2008

$ 1,049

2

6

6

3

34 Beechcroft Road, Greenwich

$ 10,750,000 $ 11,900,000

111%

6/22/2022

18

8,155

2020

$ 1,459

1.79

6

6

3

205 Round Hill Road, Greenwich

$ 14,500,000 $ 11,770,000

81%

1/28/2022

615

9,500

1820

$ 1,239

5.12

7

7

2

104 Clapboard Ridge Road, Greenwich $ 11,750,000 $ 11,193,132

95%

12/22/2022

42

14,531

2000

$

770

3.36

7

9

4

2 Broad Road, Greenwich

$ 11,950,000 $ 10,675,000

89%

2/16/2022

448

8,650

1932

$ 1,234

1.53

5

7

1

25 Nawthorne Road, Old Greenwich

$ 13,975,000 $ 10,550,000

75%

6/16/2022

51

7,304

2018

$ 1,444

0.71

5

5

2

17 Hemlock Drive, Greenwich

$ 11,800,000 $ 10,390,000

88%

8/30/2022

126

20,298

1902

$

4.18

14

13

4

512

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Greenwich proper is the largest market within the town of Greenwich. There were 369 sales, down 36.4% YoY. Proving competitive with only 47 days on market on average.

The median sale price increased 14.6% to $2,940,000 while the average sale price rose 1.75% to $3,535,673. Inventory receded 37.1% vs 2021.

SINGLE-FAMILY

2022

2021

%CHG (YR)

CLOSED SALES

369

580

-36.4%

AVG DOM

47

71

-34.5%

INVENTORY

519

825

-37.1%

MEDIAN PRICE

$2,940,000

$2,565,000

14.6%

AVERAGE PRICE

$3,535,673

$3,474,814

1.75%

AVERAGE PPSF

$673

$612

10%

AVERAGE SIZE

5,174

5,337

-3%

There were 159 closed sales with 37 days on market on average, down 23.6% and 47.9% respectively vs 2021. Price levels remained strong with the median price up 12.9% YoY.

CONDO/COOP

2022

2021

%CHG (YR)

CLOSED SALES

159

208

-23.6%

AVG DOM

37

71

-47.9%

INVENTORY

189

265

-28.7%

MEDIAN PRICE

$900,000

$797,000

12.9%

AVERAGE PRICE

$1,229,233

$1,161,352

5.8%

AVERAGE PPSF

$638

$564

13.1%

AVERAGE SIZE

2,027

2,067

1.9%

435 Round Hill Road Closing Price: $17,616,666 | Date Closed: 4.4.22 An Iconic Greenwich compound offers an unparalleled sophisticated lifestyle. Impressive Georgian scale is woven throughout this exquisite manse, starting with the pleached linden tree-lined drive into the grand center hall, and within each of the 20 distinctly designed rooms. Every area of this 14,000+ SF home, formerly owned by Tommy Hilfiger, is endowed with unique and glamorous architectural notes. Standout features include a dining room which comfortably seats 40 guests, a signature two-story Great Room, and a luxurious master suite with fireplace, spa bath & dressing rooms. The lower level boasts a gym, massage room, sports court, wine cellar & world-class home theater.

Immaculate exteriors incorporate a luxe pool, pool house, synthetic turf tennis court and mature gardens. *LISTING INFO COURTESY BRIAN MILTON AND GREENWICH MLS

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Little inventory and pent-up demand controlled Cos Cob as well. Median price rose a monstrous 20% to $1.65M and the average price up 10.3% to $1.815M, historically the highest prices ever. Days on market also trended down with an average of only 32 DOM vs 66 in 2021 a 51.1% difference.

SINGLE-FAMILY

2022

2021

%CHG (YR)

CLOSED SALES

77

108

-28.7%

AVG DOM

32

66

-51.1%

INVENTORY

91

125

-27.2%

MEDIAN PRICE

$1,650,000

$1,380,000

19.6%

AVERAGE PRICE

$1,815,667

$1,645,808

10.3%

AVERAGE PPSF

$583

$532

9.6%

AVERAGE SIZE

3,247

3,225

0.7%

Cos Cob’s condominium market was up 14.8% YoY with 31 closed sales. Sale prices moved down 1.5% from a median price of $680K to $670K while the average price rose 3% from $762K to $785K.

CONDO/COOP

2022

2021

%CHG (YR)

CLOSED SALES

31

27

14.8%

AVG DOM

42

63

-32.8%

INVENTORY

54

44

22.7%

MEDIAN PRICE

$670,000

$680,000

-1.5%

AVERAGE PRICE

$785,338

$762,055

3%

AVERAGE PPSF

$545

$552

-1.3%

AVERAGE SIZE

1,744

1,883

-7.4%

434 Cognewaugh Road Closing Price: $4,200,000 | Date Closed: 12.2.22 Stylish five-bedroom Colonial presides over 2.08 exceedingly private acres with pool, stone terrace and outdoor fireplace in enclosed backyard. Stunning, like-new interior showcases six fireplaces, wood floors and great architectural detailing with tray and coffered ceilings.

Main level reveals luxurious formal rooms, office/library, chef's kitchen open to breakfast and family rooms, butler's pantry, half bath and threecar garage access. Serene primary suite with sitting room/office, walk-in closet and deluxe bath; two ensuite bedrooms, two bedrooms with shared bath and laundry comprise second floor. With top floor playroom, lower level media room, gym, recreational room, half bath and arts/crafts room. Close proximity to Mianus River Park trails. *LISTING INFO COURTESY JENNY ALLEN AND GREENWICH MLS

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With 104 sales, the single-family market had another successful year. Robust sales drove down inventory yet again by 34% compared to a year ago. A minimal downward shift in price metrics has occurred by 4% on average. Record low inventory continued to drive competition and sales throughout 2022. Average price per square foot increased by 11.7% topping off at $757 PPSF.

SINGLE-FAMILY

2022

2021

%CHG (YR)

CLOSED SALES

104

163

-36.2%

AVG DOM

28

43

-34.9%

INVENTORY

97

146

-33.6%

MEDIAN PRICE

$2,050,000

$2,205,000

-7%

AVERAGE PRICE

$2,507,628

$2,614,485

-4.1%

AVERAGE PPSF

$757

$678

11.7%

AVERAGE SIZE

3,382

3,860

-12.4%

Riverside has a very limited condominium market with just 4 closed sales in 2022 vs 8 in 2021. Average days on market were down 50% YoY along with inventory also down 54%.

Median and average prices remain strong.

CONDO/COOP

2022

2021

%CHG (YR)

CLOSED SALES

4

8

-50%

47

146

-67.8%

6

13

-53.8%

MEDIAN PRICE

$787,500

$767,500

2.6%

AVERAGE PRICE

$791,125

$752,500

5.1%

AVERAGE PPSF

$413

$406

1.7%

AVERAGE SIZE

1,921

1,878

2.3%

AVG DOM INVENTORY

117 Meadow Road Closing Price: $9,600,000 | Date Closed: 5.20.22 Enjoy sunrises and sunsets over Long Island Sound from this dazzling waterfront home on 1.5 acres. The expansive deck and bedroom balconies encourage the year-round enjoyment of breath-taking views.

This gracious home with high ceilings and floor to ceiling windows is ideal for large soirees or intimate gatherings while enjoying expansive seaside views. The private dock, 2-bedroom apartment over 3 car garage, and Thrushwood Lake for kayaking, canoeing and paddle boarding, round out the offerings of this special property located on a cul-de-sac in a coveted Riverside neighborhood. *LISTING INFO COURTESY NORA GIOVATI AND GREENWICH MLS

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The single-family market closed out the year with 87 sales in Old Greenwich, down 43.9% vs 2021 while days on market were only 17, down 39.3%. Median price was up to $2.4M and average price $2.731M.

SINGLE-FAMILY

2022

2021

%CHG (YR)

CLOSED SALES

87

155

-43.9%

AVG DOM

17

28

-39.3%

INVENTORY

89

132

-32.6%

MEDIAN PRICE

$2,400,000

$2,250,000

6.7%

AVERAGE PRICE

$2,731,362

$2,624,038

4.1%

AVERAGE PPSF

$819

$751

8.3%

AVERAGE SIZE

3,303

3,543

-6.8%

The median price of condominium sales rose 18.6% in 2022 to $605K with an average size of 1,167sf and an average price per square foot of $586, up 17% YoY. Condos in Old Greenwich are typically always in high demand due to the convenient location, low tax and low maintenance.

CONDO/COOP

2022

2021

%CHG (YR)

CLOSED SALES

21

31

-32.3%

AVG DOM

40

62

-35%

INVENTORY

20

33

-39.4%

MEDIAN PRICE

$605,000

$510,000

18.6%

AVERAGE PRICE

$684,386

$639,080

7.1%

AVERAGE PPSF

$586

$501

17%

AVERAGE SIZE

1,167

1,248

-6.5%

As evidenced by its name, Old Greenwich is the oldest part of Greenwich. Like its coastal neighbors of Riverside and Cos Cob, Old Greenwich has its own postal name and zip code and exists in the minds of its residents as a bit of a separate entity from the rest of Greenwich. The neighborhood’s downtown, called “the village” by locals, is centered around its historic 1894 railroad station, still in use for the Metro-North New Haven line. Here, you won’t find any chains, but rather, small independent eateries and local boutiques. Closer to Long Island Sound is Greenwich Point Park, unofficially referred to as Tod’s Point, a 147-acre park and beach at the tip of Old Greenwich’s peninsula.

Houses in Old Greenwich are closer together than in other parts of the city, and neighbors are friendly, sharing well-maintained beaches and evening walks.

R ESEARCH | GREENWICH 2022

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SINGLE FAMILY/COOP/CONDO

SALES

MEDIAN PRICE

INVENTORY

-36%

2%

-38%

SALES

-30%

MEDIAN PRICE

33%

SALES

MEDIAN PRICE

INVENTORY

-22%

-7%

-27%

SALES

MEDIAN PRICE

INVENTORY

-37%

-16%

-37%

SALES

MEDIAN PRICE

INVENTORY

-22%

6%

-14%

SALES

MEDIAN PRICE

INVENTORY

-41%

-6%

-38%

SALES

MEDIAN PRICE

INVENTORY

-44%

-6%

-35%

INVENTORY

-30%

SALES

MEDIAN PRICE

INVENTORY

15%

2%

-30%

SALES

MEDIAN PRICE

INVENTORY

-55%

-1%

-45%

R ESEARCH | GREENWICH 2022

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METRICS

SOURCE

CLOSED SALES the number of properties sold in a given period.

Figures in this report are based on publicly reported closed sales

information via the Town of Greenwich Assessor, Domus Analytics, PENDING AND CONTRACTS SIGNED figures for the number of properties sold and newly under contract based on purchase contract date.

Greenwich Multiple Listing Service, an independent proprietary information and valuation tools.

DISCL AIMER

DAYS ON MARKET ( D O M )

is the median number of days

between when a property is listed and the contract date.

Real estate agents affiliated with Corcoran Centric Realty are independent contractors and are not employees of Corcoran Centric Realty. Corcoran Centric Realty is a licensed real estate

AVERAGE PRICE PER SQUARE FOOT is the average price divided by the average square footage.

broker located at 103 Mason Street, Greenwich, CT 06830. All material presented herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to

MEDIAN PRICE AND PRICE PER SQUARE FOOT ( P P S F )

errors, omissions, changes or withdrawal notice.

are the middle or midpoint price where half of sales fall below and half fall above this number.

INVENTORY is a count of all currently listed properties for sale at the end of the month, based on the contract date.

THE FOLLOWING MEMBERS MADE SIGNIFICANT CONTRIBUTIONS TO THIS REPORT:

Sydney Hubbell

I

Jeffrey Jackson

I

Clare Bolduc