Market slowdown in Old Greenwich?

One sale certainly doesn’t amount to anything more than a data point, but the history of 14 Kernan Place, reported as under contract, may still be indicative of something … maybe.

In 2014, Kernan sold for $2,131,500 after just thirteen days. This time, the owner placed it on the market for $2.195 in July, 2018, and had to drop it to $1.7 million and wait eleven months before a buyer appeared. A drop in value of $431,500 over five years isn’t encouraging, and that number assumes that the house is selling for full asking price; it almost certainly isn’t.