2018 begins with a nice lift in the average sales price to $2.7 million, up 8.3% vs. Q1, 2017. This price jump is in tandem with tighter inventory levels. While there was a -22% decline in volume sales, this fall appears to be a reflection of timing, as pending sales are solidly up vs. YAGO. The median sales price rose to $2 million in 1stQ 2018, also an 8.3% gain vs. YAGO.
Looking at condos and townhouses, both number of sales and average price declined off a strong 2017 Q1 base, -38.5% and -12.2%, respectively.
Hot spots and quarterly trends can be seen below. For specific neighborhood and price segment information, please click here
(Cos Cob, Riverside, Old Greenwich, Greenwich)
All sub-markets were down nearly the same volume levels, -31 to -35% vs. 1st Q 2017, excepting Central Greenwich (from Byram to Back Country) which fell -24% vs. YAGO.
Riverside average sales price jumped 33.2% vs. YAGO to $3 million, reflecting the $ on Glen Avon Rd. Cos Cob was the only other sub market to enjoy a double digit average price increase at 15.6%.
Byram, Pemberwick and Glenville continue to be the darlings in the growth sector with a sales outpacing new inventory, dropping the absorption rate (months on market) to 7.3 months.
HIGHS AND LOWS
Consistent with the 1st Q performance in the lower priced segments, the Luxury Market ($5 million+ properties) saw 13 sales, 6 less than Q1, 2017. The average sales price was $7.7 million and average discount from last list price to sale price was 6.7%. There is a 32 month average inventory in this price segment.
Unlike Q4, 2017, which saw three sales over $20 million in sales price, the first quarter had three sales over $10 million, with the highest being 51 Glen Avon Drive in Riverside. 8,916 sq. ft and 1.52 waterfront acres, it is picture perfect. Our team brought the buyers for the second highest sale in the quarter, a Gardiner Larson gorgeous shingle style new construction home on 4 acres in mid country. Rounding out the over $10 million sales was 11 Skyridge, a Kaali-Nagy home on nearly 5 acres. These sales are a testament to the appeal of homes that are top quality in design and build.
In the entry level, a 1971 home in Pemberwick sold for $550,000 at 1,755 sq. ft. and on .14 acres.
GREENWICH MARQUEE MAY EVENT
The fourth annual Greenwich International Film Festival will take place May 31st to June 3rd, 2018, and feature over 70 events including film premieres, panels, a star-studded opening night party featuring a concert with Ms. Lauryn Hill, and a Changemaker Honoree Gala honoring Ashley Judd (activist Times Up, UNFPA) and Duncan Edwards (Waterside School, Stamford). Douglas Elliman is proud to sponsor, Spotlight On James Ivory, on Sunday, June 3rd at Cole Auditorium.
The Academy Award winning writer and director will be discussing his career highlights. GIFF raises awareness and funds for causes that relate to basic human rights, education, health care, and the environment. Proceeds from the Festival will benefit Americares, the Waterside School, and UNFPA.