December is full of treats. Some expensive ones and lots of little ones. Sometimes we are ready to indulge, and sometimes we are ready to move on, start fresh in the new year. We face decisions. Buyers wonder. Does it matter that it’s just out of reach? Is it worth it? If only they would make it a little easier for me, then I would jump at the chance to consume it. I don’t mind if it’s not perfect. It looks good to me. I just don’t want to get out of line in the process.
Greenwich has a lot to offer. Buyers are circling. And they are patient. Sellers, make sure your treat looks fresh and ready to consume in order to attract attention, and then make sure it’s easy to see and within reach of those ready and willing to own it.
True to the pattern, December had a few expensive trades and lots of little ones. Some felt like gifts, and others well earned.
December 2018 closings were up as compared to the prior year due, in part, to a surge in condominium closings. There were 22 sales totaling $$23.6 million, while December 2017 had 11 sales totaling $10 million. Driving volume was the sale of five newly constructed Beacon Hill 2 units at 62-68 Sound View Drive where sales prices ranged from $2.5 million to $3.2 million for 2200 square foot homes within walking distance to the Greenwich Train station and Greenwich Avenue.
Single family sales in Greenwich, Cos Cob, Riverside and Old Greenwich were flat and represented the diverse nature of Greenwich. Overall, there were 50 sales (down 3%) at an average sales price of $2.7 million (up 7%) for total sales volume of $135 million (up 2%) according to the Greenwich Multiple Listing Service. The median sales price, however, was down 23%, and reflected a few high end luxury sales, the strong demand for sales under $2 million, and a full range in between.
There were two sales in excess of $10 million, both in mid-country, with indoor swimming pools and accompanying high end features. There were three sales in the $6.0 to $10.0 million range, one in back-country, one in mid-country and one below Post Road. The back-country home was bank-owned and so the condition of sale affected the trading value and was not reflective of market price and would be adjusted up by appraisers and agents using it as a sales comparable for future similar home value analysis. There were four sales in the $4.0 to $6.0 million range, two in back-country and two south of Post Road. At the high end, the sales theme continued with new construction and renovated homes earning higher sales prices, whereas older-styled homes saw relatively larger discounts to original asking price.
Ten homes sold under $1.0 million, spanning west to east forming an upper lip to I-95 and Post Road, with one outlier at the northern tip of Greenwich. Of these, the top five sales had been renovated, three within the prior two years. All sales over $650,000 had at least a one-car garage, with the exception of a home within walking distance to the train and Greenwich Avenue.