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2nd Quarter Market Snapshot

2nd Quarter Market Snapshot

Welcome to the highlights of the Greenwich Real Estate Market’s 2nd Quarter, 2018. Please share what you’d like to learn about or questions that you have, by clicking here.

Robin Kencel,
The Robin Kencel Group at Compass

As hoped, the change in season and weather, along with an optimistic economic climate, brought buyers back into the market after a slow fist quarter. Sellers that are keenly focused on every element of the marketing strategy are meeting with success. Greatly important are the “Big Three”: 1) Price for the market we are in, 2) Clean, Simplify, Paint, Stage, and Pre-Inspect are just some of the tools to make your property as attractive looking as possible, and, 3) Listen to buyer feedback and adjust all marketing components as needed.

Year to date, strongest sales gains are in the $4-5 million price segment, which accounts for 6% of the market’s total sales. 84% of 2018 sales YTD were sold below the $4 million price point. The ultra high end of the market (over $10 million) has seen 7 sales this year vs. 2 in this same time period, YAGO.

Q2 Single Family sales were up +5.5% vs. a year ago with an average sales price of $2.47 million, an increase over YAGO due sto ales above $6 million averaging $9,5 million in Q2 vs. a $7 million average YAGO. Days on market have slightly increased to an average of 219.

This property type saw strong sales in Q2 with a +17.1% gain vs. YAGO, though average days on market jumped to 183 days, as an increase in new listings was realized. The majority of condos were sold in the $3-$4 million price range.

Highlights by Neighborhood

Movement by neighborhood is very consistent with the previous quarter with a few new nuances:
— Central Greenwich fell in homes sold but the average price increased to $3 million (+22%), due to a change in price mix of properties sold,
— Cos Cob continues to grow exponentially, with a +65% increase in sales this quarter and average sales price gain of +34% to $1.8 million,
— Old Greenwich regained its usual momentum with a +30% increase in sales and slight increase in average price to $2.19 million,
— Riverside was down in both sales and average price point, -10% in each,
— Back country had 13 sales this quarter, stronger than same quarter last year and down -5% YTD. The average priced property was $2.4 million.

Highs and Lows

This quarter’s highest sale, 207 Byram Shore Rd, has 440′ of waterfront. Byram Shore Rd is where sea captains chose to live back when Greenwich was first founded and was liked for its high elevation and deep water (vs. tidal). The property sold for $17 million and was on the market for over 5 years, beginning at a much higher list price. The 12,800 sq ft. house sits on nearly four acres.

The low sale this quarter was near the North Street Merritt Parkway entrance on Stallion Trail. The property sold for $1.6 million and has 2.17 acres and 4,620 sq. ft. of living space.

A brick townhouse at 211 Milbank was the highest selling Condo/Coop in Greenwich in 2Q at $3.85 million. Built in 2005, it is 4,815 sq ft and was on the market for just under a year, where it started it’s Original List Price at $3.995.

The lowest priced sale in this category was in one of Greenwich’s doorman buildings– 20 Church St. The 493 sq ft condo was on the market just 27 days and sold for $275,000

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