Q1 2019 | Greenwich Market Update

Q1 | 2019

Greenwich

Market Update

GREENWICH

Offered at $16,350,000 112indianhead.com

GREENWICH

Offered at $6,495,000 252overlookdrive.com

a message from

Pamela Pagnani Brokerage Manager

During the first quarter of 2019, according to data from the Greenwich Multiple Listing Service, there were 73 single-family homes (SFH) sold town-wide which had a total sales volume exceeding $168M. Town-wide, there were 607 SFH listed at the end of the Q1 2019, of which, 183 were listed under $2M, 233 listed in the $2M - $4M range, 132 listed in the $4M - $7.5M range and 59 listed for over $7.5M. Greater Greenwich had the most active SFH inventory with 406 homes for sale followed

by Riverside with 80. Of note is that 69% of SFH currently listed are under $4M and a third of SFH listed are under $2M. Other points of note about the Greenwich real estate market in Q1 2019 include: • • • • •

In Old Greenwich, dollar volume exceeded Q1 2018 levels by approximately $15M, from $31.7M in Q1 2018 to $46M in Q1 2019, an increase of 44.7% Old Greenwich experienced a 46.1% increase SFH units, from 13 in Q1 2018 to 19 in Q1 2019 All SFH trades in Cos Cob were under $4M There was a 15% decrease in average sales price town-wide Riverside saw a 67.3% decrease in dollar volume in SFH sales, from $41M in Q1 2018 to $13.3M in Q1 2019

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.

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, in addition to the surrounding towns. Sotheby’s International Realty – Greenwich has approximately 90 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 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.

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Market Snapshot Q1 2019

All Greenwich

450 400 350

Old Greenwich

300 250

Greenwich Riverside

200 150

Cos Cob

100 50

Total Single Family Homes Units Sold 39 9 6 19

Greenwich Cos Cob Riverside Old Greenwich

Old Greenwich

Riverside

Cos Cob

Greenwich

0

Active Single Family Homes Inventory by Price Point & Area 183 233 132 59

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

Q1 Highlights All Greenwich

$2.5

$2.0

$7.5M and up

<$2M

$1.5

$4 - $7.5M

$1.0

$0.5

Single Family Homes Median Selling Price 1.9 $ 1.0 $2.1 $1.6 $

Greenwich Cos Cob Riverside Old Greenwich

Ol d Greenwich

*Price in Millions

Cos Cob

Greenwich

$0.0

Riverside

$2 - $4M

Single Family Homes Total Volume by Price Point 27 % 40 % 13 % 16%

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

*Price in Millions

Q1 Highlights

/ Greenwich Market Update

at a glance {Q1 | 2019}

greenwich

-15

%

Change in Average Selling Price {2019 v 2018}

-37

%

Change in Units Sold {2019 v 2018}

39 Units Sold

2.5m

$

Average Selling Price

Greenwich SINGLE FAMILY HOMES AND CONDOS

sfh

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

{2019 v 2018}

Change

-15%

-11%

-2%

-37%

23%

2019

$2,466,920

$1,950,000

84%

39

406

2018

$2,904,900

$2,191,250

86%

62

500

2017

$2,883,863

$2,050,000

83%

76

433

2016

$2,752,120

$1,735,000

85%

54

391

2015

$2,966,500

$1,880,000

89%

52

327

Median Selling Price | Single Family Homes vs Condos

$2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0

2015

2016

Single Family Homes

condos

2017

2018

2019

Condos

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

{2019 v 2018}

Change

30%

13%

12%

-4%

-38%

2019

$1,056,354

$740,000

96%

24

98

2018

$813,091

$655,000

85%

25

158

2017

$963,893

$762,500

92%

29

106

2016

$999,638

$797,000

91%

34

100

2015

$985,714

$745,000

93%

28

73 Greenwich

/ Greenwich Market Update

Average Selling Price | Total Units Sold $1.8

20

$1.6

18

$1.4

16 14

$1.2

12

$1.0

10

$0.8

8

$0.6

6

$0.4

4

$0.2

2

$0.0

0

2015

2016

2017

2018

Average Selling Price

2019

Total Units Sold

Q1 | 2019

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 {2019 v 2018}

Change

-8%

-16%

-6%

-40%

-50%

2019

$1,520,000

$1,075,000

86%

9

48

2018

$1,650,104

$1,275,000

92%

15

72

2017

$1,285,611

$1,240,000

88%

18

46

2016

$1,302,767

$1,175,000

91%

15

69

2015

$1,489,656

$1,307,500

91%

16

50

Greenwich Market Update / Cos Cob

at a glance {Q1 | 2019}

cos cob

-8

%

Change in Average Selling Price {2019 v 2018}

-40

%

Change in Units Sold {2019 v 2018}

9

Units Sold

1.5m

$

Average Selling Price

at a glance {Q1 | 2019}

riverside

-24

%

Change in Average Selling Price {2019 v 2018}

-57

%

Change in Units Sold {2019 v 2018}

6

Units Sold

2.2m

$

Average Selling Price

Average Selling Price | Total Units Sold $4.0

20 18

$3.5

16

$3.0

14

$2.5

12

$2.0

10 8

$1.5

6

$1.0

4

$0.5

2

$0.0

0

2015

2016

2017

Average Selling Price Q1 | 2019

2018

2019

Total Units Sold Under $2 Million

$2 - 4 Million

$4 - 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 -24%

6%

-8%

-57%

64%

2019

$2,229,500

$2,120,000

84%

6

80

2018

$2,925,214

$1,997,500

90%

14

131

2017

$2,260,216

$1,880,000

92%

18

82

2016

$2,002,321

$1,600,000

92%

14

67

2015

$3,651,923

$2,080,000

84%

13

65

{2019 v 2018}

Riverside

/ Greenwich Market Update

Average Selling Price | Total Units Sold $3.0

20 18

$2.5

16 14

$2.0

12 10

$1.5

8 $1.0

6 4

$0.5

2 $0.0

0

2015

2016

2017

2018

Average Selling Price

2019

Total Units Sold

Q1 | 2019

Under $2 Million

$2 - 4 Million

$4 - 7.5 Million

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 {2019 v 2018}

Change

-1%

-18%

-5%

46%

29%

2019

$2,416,377

$1,625,000

87%

19

73

2018

$2,440,615

$1,983,000

91%

13

94

2017

$2,377,643

$2,137,500

88%

14

77

2016

$2,137,633

$1,795,000

91%

15

66

2015

$1,526,124

$1,295,000

94%

9

65

Greenwich Market Update / Old Greenwich

at a glance {Q1 | 2019}

old greenwich

-1

%

Change in Average Selling Price {2019 v 2018}

46

%

Change in Units Sold {2019 v 2018]

19 Units Sold

2.4m

$

Average Selling Price

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

GREENWICH

9 Mountain Laurel Drive Last asking $3,850,000

GREENWICH

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54 Woodside Drive Last asking $4,499,000 GREENWICH

21 Calhoun Drive Last asking $4,495,000 GREENWICH

79 Pecksland Road Last asking $3,500,000 *in order from left to right, top to bottom

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UNRIVALED NCE GLOBAL PERFORMANCE AND LOCAL DOMINANCEA

$112 BILLION ANOTHER RECORD YEAR IN ANNUAL GLOBAL SALES IN 2018

990 22,500 72 OFFICES

AGENTS

COUNTRIES

31 MILLION VISITS TO SOTHEBYSREALTY.COM 13% INCREASE YEAR OVER YEAR

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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.