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

Date: Jul 20, 2017

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

Heavy Sales Volume in Fairfield County; Luxury market stabilizing in Greenwich

New York, NY (July 20, 2017) -- Douglas EllimannReal 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:
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FAIRFIELD COUNTY SALES

Overview

- Second mostsecond quarter sales in 12 years

- Lowestsecond quarter inventory in 12 years

- Sharp rise in median salesprice across property types and luxury

- Surge in new contractswith slightly faster marketing time

Key TrendMetrics (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

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GREENWICH SALES

Overview

- Singlefamily price trends showed mixed results as condo prices jumped

- Singlefamily sales slipped slightly as condo sales remained stable

- Listinginventory slipped across property types with unusually large drop in luxury asmore overpriced listings expired

- Luxury pricetrends rose largely from a similar rise in average sales size

- Luxury dayson market jumped as older listings were snapped up as sellers met buyers at themarket.

- Areas suchByram, Pemberwick and Glenville saw rapid acceleration in pace of market

Key TrendMetrics (compared to same year ago period)

SINGLEFAMILY

-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%

- Listinginventory 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 declined2.4% to 123

About Douglas Elliman Real Estate

Established in 1911, Douglas Elliman Real Estate isthe largest brokerage in the New York Metropolitan area and the fourth largestresidential real estate company nationwide. With more than 6,500 agents, thecompany operates approximately 90 offices in Manhattan, Brooklyn, Queens, NewJersey, Long Island, the Hamptons & North Fork, Westchester, Greenwich,South Florida, Colorado and Beverly Hills. Moreover, Douglas Elliman has astrategic global alliance with London-based Knight Frank Residential for businessin the worldwide luxury markets spanning 59 countries and six continents. Thecompany also controls a portfolio of real estate services including DouglasElliman Development Marketing; Manhattan’s largest residential propertymanager, Douglas Elliman Property Management with over 250 buildings; and DECommercial. For more information on Douglas Elliman as well as expertcommentary on emerging trends in the real estate industry, please visit www.elliman.com.

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