Greenwich has a wonderful diversity of homes, from many small apartments and small single family homes, to luxury homes and majestic estates. Demand is strongest for the most affordable price ranges. While naturally tapering, demand continues deep into luxury price ranges as well.
Let’s group the sales by price range to get a better picture. Let’s look at single family sales in Greenwich, Cos Cob, Riverside and Old Greenwich (i) below $5 million, (ii) $5 to $10 million and (iii) above $10 million. Looking at a three year horizon, the under $5 million sales pattern has a fairly predictable slope.
So, too does the $5 to $10 million, but as expected, it’s a choppier and the variances appear more pronounced from year to year on the smaller number of sales and accompanying scale. Above $10 million there are few sales along a wide range to ($25 million and above).
Total sales were up in 2018 as compared to the prior year. While sales below $5 million certainly improved over 2017, of note, the number of sales looks a lot like it did in 2016. In the $5 to $10 million group, 2018 sales were about the same as the average of the prior two years. Sales above $10 million have trended up, with some prior hesitation attributed to the election year.
The oversimplified and yet meaningful observation is:
There is persistent aggregate demand in Greenwich for affordable, luxury and majestic homes.
Mary-Stuart