Sales Are Up and Prices Are Down in Fairfield County; High-End Inventory in Greenwich Beginning to Clear
Douglas Elliman Real Estate, the largest brokerage in the New York Metropolitan area and the second largest independent residential real estate brokerage in the United States by sales volume, today released the second quarter 2019 Fairfield County and Greenwich, CT Sales Market Reports.The reports showed sales edging higher in both markets while price trend indicators slipped.
The number of sales in Fairfield County increased year-over-year after five straight quarters of declines, with listing inventory falling year-over-year for the first time in three quarters. Price trend indicators slipped as did the average property sale size.
“It’s encouraging to see Fairfield County sales up this quarter as well as the decrease in inventory,” said Scott Elwell, Douglas Elliman’s Senior Executive Regional Manager of Westchester and New England. “Market conditions are favorable, which is why we’re seeing more activity, and it makes sense to speculate that we’re now past the roughest part of the market adjustment to the new tax law.”
In Greenwich, the excess listing inventory at the high end of the market began to clear with the luxury median sales price also rising for the first time in five quarters. The single family median sales price rose year-over-year for the sixth time in eight quarters. Sales declined for all property types.
“The decrease in inventory in the luxury Greenwich market signals that sellers are starting to reconnect with the reality of market conditions,” said Jonathan Miller, President and CEO of Miller Samuel Inc. and author of the report. “Overall, the Connecticut region saw mixed but positive results this quarter, and we’ll see how things shake out as buyers and sellers both continue to adjust.”
FAIRFIELD COUNTY SALES HIGHLIGHTS
Overview
“Sales edged higher year over year after five straight quarters of declines.”
- All price trend indicators slipped along with the average size of a sale
- The pace of the market moved faster, nearly twice as fast as the decade average
- Listing inventory edged lower year over year for the first time in three quarters
- Luxury listing inventory declined for the first time in six months
Key Trend Metrics (compared to same year ago period)
- Median sales price slipped 1.2% to $420,000
- Number of sales edged up 0.4% to 3,099
- Days on market was 121, up from 119
- Listing discount was 4.2%, up from 4.1%
- Listing inventory slipped 0.8% to 5,806
GREENWICH SALES HIGHLIGHTS
Overview
“Excess listing inventory at the high is beginning to clear as sellers reconnect with market conditions.”
- Single family median sales price rose annually for sixth time in eight quarters
- Single family listing inventory fell annually for the fourth straight quarter as casual sellers withdrew from the market
- Condo sales declined annually for the first time in three quarters
- Condo listing inventory fell the most in more than two years
- Luxury median sales price rose annually for the first time in five quarters
Key Trend Metrics (compared to same year ago period)
SINGLE FAMILY
- Median sales price rose 9.5% to $2,025,000
- Number of sales declined 11.1% to 74
- Days on market was 187, down from 196
- Listing discount was 6%, down from 6.4%
- Listing inventory rose 5.2% to 724
- Average sale square footage rose 5.6% to 4,395
CONDO
- Median sales price decreased 13.4% to $760,000
- Number of sales declined 12.8% to 41
- Days on market was 139, down from 150
- Listing discount was 5.1%, up from 3.7%
- Listing inventory fell 11.2% to 119
- Average sale square footage declined 9% to 1,933
About Douglas Elliman Real Estate
Established in 1911, Douglas Elliman Real Estate is the largest brokerage in the New York Metropolitan area and the second largest independent residential real estate brokerage in the United States by sales volume. With more than 7,000 agents, the company operates approximately 118 offices in New York City, Long Island, The Hamptons, Westchester, Connecticut, New Jersey, Florida, California, Colorado and Massachusetts. Moreover, Douglas Elliman has a strategic global alliance with London-based Knight Frank Residential for business in the worldwide luxury markets spanning 60 countries and six continents. The company also controls a portfolio of real estate services including Douglas Elliman Development Marketing, Douglas Elliman Property Management and Douglas Elliman Commercial. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, please visit elliman.com.
