SECOND QUARTER-2017 MARKET REPORT
By Robin Kencel, The Stevens Kencel Group at Douglas Elliman Real Estate
Against a backdrop of challenging state fiscal issues and distractions on the national political stage, the Greenwich Single Family housing market continued to experience quarter to quarter volume gains, up 28.6% from 1st Quarter. In the Condo/coop sector, volume was flat, however, the average price jumped 47.6%, inching over the $1 million marker. The Days on Market fell for both housing types, signaling sellers’ price expectation adjustments and buyers readiness to act upon those reality shifts.
Hot spots and quarterly trends can be seen below. For specific neighborhood and price segment information, please click here
- Glenville, Pemberwick and Byram neighborhoods all saw strong growth– not surprising, given that these areas cater to the below $3 million market. Glenville and Pemberwick are being re-discovered as terrific communities with easy access to trains, elementary school lauded by parents, and offering a small town feel, within the larger backdrop of Greenwich,
- 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,
- Central Greenwich accounted for 54% of all sales/all Greenwich communities in this period,
- The highest average price properties this quarter were Greenwich and Riverside, both at $2.5 million,
- Backcountry sales were weak, with
- The Condominium/Coop market continues its steady growth performance, best .
NOTABLE SALES SECOND QUARTER, 2017
Highest price sale on Grove Lane, 2nd Quarter.
The luxury end of the Greenwich market is strengthening with two properties over $10 million in contract (one in Belle Haven, and one in mid country). In 2nd Quarter, the highest priced property in Greenwich sold for $9.8 million on Grove Lane just north of the Post Rd. in central Greenwich. The least expensive single family property sold for $500,000 on Pemberwick Rd. A 1900 home of 1,169 square feet on .17 acres was on the market just 25 days.
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
It’s the height of summer and with it, excuses to spend time outdoors. Fire pits seem to be a favored amenity this year. Certainly there are ready made choices that are quite nice now and easily available as Architectural Digest reviews as seen in luxury fire pit
A few things to think about, as you figure out where you want to make your S’mores
- Space Size– Besides room for the device, you’ll need ample room for chairs or seating. Plan out the space.
- Shape– Once you know what space is available, it will dictate the shape fire pit that makes the most sense
- Laziness Quotient– Are you all about authenticity and want wood only fires, or is gas more your style?
Once you have all that figured out, it’s just a matter of what you want to spend. The choices are endless.