2017 gave many people reason to celebrate Greenwich, CT real estate.
Not only did the average sales price increase but so too did the number of units sold, and the luxury market has seemingly roared back to life.
The average sales price in 2016 was $1,903,724. That number increased by 13% to $2,150,258.
“This is spectacular news,” said Andrew Coffey, vice president of Chilton & Chadwick. “Home sellers should feel good about where the market is going.”
Not only were average prices up, but so too were units sold – from 754 in 2016 to 774 in 2017 – a 3% increase.
“Although that isn’t a huge increase, it’s headed in the right direction,” said Karen McKenna, vice president with Chilton and a real estate agent who specializes in the Greenwich market. “This is welcome news to all home sellers, but investors in particular.”
While the average sales price and units sold was up, the time it took to sell property on average increased slightly, from 178 days in 2016 to 195 days last year.
“That’s a 10% increase,” said Stephen Shea, an agent who also specializes in Greenwich real estate, “but I suspect as the real estate market tightens as a result of recent federal tax law changes, we’ll see that number come down this year.”
Of particular interest is the luxury real estate market in Greenwich (as defined by a sales price of $5M or more).
In 2016 there were 35 luxury real estate sales, but this past year there were 62 – almost doubling the previous year’s success.
“Not only have home sellers become more realistic about pricing,” said Chadwick Ciocci, founder and CEO of Chilton & Chadwick, “but buyers are also finding themselves more confident in their own personal financial position as well as where Greenwich real estate is heading. Finally luxury sellers and buyers are starting to find some common ground.”
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