A Closer Look at Fairfield County’s 2022 Ultra-Luxury Performance and Expert Predictions for This Year
Sometimes it feels like spring is when the year truly starts. In places that have distinct seasons especially, the rebirth of nature and the warming temperatures seem to bring everything to life in a more vibrant way, including real estate.
As the spring market begins to bud, we’re looking back at Fairfield County (excluding Greenwich) and Greenwich’s ultra-luxury real estate stats for 2022 and sharing what top-performing Compass agents predict for this year going forward.
Fairfield County (Excluding Greenwich)
Ultra-Luxury 2022 Stats:
Total $10M+ sales volume: $33M
Top Compass sale: $10.8M closing (Brian Milton repped seller and buyer)
“While we keep hearing the market is shifting in favor of buyers, in Fairfield County we’re still experiencing very low inventory and very high demand. Cash is king and the most affluent and liquid buyers feel comfortable bidding up and taking higher risk in their offers; that said, the Fairfield County high-end market is largely dependent on Wall Street, and year-end bonuses will be a strong indicator of residential sales in the near future.” – Hyleri Katzenberg
“The ultra-luxury market in Fairfield County remains robust and we anticipate this market activity continuing in 2023. The key factors are the unprecedented low supply of luxury homes to meet the needs of the luxury buyers from California, New York, New Jersey and within Fairfield County towns. Private exclusive listings are highly sought after, often closing at record-breaking sale prices.” – Karen Scott
“Even though there is low inventory across the board in Fairfield County, the high-end market seems poised for additional expansion in 2023. We are starting the year with 21 active listings above $10 million, with an average list price just over $19 million. This is significantly higher than the average $11 million to $14 million sales prices for the past four years.” – Deirdre Andreoli
Ultra-Luxury 2022 Stats:
Total $10M+ sales volume: $109.24M
Top Compass sale: $17.61M (Brian Milton repped seller, Yashmin Lloyds repped buyer)
“The 2022 Greenwich market was extremely competitive, with continued high demand and limited inventory. A pool of luxury buyers from our main feeder markets (New York, Florida, the UK) who actively look and are ready to move quickly fed this demand. I anticipate an aggressive, challenging spring market where strategy, momentum, and motivation will be key factors for buyers’ success.” – Yashmin Lloyds
“Luxury never goes away. The dollar volume may reduce in a down market, but buyers looking over $10 million still want the very best. When interest rates were historically low, prices just kept going up and sellers reaped the reward for renovating or building at the pinnacle of quality. With interest rates now rising, it may take longer to sell these properties but for the buyer who wants a certain lifestyle, these purchases still happen.” – Shelly Tretter Lynch
“In recent years, Greenwich has clearly re-established itself as one of the premier luxury and ultra-luxury real estate markets in the country. Demand for this caliber of properties remains incredibly high, while supply remains incredibly low. This will push prices even higher in 2023, which is further evidence of the fact that real estate is hyperlocal.” – Kevin Sneddon
So, who is buying in these $10M+ markets and why?
Top Connecticut agent Brian Milton shares, “There are many categories of buyers looking in the $10 million-plus market. The majority of them are looking for high-level construction that is even more costly today to replicate, compared to the cost when the asset was originally built. This equates to value that holds in any market because it can not be replaced for what they may be able to purchase it for. Another amenity desired is either a significant amount of land to insulate the house for privacy or a waterfront.”