Third Quarter 2020 Market Review

Third Quarter 2020 Market Review

"Greenwich Home Purchases Soar to a Decade High on NYC Exodus" was the headline of a recent Bloomberg article, just one of many in recent months. And yes, there is a steady stream of new buyers coming to Greenwich. The numbers demonstrate it and experientially, we realtors can confirm it. The highlights are below and for full detail on Q3 Greenwich sales, click here.

Overview

SINGLE FAMILY

Single Family home sales have leapt +88.5% vs. last quarter and are up a staggering +41.2% YTD vs. 2019, with 579 properties having sold thus far this year.

With higher demand, it is no surprise that the average sales price has also increased, up +10.1% to $2.7 Million this quarter and up +6.1% to $2.6 Million, YTD. The greatest growth in sales volume has been inthe $1-1.9 Million price range followed by the $2-2.99 Million range.

On average, properties are only on the market for 152 days, again reflecting the plethora of buyers urgently seeking homes.

HIGHLIGHTS BY NEIGHBORHOOD

Central Greenwich (South of the Parkway and South of the Post Rd) has experienced a nice jump in average sales price to $3.2 Million and sales have grown +59.8% vs. 2019 YTD.
Old Greenwich sales have increased 26% YTD with an average sales price of $2.2 Million.
Riverside's sales YTD are up +50.8% vs. YAGO and the average sales price is $2.4 Million.
Cos Cob volume sales are up +61.8% YTD with an average sales price of $1.4 Million.
With people seeking privacy during these unsettling times, Back Country has had a resurgence. Volume sales are up +74.4% YTD vs. YAGO and the average sales price is $2.7 Million.
The least growth in sales YTD is south of the Post Rd (downtown Greenwich). Don't get me wrong, it's not a bad performance at +22.5% vs. YAGO, but is an indicator perhaps that folks want more elbow room if they are leaving the city.

The High and the Low of Q3

The Highest Price Sale of Q3

The Pryory is one of Greenwich's Great Estates and is a waterfront property located in Field Point Circle. One of the features that the home is well known for is its gingerbread-like rolled asphalt roof. This property sold for $21,750,000.

It was a big quarter for the Belle Haven area with another property trading on Field Point Circle, #140, for $17 Million and reputedly sold as land value. One of my favorites of the quarter was 17 Walsh Lane in the Belle Haven Association, decorated to perfection by the well known interior designer Suzanne Kasler. In addition to the 15,000 sq. ft. main residence, is a 3 bedroom guest house, pool, pool house and tennis court.

The Lowest Price Sale of Q3

Yes, you can purchase a single family home in Greenwich for under $1 Million. The least expensive properties to trade this quarter, both at $500,000 were 54 Nicholas in Pemberwick (2 bedroom, 1 bath) and 21 Byram Rd, with a 3 bedroom, 2 bath home built in 1878.

Why Greenwich?

It's nice to be loved. From Bloomberg to the Wall Street Journal, Greenwich is enjoying positive press about the benefits of living in Greenwich. We know you know, but just in case you have forgotten, here's the short list:

1. Close to Manhattan- If you time it right, 40 minutes by car or 48 minutes by train (when you feel comfortable enough).

2. Close to Airports- Westchester Regional Airport is literally at our back door and Kennedy and LaGuardia not horrifically far.

3. Diverse and Interesting Community- With 63,000+ residents, it's impossible not to be.

4. Natural Beauty- Tod's Point, endless hiking and walking trails, and so much more.

5. Schools- Whether you prefer public or private both are top tier.

6. Taxes- Not just lower than NYC and Westchester, but the lowest in Fairfield County, too.

Featured Listings

23 Khakum Wood Road

Mid Country Greenwich CT

7 Bed | 10 Bath

18 Connecticut Avenue

Downtown

Greenwich

5 Bed | 2.5 Bath

Ethelwynde 101 Yokun Ave. Lenox MA 30 acres, 11,000+ sq. ft.	Sunridge Farm 534 Riversville Road Greenwich CT 10.6 acres, 8,500 sq ft plus guest house
26 Meadow Lane Mid Country 5 Bed \| 6.5 Bath

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Robin Kencel

Licensed Associate Real Estate Broker
203.249.2943
[email protected]

Compass Connecticut, LLC is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.

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