New York City echoes real estate themes found in Greenwich. Only 40 minutes apart, both markets feel the same macro trends affecting the broader area, as noted in the Sotheby’s International Realty NYC Market Update for the fourth quarter:
- A jittery and apprehensive market characterized the final quarter of 2016
- Buyer apprehension in respect of high prices
- Low supply of inventory at the lower price points
- Ultra-luxury sales were down
To be sure, the mix of inventory between NYC and Greenwich is different, with the Greater Greenwich single family market constituting the bulk (88%) of sales volume in that market while condo and cooperative sales dominate NYC. That said, they share similar price points, potential buyers and common relocations from one market to the next.
In the fourth quarter, the NYC ultra luxury market including co-ops, condo and townhouses over $10,000,000 had 72 sales, down 39% from the prior quarter and 22% fewer than the prior year. The average sales price of all recorded Manhattan condo and cooperative unit sales was $2,049,000 as compared to Greenwich’s overall average price point of $1,903,724. Closed sales declined 12% year over year in NYC and 14% in Greenwich over the same period. The median sales price in NYC dropped 9% to $1,050,000 and it dropped 3% in Greenwich to $1,450,000.
While aggregated sales prices and trends may be similar between the markets, the price per square foot, land, views etc differ greatly. As noted in the NYC report, the average price per square foot of a condominium in NYC was a whopping $1800. (More on that another time). If you haven’t yet, you really should call me and come see the incredible values Greenwich has to offer!
Take a look at some of the 90 open houses on Sunday and then give me a call for a private viewing and instruction on how to prepare for the next steps in purchasing a home.
I hope to see you at 79 Pecksland Road between 1:00 and 3:00.
Feature Photo by Jerry Kiesewetter