Real Estate Retrospective - Greenwich

Page 1

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


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