Solid Market in Southeast CT with Surge in Pending Sales and Decline in Luxury Inventory

Douglas Elliman Real Estate, the largest brokerage in the New York Metropolitan area and the third largest residential real estate company nationwide, today releases the first quarter 2018 Fairfield County and Greenwich Sales Market Reports.

Though there were fewer sales year-over-year, the Greenwich market was strong with late-quarter pending sales of single family homes. Single family median and average sale prices rose 8 percent year-over-year, and the luxury market in Greenwich also saw an increase in average and median sale prices. In Fairfield County, overall inventory continued to fall, much like the national market, with prices pressing higher.

“The Greenwich and Fairfield County markets looked solid this quarter,” said Scott Elwell, Douglas Elliman’s Senior Executive Regional Manager of Westchester and Connecticut. “Much like Manhattan, there was a drop in year-over-year sales for Greenwich. Although single family sales fell, pending sales of those homes surged, creating a bit of an offset for next quarter’s closings. It’s likely that the market hesitation last fall was due to the new tax law and rising mortgage rates causing a pause.”

Condos saw the same decline in closings but lacked the contract uptick seen by single family homes. The luxury market continued to be the weakest segment based on softer price trends and rising supply.

“A robustsign of market improvement has been the decline in luxury inventory as overpriced supply continued to exit the market with sales,” said Jonathan Miller of Miller Samuel Inc., the author of the report.

Highlights of the Douglas Elliman Q1Market Reports:

FAIRFIELD COUNTY SALES

Overview

- Eighth consecutive year over year decline in quarterly listing inventory
- Fifth consecutive annual rise in quarterly median sales price
- Fasted paced first quarter in fourteen years of tracking it

- Luxury median sales price declined for first time in a year as inventory expanded

- Surge in luxury new contracts signed in first quarter over year ago total

Key Trend Metrics (compared to same year ago period)

- Median sales price rose 1.3% to $385,000

- Number of sales slipped 3.4% to 2,021
- Days on market was 145, up from 118
- Listing discount was 4.6%, down from 5.3%

- Listing inventory fell 8.6% to 4,609

GREENWICH SALES

Overview

- Single-family price trend indicators moved higher as listing inventory slipped
- Single-family sales fell sharply as pending sales jumped
- Condo price trend indicators slid skewed by decline in average sales size
- Condo inventory expanded as sales declined

- Luxury price trend indicators posted large gains as rise in marketing reflect sell off of old listings

- Sixth year over year quarterly decline in luxury inventory as overpriced listings exited the market

Key Trend Metrics (compared to same year ago period)

SINGLE FAMILY

- Median sales price rose 8.3% to $2,025,000

- Number of sales fell 22.2% to 98

- Pending sales surged 18.4% to 103
- Days on market was 211, up from 206
- Listing discount was 5.9%, down from 7.9%

- Listing inventory slipped 3% to 546

CONDO

- Median sales price declined 4.3% to $718,438

- Number of sales fell 38.5% to 24

- Pending sales remained unchanged at 24
- Days on market was 164, up from 134
- Listing discount was 5.5%, up from 3.8%

- Listing inventory rose 20.2% to 107

About Douglas Elliman Real Estate

Established in 1911, Douglas Elliman Real Estate is the largest brokerage in the New York Metropolitan area and the third largest residential real estate company nationwide. With more than 7,000 agents, the company operates approximately 113 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.