It’s good news. Smile and relax a little, but don’t be blinded by the light. Single family home closings in Greenwich, CT were up 41% in July over the same period the prior year. Sales were up in all areas: Cos Cob, Greenwich, Riverside and Old Greenwich, CT. The good news may in part be due to a shift in single family closings from June to July as compared to last year (and an opposite shift in condominium closings). Closings generally reflect sales that occurred 30 to 90 days prior.
Compared to last July:
- The number of single family sales was up 41%.
- Sales volume was up 68%, and growth occurred in all areas of Greenwich.
- Townwide, the average single family sales price was up 6% to $2.4 million.
- Parkway and North Street Elementary school districts each earned over 20% market share.
- The average single family sales price was up in Cos Cob and Greenwich.
- Over 55% of the sold prices were less than $2.0 million.
- Six single family homes were sold in excess of $5.0 million.
- Real estate taxes on homes sold generally ranged between $5,700 and $60,000 per year.
- Not including the outlier of nearly $135,000, the average real estate taxes were $17,125 per year.
- The average home size was 4,245 square feet.
- Over 65% of single family homes closed were on less than half an acre.
- Only 5 sales were on lots in excess of 4 acres, although one sale was multiple parcels.
- Condominium sales were down 10%.
The stronger July buoyed single family sales year to date, without the headlines. Overall, single family sales are up 2% as compared to last year, average sales price is up 6% and sales volume is up 8%. July 2018 Closing Report for Greenwich, CT
Of interest is the $7 million sale of 216 John Street, also known as Bydale. Listed as a residential sale given the primary home and secondary structures, Bydale is a 43 acre estate with approval for an 8 lot subdivision. It’s really a hybrid residential and land deal. Sold as 8 lots for $162,800/acre with 4-acre zoning, it indicates a value of $651,000 to $875,000 per site in back country. Of course there are adjustments to be made to account for the 8-bedroom home, guest houses, cottage, pools, ponds, tennis court, utilities in place, frontage (on John Street, Richmond Hill Road and Bedford Road), and a small parcel carved out for wetlands as open space, so be sure to consult an agent familiar with land acquisition before drawing any conclusions. By the way, I started my real estate career in land acquisition for a home builder many years ago.
Clients are invited to a private preview of my new listing at 606 West Lyon Farm Drive Sunday 2:00 to 4:00. This gorgeous new listing is attracting keen interest in coveted West Lyon Farm. The updated home boasts lake views, a first floor master bedroom and access to a friendly community with pools, tennis courts and lovely grounds. 606 West Lyon Farm Drive Listing
We are so fortunate to have access to Greenwich Point. My daughter and I enjoyed a lovely Sunday evening there along with many other neighbors. Although not pictured here, the beach-side dining entertainment was particularly precious and enjoyable! (We departed before the concert began).