Q3 2019 | Greenwich Market Update

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.

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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

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GREENWICH

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33 Woodside Drive Sold $4,100,000 GREENWICH

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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.