Find Real Estate Agents and Homes for Sale


Real Estate News --> Connecticut News

Surge in Luxury Home Prices in Greenwich, Connecticut


More: Once Asking $25 Million, Greenwich, Connecticut’s Linden Court Sells for $9.65M The market strength was largely due to sellers’ concessions, according to Jonathan Miller, chief executive of real estate appraisal firm Miller Samuel and author of ...


Archived Story

Luxury markets in the affluent town of Greenwich, Connecticut, gained traction in the fourth quarter of 2017, registering more sales at higher prices compared to a year ago, according to a Douglas Elliman report released Thursday. There were 19 luxury condos and single-family homes—comprising the top 10% of sales in the market—traded during the fourth quarter, 18.8% more than the same period of 2016The average sales price of those homes reached $8.92 million, a 68.7% price increase year-over-year, according to the report. Median sales prices of luxury segment also rose 41.7% year-over-year to $6.46 millionThe least pricey home in this category sold for $4.65 million, 22.8% higher than last year’s threshold of $3.79 million, reflecting that larger and pricer homes were sold in the final quarter of 2017, compared to the same period in 2016. This Mediterranean-style mansion in Greenwich, Connecticut has wood-paneled library, a billiards room, a 3,000-bottle wine cellar, an indoor pool—and an hectic price history$31M ?? $9M ?? $12M https://t.co/5TIr1BZlHd pic.twitter.com/g7DoRdtwxE — Mansion Global (@MansionGlobal) December 5, 2017 The market strength was largely due to sellers’ concessions, according to Jonathan Miller, chief executive of real estate appraisal firm Miller Samuel and author of the Douglas Elliman report. “Sellers are more in sync with current market conditions than they were a few years ago,” he said“By discounting their ‘aspirational prices,’ they are actually selling.” Listing discounts, the discounts of the sales price from last listing price, was 13.5% in the fourth quarter, more than double what it was in the final three months of 2016  Meanwhile, the 19 luxury sales lingered on the market for an average 310 days, compared to 164 days in the fourth quarter of 2016“It seems that old listings were cleared, ” MrMiller said. A lot of overpriced listings that didn’t sell just exited from the market, according to MrMillerThere were 126 luxury homes available for sale in the fourth quarter, down from 204 recorded in the same period of 2016. More: Private Island off of Connecticut Returns to the Market Asking $8.7M As a result, the absorption rate, the time it takes to sell listing inventory at the current moving pace, fell to 19.9 months in the fourth quarter, from 2016’s 38.3 months. In the general market, median sales prices of single-family homes in Greenwich stood at $1.8 million at the end of 2017, increasing 13.4% from a year agoThe number of transactions in this sector rose 19.3% year-over-year to 136. “Sales in Greenwich were noticeably stronger than they had been in the past, with heavy volume and the fastest-paced market in 12 years,” said Scott Durkin, president and chief operating officer of Douglas Elliman. Follow Mansion Global: Facebook | Twitter | Instagram | LinkedIn | MessengerWrite to us: info@mansionglobal.com Stay up to date with Mansion Global newsletters Sign Up Related TagsConnecticutMarket ReportsPrice TrendsCondoSingle Family HomeContact our Sales Team Sign up for the Mansion Global newsletter_function load_main_footer(){ var opts = { top: '50%' // Top position relative to parent , left: '50%' // Left position relative to parent , shadow: false // Whether to render a shadow , hwaccel: false // Whether to use hardware acceleration , position: 'relative' // Element positioning } $("#spinner_main_footer").spin(opts); $('#main_footer_link').click(); } $(document).ready(function () { load_main_footer(); }); default_locale = "en"; locale = "en"; //listhub Metric Provider Id set window.metricsProviderId = function () { return $('#metrics-provider-id').val(); }; //listhub Metric Tracking - boolean window.metricsTracking = function () { return $('#metrics-tracking').val(); }; //listhub lh var set to be used in application (function (l, i, s, t, h, u, b) { l['ListHubAnalyticsObject'] = h; l[h] = l[h] || function () { (l[h].q = l[h].q || []).push(arguments) }, l[h].d = 1 * new Date(); u = i.createElement(s), b = i.getElementsByTagName(s)[0]; u.async = 1; u.src = t; b.parentNode.insertBefore(u, b) })(window, document, 'script', '//tracking.listhub.net/la.min.js', 'lh');(function() { var loadContactSalesModalOverlay; I18n.defaultLocale = default_locale; I18n.locale = locale; Locale.set(locale); new MG.GooglePublisherTagObserver(); $(function() { var flux, searchStore; flux = MG.SearchFlux.getInstance(); searchStore = flux.store("searchStore"); return ReactDOM.render(React.createElement(MG.Components.ModalSearchDriver, { flux: flux }), $('.js-modal-container')[0]); }); loadContactSalesModalOverlay = function() { if ($('.home-sales-contact-form-button-link').length > 0 && $('#home-sales-contact-form-overlay').length > 0) { new MG.ModalOverlay($('.home-sales-contact-form-button-link'), $('#home-sales-contact-form-overlay')); new MG.ContactSalesForm; } }; new CodeLoader(loadContactSalesModalOverlay, 'mg.async', true); }).call(this); var cX = cX || {}; cX.callQueue = cX.callQueue || []; var cXenseID = "73513a4d797d5acfdea3060c9a6757977f1e6ab3";new MG.QRSocialSharing('.social-share-button-wechat', "Share to WeChat", "Scan the QR code to share"); $(window).on('mg.shorten-url-updated', function () { //Change the twitter url $('.social-share-button .ssb-twitter').data('url', $("meta[name='shortened-url']").attr('content')) //Change the share-by-email url value and re-compile the directive $('#mg-share-by-email').attr('mg-url', $("meta[name='shortened-url']").attr('content')) MG.compileAngularDirectives("#mg-share-by-email") })var locale = I18n.locale; if(locale != 'es') { console.log("HotJar script called."); (function (h, o, t, j, a, r) { h.hj = h.hj || function () { (h.hj.q = h.hj.q || []).push(arguments) }; h._hjSettings = {hjid: Number("177347"), hjsv: 5}; a = o.getElementsByTagName('head')[0]; r = o.createElement('script'); r.async = 1; r.src = t + h._hjSettings.hjid + j + h._hjSettings.hjsv; a.appendChild(r); })(window, document, '//static.hotjar.com/c/hotjar-', '.js?sv='); }var targetingCriteria = [{"name":"entityType","value":"Article"},{"name":"entityId","value":"86155"},{"name":"location","value":["market-connecticut"]},{"name":"subject","value":["subject-market-reports","subject-price-trends"]},{"name":"property-type","value":["property-type-condo","property-type-single-family-home"]},{"name":"content-type","value":["content-type-article"]},{"name":"integration","value":["apple-news"]}];window.twttr = (function(d, s, id) {var js, fjs = d.getElementsByTagName(s)[0],t = window.twttr || {};if (d.getElementById(id)) return t;js = d.createElement(s);js.id = id;js.src = "https://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js, fjs);t._e = [];t.ready = function(f) {t._e.push(f);};return t;}(document, "script", "twitter-wjs")); var initialArticleAmpUrl = "https://www.mansionglobal.com/amp/articles/surge-in-luxury-home-prices-in-greenwich-connecticut-86155"; var initialArticleTitleForInfiniteScroll = 'Surge in Luxury Home Prices in Greenwich, Connecticut'; var initialArticleUrlForInfiniteScroll = window.location.href; var show_inline_carousel_arrows = "false"; var articleHasVideo = "false" === 'true';(function() { var trackSubscribe; new MG.ModalOverlay($('.subscribe-shortcode-button'), $('#newsletter-modal')); trackSubscribe = function() { return utag.track("link", { link_name: "Subscribe_Newsletter_Sign_Up" }); }; $('.news-subscribe-button-js').click(trackSubscribe); $(function() { var heroCarousel; if (MG.Breakpoints.isMediumAndDown()) { $('.slide-adv').remove(); } if ($('.article-header-carousel').length > 0) { heroCarousel = new MG.HeroCarousel($('.js-article-carousel-header'), { centerMode: false, prevArrow: "", nextArrow: "", appendArrows: $('.article-header-carousel .hero-carousel-container .hero-carousel'), forceArrows: true, trackArrows: true, clearClonedSlides: articleHasVideo, autoplay: false, userControl: true }); new MG.ArticleHero($('.article-header-carousel'), heroCarousel); } if ($('.article-inline-carousel').length > 0) { heroCarousel = new MG.HeroCarousel($('.js-article-carousel-inline'), { centerMode: false, prevArrow: "", nextArrow: "", appendArrows: $('.article-inline-carousel .hero-carousel-container .hero-carousel'), arrows: show_inline_carousel_arrows === 'true', forceArrows: true, trackArrows: true, clearClonedSlides: true, autoplay: false, userControl: true }); new MG.ArticleHero($('.article-inline-carousel'), heroCarousel); } return new MG.ArticleSticky(); }); }).call(this); function loadLazyElements(spinner_opts) { $("#spinner_starred_articles").spin(spinner_opts); $('#show_starred_articles_link').click(); $("#spinner_sponsored_content").spin(spinner_opts); $('#show_sponsored_content_link').click(); $("#spinner_secondary_listings_of_interest").spin(spinner_opts); } $(document).ready(function () { var articleUrl = "https://www.mansionglobal.com/articles/86155-surge-in-luxury-home-prices-in-greenwich-connecticut"; MG.initShortenUrl(articleUrl); var opts = { top: '50%' // Top position relative to parent , left: '50%' // Left position relative to parent , shadow: false // Whether to render a shadow , hwaccel: false // Whether to use hardware acceleration , position: 'relative' // Element positioning } loadLazyElements(opts); //Secondary listings of interest new Waypoint({ element: document.getElementById('secondary_listings_of_interest'), handler: function (direction) { $('#show_secondary_listings_of_interest_link').click(); this.destroy() }, offset: 'bottom-in-view' }) });$('.js-side-menu-topic-pages').slick({ arrows: false, dots: true });$(function () { $('.global-side-menu__language-selector .chosen-container-single').on('click', function(){ if( $('.global-side-menu__language-selector .chosen-drop').css('left') == "-9999px" ) { $('.global-side-menu__language-selector').removeClass('global-side-menu__item--open') } else { $('.global-side-menu__language-selector').addClass('global-side-menu__item--open') } }); });CustomModalMount(document.getElementById('custom-modal'));MG.SearchFlux.getInstance().store('searchStore').setSearchEndpoint("/search"); var searchPath = "/search"; var searchForm = React.createElement(MG.Components.HomeSearchDriver, {maxSuggestions: 3, showStaticSuggestions: false, searchPath: searchPath, blockModifier: "global", hasAnimatedSuggestions: true, flux: MG.SearchFlux.getInstance()}); ReactDOM.render(searchForm, $(".js-global-search")[0]);function loadRecaptcha() { grecaptcha.render("js-recaptcha-sales-contact", { 'sitekey': "6LfJfyoUAAAAAPar3s-3CZh5Od2IUpJ0nWUTDtwT" }); } if (typeof grecaptcha != 'undefined') { loadRecaptcha(); } else { $(window).on('mg.recaptchaOnLoad', function () { loadRecaptcha(); }); }(function () { var apiKey = "newscorp.".concat(vidoraApiKey()); // Initialize Proyect Hamilton Snippet (function (a, b, c, d, e) { var f = {_q: []}; f.ready = f.push = function (a) { f._q.push(a) }, c in a || (a[c] = f), a[c].ready(function (a, b) { b._i(d, e) }) })(window, document, "vidora", apiKey); })();var onRecaptchaLoad = function(){ $(window).trigger('mg.recaptchaOnLoad'); }window.dispatchEvent(new Event('mg.async'))

Trending Connecticut News:


  • Connecticut Water CEO resigns, take jobs in San Jose
  • Sources: Aetna exploring significant office presence in Boston
  • CoStar's People of Note (Feb. 26-March 3)
  • ‘Battered and bruised,’ real estate market on slow rebound
  • Friday's Storm Wreaks Havoc At Torrington Cemetery
  • 2 men get prison for Conn. mortgage frauds
  • Did Trump's N.J. business losses help him not pay income taxes for years?
  • Westport, CT Real Estate: Newly Listed Homes for Sale
  • Starkey family sells Pasco ranch for $54 million
  • Animation studio to expand in Conn. with state aid
  • Real Estate Industry Veteran to Join Goldrich Kest Team
  • Shoreline Officials Want To Hit The Brakes On Federal Railroad Proposal
  • Greenwich maintaining real estate independence
  • EXIT Realty Pinnacle Joins Berkshire Hathaway HomeServices Real Estate Brokerage Network
  • Dream Home In Stamford Connecticut
  • Manchester, CT Real Estate: Newly Listed Homes for Sale
  • Trump to make 1st Connecticut debut as president
  • Real Estate Review: Lisa Rinaldini of Coldwell Banker Premiere a consistent top seller
  • CT homeowners scramble to prepay property taxes by year’s end
  • Bipartisan CT budget talks run out of steam again