3rd Quarter Market Snapshot 2018
Posted by Robin Kencel — October 29, 2018
GREENWICH, CT - Perhaps urged on by rising interest rates, the 3rd Quarter saw a strong volume gain in Single Family sales, up 76% vs. 3rd Quarter 2017. The majority (70%) of these sales were under $4 million, consistent with year to date mix of sales by price segment. At the risk of sounding like a broken record, we continue to encourage sellers to employ “The Big Three:” 1) Price for the market we are in, 2) Clean, Prep (paint, declutter and stage, if needed), and Pre-Inspect before listing your property; and 3) Listen to buyer feedback and adjust all marketing components, as needed.
SINGLE FAMILY SALES
The strongest sales gains this quarter were in the $4-5 million price segment; homeowners seem to be racing to beat interest rate changes and make the jump to their next home or take the plunge from rental to purchase. The high end of the market (over $7.5 million) enjoyed three sales this quarter, with all three homes being new construction or newly renovated. This preference for homes with interiors that look magazine worthy is a purchase trend that has been in place for a few years now.
Though New York City has always been Greenwich’s major source for incoming buyers, this summer felt like young New Yorkers were discovering or rediscovering Greenwich for the first time. The 48-minute train trip, vibrant downtown and 28 miles of coastline were all pleasant surprises, and we loved introducing them to our town.
This property type saw a significant drop (-50%) in volume sales from 69 to 46 properties, and a decline in average price to $725,013, down 18% vs. YAGO. With last quarter’s strong sales performance, the market may have temporarily satisfied buyers currently in the market.
Highlights by Neighborhood
Central Greenwich, Riverside and Cos Cob were the top three neighborhoods enjoying a lift in sales vs. YAGO:
- Central Greenwich home sales improved 28% vs. Q3 2017. The average price was $2.4 million, lower than last quarter and Q3 2017, due to no sales over $9 million occurring this quarter.
- Riverside enjoyed gains both in volume sales (up 25% vs. YAGO) and an average price of $2.4 million, up 14% vs. 2017.
- Cos Cob average price was flat at $1.5 million, year over year, while volume sales were up over 45% vs. YAG.
- Old Greenwich volume sales were up slightly but average price point down from $3.1 million to $2 million. These results are misleading as Q3 2017 had a high-end property sale that skewed the data.
- Back country had 13 sales this quarter, same number as last quarter and Q3 2017. The average priced property was $3.2 million, down from $3.7 million Q3 2017.
Highs and Lows
This quarter’s highest on market sale closed at $8.6 million in mid-country. This new construction home on Oakley Lane sits on just over three acres and has a 14,000-square foot home, designed by architect Rich Granoff.
The lowest priced property to sell this quarter was $573,000 for a Pemberwick area single family home that sits on .17 acres and is 1,410 square feet.
Indian Harbor House on Steamboat Road had the highest selling condo/coop this quarter, with a three-bedroom, three-bath waterfront unit that sold in just 182 days for $1.5 million.
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.
Coming to Town
The Town of Greenwich, the State of CT, and Ray Dalio of Bridgewater are co-hosting a Global Alternative Investments conference on November 15th and 16th at the Delamar Hotel in Greenwich, CT.
C-suite executives from the full set of “alt” firms will be attending, including hedge fund, private equity, venture and real estate, as well as over 80 CIO/senior level LPs registered, representing pension funds, insurance companies, endowments and sovereign wealth funds managing in excess of $4 trillion.
Andrew Ross Sorkin and the CNBC team have been selected as the broadcast partners for the Forum. Andrew will co-anchor “Squawk Box” and conduct live interviews on and off the main stage. Andrew will be joined by his CNBC colleague Leslie Picker, and industry heavyweights including Ray Dalio, Paul Tudor Jones, Dmitry Balyasny, Tim Armstrong and many more. For more information, click here.