Douglas Elliman Releases Q2 2017 Fairfield County and Greenwich, CT Sales Market Report

NEW YORK, July 20, 2017 /PRNewswire/ -- Douglas Elliman Real Estate, the largest brokerage in the New York Metropolitan area and the fourth largest residential real estate company nationwide, today releases the second quarter 2017 Fairfield County and Greenwich Sales Market Report. Fairfield County continued to show heavy sales volume, with the second highest number of sales in a dozen years, while Greenwich sales remained stable, including the luxury market.

"In Fairfield County, we saw a sharp rise in median sales prices across all property types, with a surge in new contracts and a slightly faster marketing time," said Scott Durkin, Elliman's Chief Operating Officer. "In general, prices were higher than they were a year ago."

Greenwich showed stable conditions from mixed price trends and a slight decline in sales and inventory.  "There was a large decline in luxury listings, which is a great sign as overpriced inventory expired, removing confusion for buyers," said Jonathan Miller, author of the reports.  "Older listings were snapped up, as sellers met buyers in the market.  In addition to more realistic pricing in luxury, Greenwich experienced a jump in condo pricing, along with some mixed results in single family price trends.  Areas such as Byram, Pemberwick and Glenville saw rapid acceleration in the pace of the market."

"In other words," added Durkin, "sales, inventory and price conditions in the Greenwich luxury market showed relative stability, which in itself is an improvement over conditions a year ago."

Highlights of the Douglas Elliman Q2 Market Reports:

FAIRFIELD COUNTY SALES

Overview
- Second most second quarter sales in 12 years
- Lowest second quarter inventory in 12 years
- Sharp rise in median sales price across property types and luxury
- Surge in new contracts with slightly faster marketing time

Key Trend Metrics (compared to same year ago period)
- Median sales price jumped 23.6% to $445,000
- Number of sales declined 15.4% to 3,335
- Days on market was 106, down from 110
- Listing discount was 4.2%, unchanged
- Listing inventory fell 7.7% to 5,972

GREENWICH SALES

Overview
- Single family price trends showed mixed results as condo prices jumped
- Single family sales slipped slightly as condo sales remained stable
- Listing inventory slipped across property types with unusually large drop in luxury as more overpriced
listings expired
- Luxury price trends rose largely from a similar rise in average sales size
- Luxury days on market jumped as older listings were snapped up as sellers met buyers at the market.
- Areas such Byram, Pemberwick and Glenville saw rapid acceleration in pace of market

Key Trend Metrics (compared to same year ago period)
SINGLE FAMILY
- Median sales price nominally slipped 0.8% to $1,757,000
- Number of sales declined 4.1% to 162
- Days on market was 169, unchanged
- Listing discount was 5.9%, up from 5.5%
- Listing inventory decreased 2.7% to 660
CONDO
- Median sales price rose 11.8% to $760,000
- Number of sales were unchanged at 39
- Days on market was 137, up from 90
- Listing discount was 2.9%, down from 3.3%
- Listing inventory declined 2.4% to 123

About Douglas Elliman Real Estate
Established in 1911, Douglas Elliman Real Estate is the largest brokerage in the New York Metropolitan area and the fourth largest residential real estate company nationwide. With more than 6,500 agents, the company operates approximately 90 offices in Manhattan, Brooklyn, Queens, New Jersey, Long Island, the Hamptons & North Fork, Westchester, Greenwich, South Florida, Colorado and Beverly Hills. Moreover, Douglas Elliman has a strategic global alliance with London-based Knight Frank Residential for business in the worldwide luxury markets spanning 59 countries and six continents. The company also controls a portfolio of real estate services including Douglas Elliman Development Marketing; Manhattan's largest residential property manager, Douglas Elliman Property Management with over 250 buildings; and DE Commercial. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, please visit www.elliman.com.

SOURCE Douglas Elliman

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