Corcoran Report | Greenwich Year End

RESEARCH

| YEAR END 2023

©2023 Centric Realty LLC. All rights reserved. Corcoran® and the Corcoran Logo are registered service marks owned by Corcoran Group LLC. Centric Realty LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated.

RESEARCH

| GREENWICH 2023 | 2

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©2023 Centric Realty LLC. All rights reserved. Corcoran® and the Corcoran Logo are registered service marks owned by Corcoran Group LLC. Centric Realty LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated.

RESEARCH | GREENWICH 2023 | 3

SINGLE FAMILY/COOP/CONDO

-17.1% YE AR OVER YE AR

+6.8% YE AR OVER YE AR

+1.9 % YE AR OVER YE AR

-4.8% YE AR OVER YE AR

-21.5% YE AR OVER YE AR

-0.1% YE AR OVER YE AR

How low can we go? For the third year in a row, inventory continued to fall as the number of Greenwich homes for sale sunk to an all time low, closing out the year with just 137 homes for sale. Low supply and high demand continued to play a factor in urgency throughout the year driving days on market down 5.4% from 37 DOM in 2022 to 35 in 2023, (another all time low). Prices have steadily increased over the last 4 years now; the median price of a single-family home reached another all time high in 2023 up 2% YoY from $2.45M to $2.5M. The condo/coop market also reached its highest median price creeping up from last years high to $875K, up 6.1% from $825K in 2022. There were 706 sales in Greenwich, down 17.1% from 852 in 2022, a result of anemic inventory. For the third consecutive year, inventory declined annually by a whopping 21.5% YoY.

The Greenwich market witnessed the lowest number of homes for sale on record throughout 2023 which continued to drive competition and multiple bid situations. Migration from our #1 feeder market, NYC, to the suburbs, especially the well-established ones, continued to hold strong. Experts are forecasting an increase in inventory in 2024 in conjunction with impending slightly lower interest rates.

However, this could be a potentially slow process as buyers and sellers decide to get off the fence. Strategic pricing is key in this market given that buyers are well in tune with the market and trends. This is still a great time to sell.

RESEARCH | GREENWICH 2023 | 4

Inventory levels continued to reach historic lows throughout the year and reached the lowest in Q4. High mortgage rates and little supply forced many sellers to sit on the sidelines in an attempt to wait for more inventory or a place to go. Inventory levels were down 21.5% YoY for the third consecutive year.

Riverside experienced the sharpest decline at 36.9%.

CLOSED SALES

2023

2022

%CHG (YR)

ACTIVE INVENTORY

2023

2022

%CHG (YR)

ALL OF GREENWICH

706

852

-17.1%

ALL OF GREENWICH

838

1,068

-21.5%

SINGLE-FAMILY

527

637

-17.3%

SINGLE-FAMILY

645

799

-19.3%

CONDO/COOP

179

215

-16.7%

CONDO/COOP

193

269

-28.3%

GREENWICH

442

528

-16.3%

GREENWICH

589

710

-17%

COS COB

96

108

-11.1%

COS COB

98

146

-32.9%

RIVERSIDE

77

108

-28.7%

RIVERSIDE

65

103

-36.9%

OLD GREENWICH

91

108

-15.7%

OLD GREENWICH

86

109

-21.1%

SINGLE- FAMILY

SINGLE- FAMILY

CONDO / COOP

CONDO / COOP

300 250

ACTIVE INVENTORY

NUMBER OF CLOSED SALES

Home sales declined 17.1% YoY in large part due to lack of inventory. Although sales were down, the market remained strong due to high demand and increased competition. When priced competitively, homes received multiple bids, and this continued to be the norm throughout the year. Riverside saw the sharpest decrease in sales, down 28.7% YoY.

200 150 100 50 0 2015

2016

2017

2018

2019

2020

2019

2020

RESEARCH | GREENWICH 2023 | 5

Single family sales were down again in 2023 by 17.3% following a 37% drop in

Although sales were down 16.7%, demand remained strong, sale prices were up

2022. Q2 was the strongest quarter with 167 sales, yet down 12.1% YoY.

6.1% with a median price of $875K vs $825K in 2022. Q1 was the strongest

Meanwhile, the median sale price was up 2% YoY from $2.45M to $2.5M.

quarter for condo/coop sales with 54 closings. Inventory was down 28.3% YoY

Inventory levels dipped to the lowest on record down 19.3% throughout the year

resulting in another competitive year for the condominium/coop market.

hitting the lowest point at the end of December.

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

$1,000,000

PRICE

$900,000 $800,000 $700,000 $600,000 $500,000

YEAR

YEAR SINGLE FAMILY

2023

2022

%CHG (YR)

CONDO/COOP

2023

2022

%CHG (YR)

CLOSED SALES

527

637

-17.3%

CLOSED SALES

179

215

-16.7%

Q1

166

142

16.9%

Q1

54

49

10.2%

Q2

167

190

-12.1%

Q2

47

64

-26.5%

Q3

84

204

-5.9%

Q3

44

45

-2.2%

Q4

110

101

8.9%

Q4

34

57

-40.4%

INVENTORY

645

799

-19.3%

INVENTORY

193

269

-28.3%

MEDIAN PRICE

$2,500,000

$2,450,000

2%

MEDIAN PRICE

$875,000

$825,000

6.1%

MEDIAN PPSF

$703

$669

5.1%

MEDIAN PPSF

$606

$564

7.5%

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

$400,000

2007

PRICE

MEDIAN SALE PRICE

RESEARCH | GREENWICH 2023 | 6

Greenwich’s luxury market is defined as the top 10% of all single-family transactions in terms of price. In 2023, that included all sales above $5.52M. There were 13 sales above $10m in 2023 vs 9 in 2022. In the $5m-$10m range there were 96 homes sold in 2023 compared to 90 in 2022. Prices remained predominately stable year-over-year. The highest priced sale in Greenwich (and to date in Connecticut) was “Copper Beach Farm,” located a 499 Indian Field Road which traded for a whopping $138,830,000 in early August. The second highest priced sale was 18 Close Road, closing at $30,000,000 also in August. Coming in at #3 was 1 Indian Chase Road which closed at $22,890,000 in late September. Due in large part to the record-breaking sale, the average price increased 43.3% to $10,435,141 from $7,281,980, while the median price increased 13.3% to $7,562,952.

LUXURY

2023

2022

%CHG (YR)

MEDIAN PRICE

$7,562,952

$6,675,000

13.3%

AVERAGE PRICE

$10,435,141

$7,281,980

43.3%

HIGH PRICE

$138.830,000

$17,616,666

87.3%

AVERAGE SIZE

8,772

8,681

1%

AVERAGE PPSF

$1,189

$839

41.7%

499 Indian Field Road, Greenwich Closing Price: $138,830,000 | Date Closed: 8/2/2023 Copper Beech Farm is the largest waterfront parcel in Greenwich. Situated on a private peninsula, the estate spans over 50 acres with an unprecedented expanse of shorefront. From a vantage point of 40 ft above mean high water, the meticulously restored and tastefully expanded 8-bedroom main house enjoys scintillating views of Long Island Sound. The property includes spectacular walled gardens, a swimming pool with spa, a pool house, a grass tennis court and 2 private beaches. Acres of rolling lawn surround the auxiliary buildings including a 1-bedroom carriage house, 3-bedroom gatehouse and 2 greenhouses. The crown jewel of the Greenwich coastline, Copper Beech Farm is minutes from downtown Greenwich and 35 miles from New York City. *LISTING INFO COURTESY LESLIE MCELWREATH, JOSEPH BARBIERI & GREENWICH MLS

RESEARCH

| GREENWICH 2023 | 6

Below are the top ten priciest properties that sold in 2023. Some have sold at a small discount to their original ask and others were heavily discounted after being stagnant on the market. The swiftest sale was 10 Rapids Lane selling for ask and within just 4 days being on the market.

499 Indian Field Road, Greenwich

$ 150,000,000 $138,830,000

93%

8/2/2023

174

13,519

1896

$10,269

50

8

8

2

18 Close Road, Greenwich

$ 40,000,000 $ 30,000,000

75%

8/17/2023

668

14,887

2020

$ 2,015

27.19

6

8

2

1 Indian Chase Drive, Greenwich

$ 27,950,000 $ 22,890,000

82%

9/26/2023

286

11,465

1913

$ 1,997

1.81

7

8

2

280 & 278 Otter Rock Drive, Greenwich $ 20,000,000 $ 15,125,000

76%

8/16/2023

281

7,170

1945

$ 2,109

2.36

5

5

3

591 Riversville Road, Greenwich

$ 40,000,000 $ 15,000,000

38%

6/21/2023

814

13,343

1775

$ 1,124

17.2

7

9

4

18 Pilot Rock Lane, Riverside

$ 15,995,000 $ 14,650,000

92%

9/19/2023

41

7,400

1958

$ 1,980

1.2

5

6

1

16 Deer Park Drive, Greenwich

$ 14,950,000 $ 13,500,000

90%

3/6/2023

232

10,743

1947

$ 1,257

3.02

6

7

2

160 John Street, Greenwich

$ 14,900,000 $ 11,500,000

77%

6/23/2023

1281

14,956

1990

$

769

18.39

9

10

6

3 Hekma Road, Greenwich

$ 12,500,000 $ 10,495,000

84%

10/16/2023

127

9,174

2011

$ 1,144

4.01

7

7

3

10 Rapids Lane, Greenwich

$ 10,495,000 $ 10,495,000

100%

5/15/2023

4

12,500

2001

$

4.03

6

7

3

840

RESEARCH | GREENWICH 2023 | 7

Greenwich proper is the largest market within the town of Greenwich. There were 319 sales, down 13.6% YoY. Another competitive year with only 41 days on market on average down 10.9% YoY. The median sale price increased 8.8% to $3,200,000 while the average sale price also rose 20.7% to $4,267,615.

SINGLE-FAMILY

2023

2022

%CHG (YR)

CLOSED SALES

319

369

-13.6%

AVG DOM

41

46

-10.9%

INVENTORY

448

521

-14%

MEDIAN PRICE

$3,200,000

$2,940,000

8.8%

AVERAGE PRICE

$4,267,615

$3,535,673

20.7%

AVERAGE PPSF

$760

$673

12.9%

AVERAGE SIZE

5,222

5,174

0.9%

There were 123 closed sales down 22.6% YoY with and average of 35 days on market, down 5.4% from 37 YoY. Price levels remained stable and strong with the median price up 3.3% YoY to $930,000.

CONDO/COOP

2023

2022

%CHG (YR)

CLOSED SALES

123

159

-22.6%

AVG DOM

35

37

-5.4%

INVENTORY

141

189

-25.4%

MEDIAN PRICE

$930,000

$900,000

3.3%

AVERAGE PRICE

$1,243,037

$1,229,233

1.1%

AVERAGE PPSF

$676

$638

6.1%

AVERAGE SIZE

1,892

2,027

-6%

1 Indian Chase Drive Closing Price: $22,890,000 | Date Closed: 9/26/2023 Capturing magnificent light and striking water vistas, this resort-like aerie sits high above Indian Harbor on 292' of private water frontage with a waterside entertaining deck, boathouse and floating dock. A down to the studs gut renovation of the original historic home while adding a stylish contemporary aesthetic. The sublime interiors embrace the coastal setting from nearly every room. Floor to ceiling walls of glass and enchanting outdoor spaces designed for entertaining take in the expansive views of the Long Island Sound. Idyllic owner's suite with luxurious bathroom and waterfront balcony. Lower level with dine-in wine cellar, future theater space and wellness center. Tennis court, two bedroom cottage and pool complete this sybaritic paradise. *LISTING INFO COURTESY LESLIE MCELWREATH AND GREENWICH MLS

RESEARCH | GREENWICH 2023 | 8

Little inventory and pent-up demand controlled Cos Cob as well. Sales were down 15.6% YoY in Cos Cob while inventory was also down 19.6% YoY with just 74 properties for sale vs 92 in 2022. The median price remained relatively stable with a 3% increase YoY unlike 2022 when it rose 20% vs 2021. The average price also remained stable with just a small 1.2% decline YoY. SINGLE-FAMILY

2023

2022

%CHG (YR)

CLOSED SALES

65

77

-15.6%

AVG DOM

31

33

-4.6%

INVENTORY

74

92

-19.6%

MEDIAN PRICE

$1,700,000

$1,650,000

3%

AVERAGE PRICE

$1,793,257

$1,815,667

-1.2%

AVERAGE PPSF

$602

$583

3.2%

AVERAGE SIZE

3,153

3,247

-2.9%

Cos Cob’s condominium market was unchanged YoY with 31 closed sales throughout the year while inventory saw a sharp drop down 55.6% from 54 listings in 2022 to 24 in 2023. The median sale price trended up a massive 79.1% to $1,200,000 from $670,000 in 2022. The average price also rose 42.5% from $785,338 to $1,119,483 YoY.

464 Cognewaugh Road Closing Price: $2,680,000 | Date Closed: 7/6/2023

CONDO/COOP

2023

2022

%CHG (YR)

CLOSED SALES

31

31

0%

AVG DOM

37

42

-11.9%

INVENTORY

24

54

-55.6%

MEDIAN PRICE

$1,200,000

$670,000

79.1%

Located close to Stanwich Rd and the new GCD High School campus is this 5,776sf mid-country contemporary with saltwater pool and 1,112sf guest house. Across from the Mianus River Park, the hilltop home enjoys treehouse views of the natural surroundings from every room. One of the many highlights of this property is an 1,112sf detached guest house (not included in the sf of the house) with 1 bedroom, 1.5 bath, vaulted ceilings, floor-to-ceiling windows and a private balcony facing the adjacent woods and stream. These private and lush 2 acres include a heated saltwater pool, hot tub, greenhouse and beautifully landscaped gardens.

AVERAGE PRICE

$1,119,483

$785,338

42.5%

*LISTING INFO COURTESY JEFFREY JACKSON, CHRISTINE MCKELVEY AND GREENWICH MLS

AVERAGE PPSF

$832

$545

52.6%

AVERAGE SIZE

1,616

1,744

-7.3%

RESEARCH | GREENWICH 2023 | 9

There were 72 single family sales in 2023, down 30.8% from 104 in 2022. Inventory was also down again for the third year in a row, this time by 39.2% with just 59 properties for sale. Record low inventory continued to drive competition resulting in bidding wars throughout the year causing the median and average price to rise 18% in 2023 while days on market trended down 17.9% from 28 in 2022 to 23 in 2023.

SINGLE-FAMILY

2023

2022

%CHG (YR)

CLOSED SALES

72

104

-30.8%

AVG DOM

23

28

-17.9%

INVENTORY

59

97

-39.2%

MEDIAN PRICE

$2,430,482

$2,050,000

18.6%

AVERAGE PRICE

$2,968,875

$2,507,628

18.4%

AVERAGE PPSF

$807

$757

6.6%

AVERAGE SIZE

3,627

3,382

7.2%

Riverside has a very limited condominium market with just 5 closed sales in 2023 up 25% vs 4 in 2022. Average days on market were unchanged YoY while the median price increased 1.7% to $801,000 in 2023 from $787,500 in 2022.

CONDO/COOP

2023

2022

%CHG (YR)

CLOSED SALES

5

4

25%

AVG DOM

47

47

0%

INVENTORY

6

6

0%

MEDIAN PRICE

$801,000

$787,500

1.7%

AVERAGE PRICE

$798,360

$791,125

0.9%

AVERAGE PPSF

$524

$413

26.9%

AVERAGE SIZE

1,574

1,921

-18%

52 Dawn Harbor Lane Closing Price: $10,300,000 | Date Closed: 12/6/2023 Enchanting 1926 fieldstone manor with deeded water access was deftly transformed by the current owners to encompass 8,903 sq ft with 7 bedrooms and 7 baths. Approached by a gated stone courtyard flanked by flowering trees, the handsome interiors exude Old World charm. A formal living room adjoins a paneled billiards room with fireplace. The bay-windowed sunroom with fireplace takes in LI Sound water views, as does the luxurious owner's suite. The kitchen with breakfast room connects to the formal dining room via a butler's pantry. Separate 1bedroom guest suite with kitchenette. The fenced backyard with outdoor fireplace, barbeque and dining areas overlooks pool with spa.

Pool house features stone fireplace, wet bar and full bath. Gym above 3car garage. *LISTING INFO COURTESY JOSEPH BARBIERI AND GREENWICH MLS

RESEARCH | GREENWICH 2023 | 10

The single-family market closed out the year with 71 sales in Old Greenwich, down 18.4% vs 2022 while days on market went up 14.3% to 20 days. The median price was down 8.5% to $2,195,000 while the average price of $2,502,622 was also down 8.3% from $2,731,362 YoY. SINGLE-FAMILY

2023

2022

%CHG (YR)

CLOSED SALES

71

87

-18.4%

AVG DOM

20

18

14.3%

INVENTORY

64

89

-28.1%

MEDIAN PRICE

$2,195,000

$2,400,000

-8.5%

AVERAGE PRICE

$2,502,622

$2,731,362

-8.3%

AVERAGE PPSF

$845

$819

3.2%

AVERAGE SIZE

3,002

3,303

-9.1%

The median price of condominium sales rose 26.4% in 2023 to $765,000 with an average size of 1,170sf and an average price per square foot of $623, up 6.3% YoY. Condos in Old Greenwich are typically always in high demand due to the convenient location, low tax and low maintenance.

3 Shore Acre Drive Closing Price: $4,750,000 | Date Closed: 8/14/2023 Gorgeous south-of-the-village home that offers an open floor plan filled with natural light. This custom home was built for the current owners to the highest standards. Large and spacious rooms are perfect for everyday living and entertaining. Recently updated to reflect today's lifestyle with amazing Master Suite connecting to sleeping porch. Eat-in kitchen/sunroom/paneled library and many extra spaces in this welldesigned home. This coveted and special neighborhood is part of the Shore Acre Homeowners Association with beach and dock access to be enjoyed for all. Lovely and private back yard with outdoor fireplace, terracing, vegetable garden and level lawn. *Additional 1,500 SqFt Lower Level not included in square footage.

CONDO/COOP

2023

2022

%CHG (YR)

CLOSED SALES

20

21

-4.8%

AVG DOM

32

40

-21.3%

INVENTORY

22

20

10%

MEDIAN PRICE

$765,000

$605,000

26.4%

AVERAGE PRICE

$735,400

$684,386

7.5%

AVERAGE PPSF

$623

$586

6.3%

*LISTING INFO COURTESY SHELLY TRETTER LYNCH AND GREENWICH MLS

AVERAGE SIZE

1,170

1,167

0.25%

BUYER REP: ALEX ROBINSON & JEFF JACKSON OF CORCORAN CENTRIC REALTY

RESEARCH | GREENWICH 2023 | 11

SINGLE FAMILY/COOP/CONDO

SALES

MEDIAN PRICE

INVENTORY

-32%

10%

-25%

SALES

-12%

MEDIAN PRICE

0.5%

SALES

MEDIAN PRICE

INVENTORY

-22%

- 7%

-27%

SALES

MEDIAN PRICE

INVENTORY

-11%

5%

-16%

SALES

MEDIAN PRICE

INVENTORY

- 9%

11%

-26%

SALES

MEDIAN PRICE

INVENTORY

-25%

18%

-36%

SALES

MEDIAN PRICE

INVENTORY

-18%

- 3%

-22%

INVENTORY

-18%

SALES

MEDIAN PRICE

INVENTORY

-30%

6%

-22%

SALES

MEDIAN PRICE

INVENTORY

64%

19%

64%

RESEARCH | GREENWICH 2023 | 12

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