William Raveis isn't impressed with the current Greenwich real estate market, either

We’re going to disney world!

We’re going to disney world!

In fact, their statistics are as depressing as those cited by David Huffinpuffer, two posts below.

Per Ryan Raveis:

“Median sales prices last year stayed about the same,” he said, “but average sales prices were down significantly.”

Raveis said there was no doubt that Fairfield County’s richer municipalities have been adversely affecting the big picture in the residential market. According to sourceMLS, while locales like Bethel and Bridgeport posted average sales prices up in both by 8 percent from 2017, Greenwich’s average sales price last year was down 8 percent from 2017. Old Greenwich fell by a little less than 12 percent and, while Darien was down just 3 percent, its number of unit sales declined by nearly 15 percent.

Part of the reason, Raveis said, is that “wealthier folks are leaving the state, and those who are replacing them don’t have the same level of income.”

According to data from the Internal Revenue Service, $2.6 billion in adjusted gross income was lost to other states as Connecticut experienced a net loss of roughly 20,179 residents in 2015. The largest group of tax filers leaving the state were those earning over $200,000 per year: between 2015 and 2016, the state saw a net loss of 2,050 tax filers earning at least that much money each year, the most since the IRS began tracking that income bracket.

“I don’t think anybody wants to die in this state,” Raveis said. “That’s why you see so many Florida and North Carolina license plates when you’re driving here in the summer — those people live most of the year outside of Connecticut.”

The ongoing perception that Connecticut as a whole is not business friendly, as evidenced by the exit of General Electric and the staff reductions at UBS and RBS, and doubts about its fiscal future thanks to the ongoing budget deficit, have had a deleterious effect, he added.

“A CEO who’s looking to move his company knows that this isn’t a particularly business-friendly environment,” Raveis declared. “And older, wealthier baby boomers are leaving.” Whether those attitudes will change under new Gov. Ned Lamont remains uncertain, he added: “I think everyone’s waiting to see what the new governor does.”