2017 was a good year for Old Greenwich, CT real estate, generally.
While the overall quantity of homes sold was down and it took more time to sell most houses, prices were up significantly.
The average sales price in 2016 was $1,726,744. That number increased by 20% this past year to $2,080,374.
“That’s a huge increase,” said Christine Oleynick, executive vice president of Chilton & Chadwick, “and largely points to how well the economy is doing and how desirable Old Greenwich is to those looking for homes in town.”
But not everything was quite as rosy.
Although the average sales price was up significantly, there was a huge drop in units sold – from 120 in 2016 to 98 this past year (an 18% decline).
In addition, the average days on market until a home was sold increased from 135 to 162 (a 20% increase).
“Although these are fairly big swings in numbers, the days on market and units sold are within historical norms,” said Chadwick Ciocci, CEO & Founder of Chilton & Chadwick.
In addition, the most expensive sale of the year increased dramatically year over year - $5,600,000 in 2016 to $9,000,000 this past year.
Overall the local market continues to see significant demand, and with limited supply and increasing prices, if you have been thinking of selling, this could be the right time.
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