Real Estate Retrospective 10 years of Greenwich Real Estate 2000-2010
prepared by
Linda Davison Michonski Sotheby’s International Realty
Summer 2010 Dear friends: This report is intended to provide more than just the factual data behind the Greenwich real estate market. It puts that data into perspective. It shows not just how far we have fallen, but also how far we have come over the last decade. It provides the long term viewpoint required of non-speculative owners and buyers who want to look beyond the monthly and quarterly numbers to understand better what they all mean. To understand a specific home’s value within the context of this overall market requires a detailed and thorough review of the home’s components, which review I provide. Whether your desire is to obtain a Broker’s Opinion of Value (“BPO”) for estate planning purposes, family planning, refinancing or potential sale, I am pleased to provide this service. Just call me at 203-561-0694 or e-mail me at Linda.Michonski@SothebysHomes.com. For a more detailed understanding of any aspect of the Greenwich market, contact me and we can speak in confidence assured of being fully informed. Sincerely, Linda Davison Michonski Sotheby’s International Realty
Single Family Homes Market Data
Single Family Homes: Greenwich, CT Median* Price
$2.5
Prices (in Millions $)
$2.0
$1.5
$1.0
$0.5
Year
Median* Price
2000
$1,075,000
2001
$1,120,000
2002
$1,130,000
2003
$1,240,000
2004
$1,650,000
2005
$1,800,000
2006
$1,900,000
2007
$2,295,000
2008
$1,900,000
2009
$1,675,000
2010**
$1,695,000
** 20 10
20 09
20 08
20 07
20 06
20 05
20 04
20 03
20 02
20 01
20 00
$0.0
Years * Median Price: that price above and below which 50% of the single family sales occurred during this year. It is a price estimated yearly by the Greenwich Multiple Listing Service. ** 2010 figures are through June 30, 2010 All data courtesy of the Greenwich Multiple Listing Service.
Single Family Homes: Greenwich, CT Average* Price $3.5 Year
Average* Price
2000
1,729,157
2001
1,642,651
2002
1,840,554
2003
1,831,552
2004
2,340,120
2005
2,577,872
2006
2,687,400
$1.0
2007
3,012,134
2008
2,818,934
$0.5
2009
2,689,619
2010**
2,497,667
Prices (in Millions $)
$3.0 $2.5 $2.0 $1.5
20 09
20 08
20 10 **
Years
20 07
20 06
20 05
20 04
20 03
20 02
20 01
20 00
$0.0
* Average Price: the selling price of all single family homes divided by the number of sales in that years. ** 2010 data is through June 30, 2010. All data courtesy of the Greenwich Multiple Listing Service.
Single Family Homes: Greenwich, CT Unit* Sales 900
Units
800
Year
Number of Units
2000
774
700
2001
649
600
2002
747
2003
737
500
2004
832
400
2005
738
2006
600
300
2007
629
200
2008
399
2009
329
2010**
456
100
Years
* Unit: one single family home sale ** 2010 data is through June 30, 2010 and then annualized. All data courtesy of Greenwich Multiple Listing Service.
20 10 **
20 09
20 08
20 07
20 06
20 05
20 04
20 03
20 02
20 01
20 00
0
Single Family Home: Greenwich, CT Volume of Sales*
$2,000
$1,500
$1,000
$500
Year
Volume of Sales
2000
$1,338,367,642
2001
$1,066,081,049
2002
$1,374,894,259
2003
$1,349,853,499
2004
$1,946,979,758
2005
$1,902,469,658
2006
$1,612,440,198
2007
$1,894,631,985
2008
$1,124,754,665
2009
$884,884,711
2010**
Years
20 10 **
20 09
20 08
20 07
20 06
20 05
20 04
20 03
20 02
20 01
$0 20 00
Sales Volume (in Millions)
$2,500
$1,138,936,060
Single Family Homes: Greenwich, CT New Listings* 1,400 Year
# of New Listings
2000
1,084
1,000
2001
1,083
2002
1,095
800
2003
1,033
2004
1,090
2005
1,105
2006
1,065
2007
1,010
2008
877
New Listings
1,200
600 400 200
2009 2010**
Years
* Listings: only single family homes, no condos and coops. ** 2010 data is as of June 29,2010 and then annualized. All data courtesy of the Greenwich Multiple Listing Service.
** 20 10
20 09
20 08
20 07
20 06
20 05
20 04
20 03
20 02
20 01
20 00
0
897 1,328
Condo and Coop Market Data
Condos and Coops: Greenwich, CT Median* price $800
Median Price (in Thousands)
$700 $600 $500 $400 $300 $200 $100
** 20 10
20 09
20 08
20 07
20 06
20 05
20 04
20 03
20 02
20 01
20 00
$0
Years
* Median price: that price above and below which 50% of unit sales occur in any one year. **2010 figures are through June 30, 2010. All data courtesy of the Greenwich Multiple Listing Service
Year
Median* price
2000
$381,000
2001
$475,000
2002
$477,000
2003
$550,000
2004
$592,500
2005
$606,250
2006
$700,000
2007
$740,000
2008
$725,000
2009
$594,500
2010**
$649,000
Condos and Coops: Greenwich, CT Average* price
Average Prices (in Thousands)
$1,200
$1,000
$800
$600
$400
$200
20 10 **
20 09
20 08
20 07
20 06
20 05
20 04
20 03
20 02
20 01
20 00
$0
Years
* Average: volume of all sales volume for coops/condos divided by the number of unit sales ** 2010 figures are through June 30, 2010. All data courtesy Greenwich Multiple Listing Service
Year
Average price
2000
$441,101
2001
$511,598
2002
$582,410
2003
$611,140
2004
$714,372
2005
$817,620
2006
$919,820
2007
$1,020,951
2008
$919,786
2009
$812,701
2010**
$691,295
Condos and Coops: Greenwich, CT Unit* Sales 300
250
Units
200
150
100
50
Years
* Unit: one condo or coop home sale ** 2010 figures are through June 30,2010 and then annualized. All data courtesy the Greenwich Multiple Listing Service
20 10 **
20 09
20 08
20 07
20 06
20 05
20 04
20 03
20 02
20 01
20 00
0
Year
Number of Units
2000
218
2001
180
2002
239
2003
236
2004
231
2005
261
2006
213
2007
184
2008
123
2009 2010**
91 152
Condos and Coops: Greenwich, CT Volume of Sales*
Sales Volume (in Millions)
$250
$200
$150
$100
$50
Year
Sales Volume
2000
$96,160,050
2001
$92,087,819
2002
$139,196,087
2003
$144,229,035
2004
$165,019,890
2005
$213,398,717
2006
$195,921,658
2007
$187,855,037
2008
$113,133,624
2009
$73,955,833
2010**
Years
* Sales: closing for only condos and coops, no single family homes ** 2010 data is through June 30, 2010 and then annualized for comparison purposes. All data courtesy of the Greenwich Multiple Listing Service.
** 20 10
20 09
20 08
20 07
20 06
20 05
20 04
20 03
20 02
20 01
20 00
$0
$105,076,784
Condo/Coops: Greenwich, CT New Listings*
400 350
New Listings
300 250 200 150 100 50
Years
* Listings: includes no single family homes, only condos and coops. ** 2010 data is through June 30, 2010 and then annualized for comparison purposes. All data courtesy of the Greenwich Multiple Listing Service
20 10 **
20 09
20 08
20 07
20 06
20 05
20 04
20 03
20 02
20 01
20 00
0
Year
# of New Listings
2000
236
2001
254
2002
291
2003
264
2004
326
2005
342
2006
346
2007
323
2008
301
2009
261
2010**
344
Overall Greenwich Market Summary Single family, Condo and Coop: Market Data
Combined Single family, condos, coops: Greenwich, CT Unit* Sales 1200 Year 1000
Units
800
600
400
200
Years
* Unit: one single family, condo or coop home sale ** 2010 figures are through June 30, 2010 and then annualized All date is courtesy the Greenwich Multiple Listing Service
20 10 **
20 09
20 08
20 07
20 06
20 05
20 04
20 03
20 02
20 01
20 00
0
Number of Units
2000
992
2001
829
2002
986
2003
973
2004
1063
2005
999
2006
813
2007
813
2008
522
2009
420
2010**
608
Combined Single Family, Condos Coop: Greenwich, CT Volume of Sales* $2,500 Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010**
Prices (in Millions)
$2,000
$1,500
$1,000
$500
Years
*Volume of Sales: closing price for single family, condos and coops combined **NOTE: 2010 data is through June 30, 2010 and then annualized for comparison purposes. All data courtesy of the Greenwich Multiple Listing Service.
20 10 **
20 09
20 08
20 07
20 06
20 05
20 04
20 03
20 02
20 01
20 00
$0
Volume of Sales $1,434,527,692 $1,158,168,868 $1,514,090,346 $1,494,082,534 $2,111,999,648 $2,115,868,375 $1,808,361,856 $2,082,487,022 $1,237,888,289 $958,840,544 $1,244,012,844
Combined Single family, condos, coops: Greenwich, CT New Listings* 1,800 Year # of New Listings 2000 1,320 2001 1,337 2002 1,386 2003 1,297 2004 1,416 2005 1,447 2006 1,411 2007 1,333 2008 1,178 2009 1,158 2010** 1,672
1,600
New Listings
1,400 1,200 1,000 800 600 400 200
Years
* Listings: includes single family homes, condos and coops. ** 2010 data is through June 30, 2010 and then annualized for comparison purposes. All data courtesy of the Greenwich Multiple Listing Service.
** 20 10
20 09
20 08
20 07
20 06
20 05
20 04
20 03
20 02
20 01
20 00
0
Greenwich Market Data Year by year market summaries
Greenwich Real Estate Market Report Jan - June 30, 2010 Listings 2010
2009 # of New Listings # New Single Family Listings # New Condo/Coop Listings Combined Total New Listings
% Change
532 127 659
664 Up 172 Up 836 Up
25% 35% 27%
228 Up 76 Up 304 Up
135% 95% 124%
$569,468,030 Up $52,538,392 Up $622,006,422 Up
150% 52% 137%
Sales # of Units Sold # of Single Family Listings Sold # of Condo/Coop Listings Sold Combined # of Units Sold Volume of Sold Units Single Family Sales Volume Condo/Coop Sales Volume Combined Sales Volume
97 39 136
$227,700,111 $34,539,500 $262,239,611
Average Sales Prices Average Single Family Sales Price Average Condo/Coop Sales Price
$2,347,424 $885,628
$2,497,667 Up $691,295 Down
6% -22%
Median Sales Price Single Family Condo/Coop
$1,699,000 $699,000
$1,695,000 Down $649,000 Down
0% -7%
We have plenty more information to share with you. Call me at 203-637-9333 x 6427 All information from Greenwich MLS
Greenwich Real Estate Market Report Year Ending 2009 2008 vs 2009
Listings
% Change
2008
2009
877 301 1178
897 261 1158
Up Down Down
2% -13% -2%
399 123 522
329 91 420
Down Down Down
-18% -26% -20%
$1,124,754,665 $113,133,624 $1,237,888,289
$884,884,711 $73,955,833 $958,840,544
Down Down Down
-21% -35% -23%
Average Sales Prices Average Single Family Sales Price Average Condo/Coop Sales Price
$2,818,934 $919,786
$2,689,619 $812,701
Down Down
-5% -12%
Median Sales Price Single Family Condo/Coop
$1,900,000 $725,000
$1,675,000 $594,500
Down Down
-12% -18%
# of New Listings # New Single Family Listings # New Condo/Coop Listings Combined Total New Listings
Sales # of Units Sold # of Single Family Listings Sold # of Condo/Coop Listings Sold Combined # of Units Sold Volume of Sold Units Single Family Sales Volume Condo/Coop Sales Volume Combined Sales Volume
We have plenty more information to share with you. Please call me at 203.637.9333 x 6427 All information from Greenwich MLS
Greenwich Real Estate Market Report Year Ending 2008 Summary Report 2007 vs 2008
Listings 2007
2008
1010 323 1333
877 301 1178
Down Up Down
-13% -7% -12%
629 184 813
399 123 522
Down Down Down
-37% -33% -36%
$1,894,631,985 $187,855,037 $2,082,487,022
$1,124,754,665 $113,133,624 $1,237,888,289
Down Down Down
-41% -40% -41%
Average Sales Prices Average Single Family Sales Price Average Condo/Coop Sales Price
$3,012,134 $1,020,951
$2,818,934 $919,786
Down Down
-6% -10%
Median Sales Price Single Family Condo/Coop
$2,295,000 $740,000
$1,900,000 $725,000
Down Down
-17% -2%
# of New Listings # New Single Family Listings # New Condo/Coop Listings Combined Total New Listings
% Change
Sales # of Units Sold # of Single Family Listings Sold # of Condo/Coop Listings Sold Combined # of Units Sold Volume of Sold Units Single Family Sales Volume Condo/Coop Sales Volume Combined Sales Volume
We have plenty more information to share with you. Please call me at 203-637-9333 x 6427. All information from Greenwich MLS
Greenwich Real Estate Market Report Year Ending 2007 Summary Report 2006 vs 2007
Listings
% Change
2006
2007
1065 346 1411
1010 323 1333
Down Down Down
-5% -7% -6%
600 213 813
629 184 813
Up Down
5% -14% 0%
$1,612,440,198 $195,921,658 $1,808,361,856
$1,894,631,985 $187,855,037 $2,082,487,022
Up Down Up
18% -4% 15%
Average Sales Prices Average Single Family Sales Price Average Condo/Coop Sales Price
$2,687,400 $919,820
$3,012,134 $1,020,951
Up Up
12% 11%
Median Sales Price Single Family Condo/Coop
$1,900,000 $700,000
$2,295,000 $740,000
Up Up
21% 6%
# of New Listings # New Single Family Listings # New Condo/Coop Listings Combined Total New Listings
Sales # of Units Sold # of Single Family Listings Sold # of Condo/Coop Listings Sold Combined # of Units Sold Volume of Sold Units Single Family Sales Volume Condo/Coop Sales Volume Combined Sales Volume
We have plenty more information to share with you. Please call me at 203-637-9333 x 6427. All information from Greenwich MLS
Greenwich Real Estate Market Report Year Ending 2006 Summary Report 2005 vs 2006
Listings # of New Listings # New Single Family Listings # New Condo/Coop Listings Combined Total New Listings
% Change 2006
2005 1,105 342 1,447
1,065 346 1,411
Down Up Down
-4% 1% -2%
600 213 813
Down Down Down
-19% -18% -19%
$1,902,469,658 $213,398,717 $2,115,868,375
$ 1,612,440,198 $ 195,921,658 $ 1,808,361,856
Down Down Down
-15% -8% -15%
Average Sales Prices Average Single Family Sales Price Average Condo/Coop Sales Price
$2,577,872 $817,620
$2,687,400 $919,820
Up Up
4% 12%
Median Sales Price Single Family Condo/Coop
$1,800,000 $606,250
$1,900,000 $700,000
Up Up
6% 15%
Sales # of Units Sold # of Single Family Listings Sold # of Condo/Coop Listings Sold Combined # of Units Sold Volume of Sold Units Single Family Sales Volume Condo/Coop Sales Volume Combined Sales Volume
738 261 999
We have plenty more information to share with you. Please call me at 203-637-9333 x 6427. All information from Greenwich MLS
Greenwich Real Estate Market Report Year Ending 2005 Summary Report 2004 vs 2005
Listings # of New Listings # New Single Family Listings # New Condo/Coop Listings Combined Total New Listings
% Change 2005
2004 1,090 326 1,416
1,105 342 1,447
Up Up Up
1% 5% 2%
Sales # of Units Sold # of Single Family Listings Sold # of Condo/Coop Listings Sold Combined # of Units Sold Volume of Sold Units Single Family Sales Volume Condo/Coop Sales Volume Combined Sales Volume
832 231 1,063
738 261 999
Down Up Down
-11% 13% -6%
Down Up
-2% 29% 0%
$1,946,979,758 $165,019,890 $2,111,999,648
$1,902,469,658 $213,398,717 $2,115,868,375
Average Sales Prices Average Single Family Sales Price Average Condo/Coop Sales Price
$2,340,120 $714,372
$2,577,872 $817,620
Up Up
10% 14%
Median Sales Price Single Family Condo/Coop
$1,650,000 $592,500
$1,800,000 $606,250
Up Up
9% 2%
We have plenty more information to share with you. Please call me at 203-637-9333 x 6427. All information from Greenwich MLS
Greenwich Real Estate Market Report Year Ending 2004 2003 vs 2004
Listings 2004
2003 # of New Listings # New Single Family Listings # New Condo/Coop Listings Combined Total New Listings
1,033 264 1,297
% Change
1,090 326 1,416
Up Up Up
6% 23% 9%
832 231 1,063
Up Down Up
13% -2% 9%
Sales # of Units Sold # of Single Family Listings Sold # of Condo/Coop Listings Sold Combined # of Units Sold Volume of Sold Units Single Family Sales Volume CondoCoop Sales Volume Combined Sales Volume
737 236 973
$1,349,853,499 $144,229,035 $1,494,082,534
$1,946,979,758 $165,019,890 $2,111,999,648
Up Up Up
44% 14% 41%
Average Sales Prices Average Single Family Sales Price Average Condo/Coop Sales Price
$1,831,552 $611,140
$2,340,120 $714,372
Up Up
28% 17%
Median Sales Price Single Family Condo/Coop
$1,240,000 $550,000
$1,650,000 $592,500
Up Up
33% 8%
We have plenty more market data to share with you. Please call me at 203-637-9333 x 6427 All information from Greenwich MLS
Greenwich Real Estate Market Report Year Ending 2003 2002 vs 2003 Listings # of New Listings # New Single Family Listings # New Condo/Coop Listings Combined Total New Listings
% Change 2003
2002 1,095 291 1,386
1,033 264 1,297
Down Down Down
-6% -9% -6%
737 236 973
Down Down Down
-1% -1% -1%
Down Up Down
-2% 4% -1%
Sales # of Units Sold # of Single Family Listings Sold # of Condo/Coop Listings Sold Combined # of Units Sold Volume of Sold Units Single Family Sales Volume Condo/Coop Sales Volume Combined Sales Volume
747 239 986
$1,374,894,259 $139,196,087 $1,514,090,346
$1,349,853,499 $144,229,035 $1,494,082,534
Average Sales Prices Average Single Family Sales Price Average Condo/Coop Sales Price
$1,840,554 $582,410
$1,831,552 $611,140
Up
0% 5%
Median Sales Price Single Family Condo/Coop
$1,130,000 $477,000
$1,240,000 $550,000
Up
10% 15%
We have plenty more information to share with you. Please call me at 203.637.9333 x 6247 All information from Greenwich MLS
Greenwich Real Estate Market Report Year Ending 2002 2001 vs 2002 Listings 2001 # of New Listings # New Single Family Listings # New Condo/Coop Listings Combined Total New Listings
% Change 2002
1,083 254 1,337
1,095 291 1,386
Up Up Up
1% 15% 4%
747 239 986
Up Up Up
15% 33% 19%
Sales # of Units Sold # of Single Family Listings Sold # of Condo/Coop Listings Sold Combined # of Units Sold Volume of Sold Units Single Family Sales Volume Condo/Coop Sales Volume Combined Sales Volume
649 180 829
$1,066,081,049 $92,087,819 $1,158,168,868
$1,374,894,259 $139,196,087 $1,514,090,346
Up Up Up
29% 51% 31%
Average Sales Prices Average Single Family Sales Price Average Condo/Coop Sales Price
$1,642,651 $511,598
$1,840,554 $582,410
Up Up
12% 14%
Median Sales Price Single Family Condo/Coop
$1,120,000 $475,000
$1,130,000 $477,000
Up
1% 0%
We have plenty more information to share with you. Please call me at 203.637.9333 x 6427 All information from Greenwich MLS
Greenwich Real Estate Market Report Year Ending 2001 2000 vs 2001 Listings 2000 # of New Listings # New Single Family Listings # New Condo/Coop Listings Combined Total New Listings
% Change 2001
1,084 236 1,320
1,083 254 Up 1,337 Up
0% 8% 1%
Sales # of Units Sold # of Single Family Listings Sold # of Condo/Coop Listings Sold Combined # of Units Sold
649 Down 180 Down 829 Down
-16% -17% -16%
$1,338,367,642 $96,160,050 $1,434,527,692
$1,066,081,049 Down $92,087,819 Down $1,158,168,868 Down
-20% -4% -19%
Average Sales Prices Average Single Family Sales Price Average Condo/Coop Sales Price
$1,729,157 $441,101
$1,642,651 Down $511,598 Up
-5% 16%
Median Sales Price Single Family Condo/Coop
$1,075,000 $381,000
$1,120,000 Up $475,000 Up
4% 25%
Volume of Sold Units Single Family Sales Volume Condo/Coop Sales Volume Combined Sales Volume
774 218 992
We have plenty more information to share with you. Please call me at 203.637.9333 x 6427 All information from Greenwich MLS
Greenwich Real Estate Market Report Year Ending 2000 1999 vs 2000 Listings 1999 # of New Listings # New Single Family Listings # New Condo/Coop Listings Combined Total New Listings
% Change 2000
1,212 301 1,513
1,084 236 1,320
Down Down Down
-11% -22% -13%
774 218 992
Down Down Down
-5% -15% -7%
Up Down Up
24% -4% 22%
Sales # of Units Sold # of Single Family Listings Sold # of Condo/Coop Listings Sold Combined # of Units Sold Volume of Sold Units Single Family Sales Volume Condo/Coop Sales Volume Combined Sales Volume Average Sales Prices Average Single Family Sales Price Average Condo/Coop Sales Price Median Sales Price Single Family Condo/Coop
814 255 1,069
$1,078,742,767 $100,041,652 $1,178,784,419
$1,338,367,642 $96,160,050 $1,434,527,692
$1,325,236 $392,320
$1,729,157 $441,101
Up Up
30% 12%
$895,000 $340,000
$1,075,000 $381,000
Up Up
20% 12%
We have plenty more information to share with you. Please call me at 203.637.9333 x 6427 All information from Greenwich MLS
about Linda Davison Michonski
Buyers say Linda senses their needs and hears everyone in the buying process. Sellers speak about her due diligence, daily feedback and sensitivity. Staff know her for kind deeds and self-effacing sincerity. Buyers and sellers appreciate her comprehensive market knowledge, authenticity, easygoing and relaxed style, energy, empathy and enthusiasm. Comfort comes from her quiet understatement and lack of bravado. Past clients and customers have been referring neighbors, relatives, friends and even their children to her for 30 years. Several have asked her to be the god parent to their children. All are friends, and benefit from her fairness, hard work, professionalism and good cheer. She is on top of everything, from proper pricing and staging to following up with agents after a showing. She provides feedback daily, understands and responds to the privacy of owners, the sleep and play habits of children, pets of all kinds. Whether working with contractors to spruce up the house or mortgage brokers to pre-qualify showings, she is there, in person, with sound advice and a warm smile. Recommendations come even from other agents who say she is honest, straight-forward, a tough but fair negotiator and someone who has the answers or finds them. She gets back to everyone promptly and always makes sure the deal happens. She understands that when other agents enjoy working with someone, sellers receive more showings and buyers' are more satisfied. Linda makes real estate brokerage enjoyable. Join her loyal and enthusiastic clientele.
Call 203-561-0694 or email Linda.Michonski@SothebysHomes.com