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Greenwich Real Estate: 3rd Quarter, 2017 Market Report

Greenwich Real Estate: 3rd Quarter, 2017 Market Report

THIRD QUARTER 2017 MARKET REPORT 

By Robin Kencel, The Stevens Kencel Group at Douglas Elliman Real Estate

The third quarter held many bright spots for Greenwich real estate.  In the single family arena, the average price increased an impressive +14.1% to $2.67 million. Average days have dropped dramatically to 145 days on market and the sales price:last list price discount tightened to just 6.4% less than ask.  All great news for Greenwich!
On the condo/coop side, the average sales price was $957,439 with just a 5.6 month average days on market.  Again, good news for sellers and a message to buyers to get cracking.
Hot spots and quarterly trends can be seen below.  For specific neighborhood and price segment information, please click here.
 
HIGHLIGHTS
  • The neighborhood with largest marketshare of sales was Central Greenwich, garnering 41% of total volume sales,
  • Riverside continues to pace ahead of Old Greenwich in sales volume gains, where the two had been running neck and neck for the past few years,
  • Highest average price sales by neighborhood was Old Greenwich at $3.1 million,
  • Byram, Pemberwick and Glenville together saw the strongest volume gains at 54.9%
  • The Condominium/Coop market continues its steady growth performance, with average price slightly declined vs. last quarter
NOTABLE SALES THIRD QUARTER, 2017
High Sale, 3rd quarter 2017
North Court, mid country: Highest price sale at $22,000,000
The luxury end of the Greenwich market continues to pick up steam. In 3rd Quarter, the highest priced property in Greenwich sold for $22 million on North St, mid country.  As excellent a location as mid-country is, this is a big number for an off-water property.  Set on 3.75 acres, it is a stunning 1906 main residence and substantial guest house.  Fully renovated in 2012 and decorated to perfection by Mark Cunningham, it is truly one of Greenwich’s trophy properties and worth a tour, gratis Architectural Digest. Rumor has it that the property was sold with interior decorations intact.
The least expensive single family property sold for $500,000 on Wellington Place in Byram. A 1900 home of 1,465 square feet on .11 acres was on the market just 29 days, it received 11 offers.
In terms of the age of houses sold in this quarter, 23% were built between after 2000, 50% sold were  built between 1941-1999 and 27% were built before 1940.
THE HOUSE IN GOOD TASTE

>A messy bed.  Huh?  I learned today about a piece of “art” that in the late 90’s was created by a woman who couldn’t get out of bed for three days– and when she did she noticed that what she left looked rather special.  At least to her.  Tracey Emin’s bed became an almost overnight sensation.  It found it’s way to the Tate, on to a private collector who paid over $300,000 to it and has since sold at auction for over $3 million dollars.  What do you think?  Art or an all too explicit aftermath of a long day’s night?

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