Greenwich Market Update | Q3 2018

Q3 | 2018

Greenwich

Market Update

GREENWICH DOWNTOWN SANCTUARY Offered at $33,000,000 471Lake.com sothebyshomes.com/greenwich Offered at $13,995,000

GREENWICH

Offered at $11,495,000 5OldRoundHill.com

a message from

Pamela Pagnani Brokerage Manager

During the third quarter of 2018, according to data provided by the Greenwich Multiple Listing Service, there were 183 single-family homes sold town wide, with total volume exceeding $416M. This reflects an increase of 26% in the number of single-family homes sold and an increase of 7.5% in dollar volume when compared to Q3 2017. Conversely, the average sales price for both single-family homes and condominiums/cooperatives fell in Q3 2018 when compared to Q3 2017.

Town-wide, there were 642 single-family homes at the end of the third quarter – with 204 listed under $2M, 235 listed over $2M to $4M, 136 listed between $4M to $7.5M, and 67 priced over $7.5M. Greater Greenwich had the most active inventory, with 425 units, followed by Riverside with 94 units, Old Greenwich with 69 units and Cos Cob with 54 units.

Greater Greenwich, including north of the parkway, mid-country as well as south of the Post Road, represented 60% of the total single-family homes sold town wide. This shows an increase of 28% in the number of units sold, from 85 in Q3 2017 to 109 in Q3 2018, with an average selling price of $2.4M. Cos Cob had an increase of 49% in dollar volume of single-family homes sold, with $19.4M sold in Q3, 2017 compared to $28.9M in Q3 2018. In this section of town, all single-family homes sales during both Q3 2018 and Q3 2017 were under $4M. The average sales price in Cos Cob was $1.5M, an increase of 2% from Q3 2017.

Riverside experienced an increase in the number of single-family homes sold, from 24 to 30, with the average sales price increasing by 15%, from $2.1M to $2.4M when comparing Q3 2017 to Q3 2018.

Old Greenwich experienced a 9% increase in the number of single-family homes sold from 25 in 2017 to 23 in 2018. The average sales price fell 36% from Q3 2017. All single-family home trades were under $7.5M during the third quarter of 2017, as well as the same time period of 2018.

No matter the state of the market, Sotheby’s International Realty – Greenwich Brokerage is uniquely well positioned to service the needs of discriminating buyers, sellers and renters. While Sotheby’s International Realty has offices around the world in 72 countries and territories, here in Greenwich, we serve all areas of town including Cos Cob, Riverside, Old Greenwich and Greater Greenwich. Sotheby’s International Realty – Greenwich has approximately 80 affiliated agents who are seasoned experts in local real estate laws, zoning, building and rental codes. Our mission is simple: to pair exceptional properties with exceptional clients while offering superior, white glove service. We would be 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.

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Market Snapshot Q3 2018

All Greenwich

Highlight: Total Units Sold SFH

SFH Active Inventory

450

400

350

Old Greenwich 300

250

Greenwich Cos Cob

Riverside

200

Riverside Old Greenwich

Greenwich Cos Cob

150

100

50

Total Single Family Homes Units Sold 109 19 30 25

Greenwich Cos Cob Riverside Old Greenwich

Old Greenwich

Riverside

Cos Cob

Greenwich

0

Active Single Family Homes Inventory by Price Point & Area 204 235 136 67

Under $2 Million $2 - 4 Million $4 - 7.5 Million $7.5+ Million

Q3 Highlights All Greenwich

Highlight: Median Sale Price SFH

Highlight: Vol by Price Points SFH

$2.5

$7.5M and up

$2.0

<$2M

$1.5

$4 - $7.5M

$1.0

$0.5

$2 - $4M

Single Family Homes Median Selling Price 1.9 $ 1.5 $ 2.3 $ 1.7 $

Greenwich Cos Cob Riverside Old Greenwich *Price in Millions

Old Greenwich

Riverside

Cos Cob

Greenwich

$0.0

*Price in Millions

<$2M

$2 - $4M

$4 - $7.5 M

$7.5 M and up

Single Family Homes Total Volume by Price Point 32 % 39 % 23 % 7%

Under $2 Million $2 - 4 Million $4 - 7.5 Million $7.5+ Million

Q3 Highlights

/ Greenwich Market Update

at a glance {Q3 | 2018}

greenwich

-16

%

Change in Average Selling Price {2018 v 2017}

28

%

Change in Units Sold {2018 v 2017}

109 Units Sold

2.4m

$

Average Selling Price

Greenwich SINGLE FAMILY HOMES AND CONDOS

Average Median Discount Total Active Selling Price Selling Price Ratio Units Sold Inventory

sfh {2018 v 2017}

Change

-16%

-7%

1%

28%

-2%

2018

$2,429,525

$1,892,500

90%

109

425

2017

$2,885,982

$2,025,000

89%

85

433

2016

$2,522,958

$2,200,000

86%

95

473

2015

$3,113,711

$2,295,000

88%

98

397

2014

$2,670,948

$1,837,500

90%

92

420

Greenwich - SFH vs Condos Median

Median Selling Price | Single Family Homes vs Condos

$2,500,000

GRW Co

$2,000,000

GRW SF

$1,500,000 $1,000,000 $500,000 $0

2014

condos

2015

2016

Single Family Homes

Condos

2017

2018

Average Median Discount Total Active Selling Price Selling Price Ratio Units Sold Inventory

{2018 v 2017}

Change

-18%

-9%

2%

-30%

13%

2018

746,443

645,000

90%

37

120

2017

912,273

710,230

88%

53

106

2016

983,735

699,000

92%

33

116

2015

963,958

750,000

94%

43

88

2014

1,056,328

820,000

91%

43

91 Greenwich

/ Greenwich Market Update

SFH Area Graphs: ASP vs Total Units

Average Selling Price | Total Units Sold 35

$1.8 $1.6

30

$1.4 25

$1.2 $1.0

20

$0.8

15

$0.6

10

$0.4 5

$0.2 $0.0

0

2014

2015

Average Selling Price <$2M

Q3 | 2018

$2M-$4M

2016

$4M-$7.5 M

2017

$7.5 and up

2018

Total Units Sold ASP

Under $2 Million

$2 - 4 Million

About

Cos Cob 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 and extensive marinas are located on the upper Mianus Harbor. sothebyshomes.com/greenwich

Average Median Discount Total Active Selling Price Selling Price Ratio Units Sold Inventory {2018 v 2017}

Change

2%

34%

3%

46%

17%

2018

$1,525,016

$1,476,000

93%

19

54

2017

$1,493,260

$1,105,375

90%

13

46

2016

$1,195,973

$1,050,000

87%

29

70

2015

$1,434,584

$1,150,000

95%

17

55

2014

$1,313,841

$1,178,000

93%

29

39

Greenwich Market Update / Cos Cob

at a glance {Q3 | 2018}

cos cob

2

%

Change in Average Selling Price {2018 v 2017}

46

%

Change in Units Sold {2018 v 2017}

19 Units Sold

1.5m

$

Average Selling Price

at a glance {Q3 | 2018}

riverside

15

%

Change in Average Selling Price {2018 v 2017}

25

%

Change in Units Sold {2018 v 2017}

30 Units Sold

2.4m

$

Average Selling Price

SFH Area Graphs: ASP vs Total Units

Average Selling Price | Total Units Sold 40

$3.0

35

$2.5

30 $2.0

25 20

$1.5

15

$1.0

10 $0.5

5

$0.0

0

2014

2015

Average Selling Price <$2M Q3 | 2018 $2M-$4M

2016

$4M-$7.5 M Under $2 Million

2017

2018

Total Units Sold

and up $2$7.5 - 4 Million

$4ASP - 7.5 Million

$7.5+ Million

About

Riverside Riversideâ&#x20AC;&#x2122;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 â&#x20AC;&#x201C; less than one hour to Grand Central Station in New York City. sothebyshomes.com/greenwich

Average Median Discount Total Active Selling Price Selling Price Ratio Units Sold Inventory {2018 v 2017}

Change

15%

44%

6%

25%

15%

2018

$2,424,527

$2,346,500

91%

30

94

2017

$2,106,163

$1,633,000

87%

24

82

2016

$2,516,375

$1,875,000

84%

32

80

2015

$1,733,715

$1,600,000

94%

37

65

2014

$1,696,464

$1,660,000

93%

33

50 Riverside

/ Greenwich Market Update

SFH Area Graphs: ASP vs Total Units

Average Selling Price | Total Units Sold

$3.5

40

$3.0

35 30

$2.5

25

$2.0

20 $1.5

15

$1.0

10

$0.5

5

$0.0

0

Average 2014 Selling Price2015 <$2M

Total 2017Units Sold 2018

2016

Q3 | 2018

Under $2 Million $2M-$4M

$4M-$7.5 M

$7.5 and up

$2 - 4 Million

$4 - 7.5 Million

ASP

About

Old Greenwich The townâ&#x20AC;&#x2122;s origins are traced to the historic village of Old Greenwich, which today preserves the charm of a gracious New England 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. sothebyshomes.com/greenwich

Average Median Discount Total Active Selling Price Selling Price Ratio Units Sold Inventory {2018 v 2017}

Change

-36%

-13%

0%

9%

-10%

2018

$1,997,576

$1,700,000

88%

25

69

2017

$3,130,375

$1,950,000

88%

23

77

2016

$1,868,896

$1,550,000

93%

35

74

2015

$2,161,967

$1,785,000

94%

30

71

2014

$3,320,126

$2,425,000

93%

32

68

Greenwich Market Update / Old Greenwich

at a glance {Q3 | 2018}

old greenwich

-36

%

Change in Average Selling Price {2018 v 2017}

9

%

Change in Units Sold {2018 v 2017}

25 Units Sold

2

$ m Average Selling Price

Extraordinary Results We celebrate the notable success of our associates and clients

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GREENWICH

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