Demand for high end residential properties in Greenwich, Riverside, Cos Cob and Old Greenwich has fluctuated somewhat over the most recent five years, with sales hesitating in 2016 and then recovering in 2017. Demand for $3.0 to $5.9 million is clearly stronger than $6.0 million and higher. In the chart, the number of sales shown are for the first nine months of each year so as to compare a similar period and trend.
Of the 343 sales In the $6.0 million plus range in the most recent five years, nearly 20% were sold under $7 million. We look at the number of sales for trends and break out the $20 million plus given that the higher range sways average sales prices considerably. In 2014 there was one sale, at $120 million. In 2015 there was a $26 million sale, then none in 2016 and then three in 2017 in the $20 to $25 million range.
As a point of comparison, in a peak year of 2006, in the $3.0 to $5.9 million price range there were 100 sales through September as compared to 99 this year, 93 last year and 98 in 2014. Demand has been fairly consistent.
The big difference is at the high end. In 2006 there were 40 sales as compared to 22 year to date, 27 last year and 29 in 2014 over the same period. This is where the pain is being felt most. Expansive homes are selling down the pricing curve – and finding demand.
While we may miss the frothy market and lament the pain that follows on resale, we have steady demand in the bulk of the Greenwich market price ranges. I’ll take it. There’s something to be said for a steady market. It’s a better time to buy.
Consult an agent who knows the market. I consistently find people who wrongly believe that just because a super high end home sold for a dollar discount that sounds quite large (and may not be as remarkable on a percentage basis), that they can assume the middle and lower markets will also take steep discounts. Not so. Greenwich continues to be a desirable place to live.
Feature Photo: Troy Williams