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Douglas Elliman Releases Q3 2017 Fairfield County and Greenwich, CT Sales Market Reports

Date: Oct 19, 2017

Douglas Elliman Releases Q3 2017 Fairfield County and Greenwich, CT Sales Market Reports

Heavy Sales Volume in Fairfield County; Price trends movedhigher in Greenwich

New York, NY (October 19, 2017) -- Douglas Elliman RealEstate, the largest brokerage in the New York Metropolitan area and the fourthlargest residential real estate company nationwide, today releases the third quarter2017 FairfieldCounty and Greenwich Sales Market Reports. The reportsrevealed that Fairfield County continued to show heavy sales volume, while inGreenwich price trends moved higher, including the luxury market.

“In Fairfield County, sales volume remained very high as inventorysimply couldn’t keep up. In fact, the report showed the lowest third quarterinventory in twelve years,” said Scott Durkin, Elliman’s Chief OperatingOfficer. “The higher-end markets sawthe least volume, but we did see signs of a recovering luxury market asoverpriced listings continued to exit the market.”

The third quarter reports also revealed the fastest paced third quartersince 2005 for Fairfield Country, and luxury price trend indicators on therise. In Greenwich, price trends moved higher, including the luxury market.

“The luxury inventory fell sharply in Greenwich this quarter, excluding alot of overpriced inventory,” said Jonathan Miller, author of the reports. “Wealso saw marketing time edging higher as many buyers are choosing to wait for themarket to normalize. Backcountry remained the weakest luxury submarket.”

Highlights of theDouglas Elliman Q3 Market Reports:
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FAIRFIELD COUNTY SALES

Overview

• Second most third quarter sales in 11 years
• Lowest third quarter inventory in 12 years
• Fastest paced third quarter market since 2005

• Luxury price trend indicators continued to rise
• Luxury marketing time jumped as listing inventory fell sharply

Key Trend Metrics (compared to same year ago period)

- Median sales price rose 0.6% to$410,000

- Number of sales edged up 1.2% to3,361
- Days on market was 119, up from 104
- Listing discount was 4.4%,up from 4.3%

- Listing inventory fell 3.3% to 5,611

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GREENWICH SALES

Overview

• Single family price trend indicators moved higher
• Single family marketing time and negotiability increased
• Condo price trend indicators slipped as sales surged
• Condo inventory and negotiability expanded

• Luxury price trend indicators expanded as listing inventorycontinued to fall sharply
• Luxury average sales size remained stable as marketing timeand negotiability declined

Key Trend Metrics (compared to same year ago period)

SINGLE FAMILY

- Median sales price rose 4.3% to$1,795,000

- Number of sales fell 23.7% to 145
- Days on market was 151, up from 149
- Listing discount was 6.4%, up from 5.6%

- Listing inventory rose 1% to 620

CONDO

- Median sales price declined 3.2% to$730,750

- Number of sales surged 34.9% to 58
- Days on market was 122, down from 132
- Listing discount was 7.7%, up from 4.2%

- Listing inventory rose 4.8% to 109

AboutDouglas Elliman Real Estate

Established in 1911, Douglas Elliman Real Estate is thelargest brokerage in the New York Metropolitan area and the fourth largestresidential real estate company nationwide. With more than 7,000 agents, thecompany operates approximately 110 offices in Manhattan, Brooklyn, Queens, NewJersey, Long Island, the Hamptons & North Fork, Westchester, Greenwich,South Florida, Colorado and California. Moreover, Douglas Elliman has astrategic global alliance with London-based Knight Frank Residential forbusiness in the worldwide luxury markets spanning 60 countries and sixcontinents. The company also controls a portfolio of real estate servicesincluding Douglas Elliman Development Marketing; Manhattan’s largestresidential property manager, Douglas Elliman Property Management with over 250buildings; and DE Commercial. For more information on Douglas Elliman as wellas expert commentary on emerging trends in the real estate industry, pleasevisit elliman.com.

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