Greenwich 2014 Year End Q4 Market Report

Greenwich, CT | web: 0067416

Greenwich Market Update YEAR END 2014 GREENWICH BROKERAGE One Pickwick Plaza Greenwich, CT 06830 t. 203.869.4343

sothebyshomes.com/greenwich

All figures in this document are as reported by the Greenwich MLS (12/31/14)

A MESSAGE FROM OUR MANAGER: Pam Pagnani This was another fabulous year for the Sotheby’s International Realty - Greenwich Brokerage.

The company was very fortunate to list eight of the 15 homes in our market that sold over $10 million and to have represented the buyers for seven of those 15 homes purchased for over $10 million. The company is equally proud to have the opportunity to list and sell single-family homes, condominiums and cooperatives in all price categories and sections of town.

According to the Greenwich MLS, the town-wide Greenwich real estate market, which is comprised of the Greenwich, Cos Cob, Riverside and Old Greenwich sections of town, saw a 6% decrease in the number of single-family homes sold, with 607 sold in 2014, as opposed to 2013 when 646 homes sold. Despite this, there was a 63% increase in sales of single-family homes over $7.5 million town-wide from 16 in 2013 to 26 in 2014. Buyers have exhibited a willingness to spend over $10 million for properties located on the waterfront and Backcountry. Of the 15 homes that sold over $10 million, two were located on the waterfront in Old Greenwich, three on the waterfront in Greenwich (Mead Point, Indian Harbor and Belle Haven), three in Mid-Country and the remaining seven estates were located in Backcountry.

Even though fewer single-family homes sold year-over-year, the average sales price for singlefamily homes increased from $2.25 million in 2013 to $2.69 million in 2014. With the value of the homes increasing, more sellers were motivated to list their homes. The single-family home inventory rose from 362 in 2013 to 406 in 2014, an increase of 12%. The largest amount of new single-family home inventory occurred in Riverside for homes prices between $5 million to $7.5 million where there was a 500% increase, from one home listed 2013 to six homes in 2014, followed by Cos Cob homes priced between $1 to $3 million, which increased by 70%, from ten homes listed in 2013 to 17 homes in 2014.

Town-wide the average days on the market (ADOM) remained flat, with a minimal change of 0.6% from 155 days in 2013 to 156 days in 2014. However, it should be noted that there was a 51% decrease in the ADOM for homes which sold over $10 million town-wide from 540 days in 2013 to 253 days in 2014. In addition, a 66% decrease of ADOM occurred in Riverside for single-family homes priced between $5 million to $7.5 million, which went from 225 to 76 days.

Similar to the single-family market, there were fewer condominium and cooperative sales this past year as compared to last year.

In 2013, there were 195 units sold, as opposed to 186 units sold in 2014, a decrease of 5 %. Despite this, the average sales price of condominiums and cooperatives, town-wide, rose from $794,838 in 2013 to $864,428 in 2014, an increase of 9%. Their average days on the market fell 15.6% from 180 days in 2013 to 152 days in 2014. This year, two condominiums sold over $4 million, as opposed to last year, when none sold in that price category. This indicates that buyers are interested in well-built new construction located near the heart of town.

The affiliated professionals in our Sotheby’s International Realty Greenwich Brokerage office are fortunate to have developed long-term relationships with our existing clients, both buyers and sellers. In addition, we look forward to the opportunity of listing your home, when you decide to sell. Our website generates more traffic than any of our local competitors. Our reach is global, with affiliated offices located in over 54 countries.

FEATURED LISTINGS

CLASSIC COUNTRY ESTATE | Web ID: 0066935 | $5,200,000 Greenwich Brokerage | Barbara O’Shea | 203.618.3134

JUST OFF NORTH MAPLE AVENUE | Web ID: 0067403 | $1,475,000 Greenwich Brokerage | Edward Mortimer | 203.618.3160

Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated

by Sotheby’s International Realty, Inc. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Real estate agents affiliated with Sotheby’s International Realty, Inc.® are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc.

SIGNIFICANT SALES | Q4 2014

MODERN CLASSIC IN CONYERS FARM Greenwich Brokerage | Francine Ehrlich | 203.618.3164

MID-COUNTRY CUL-DE-SAC Greenwich Brokerage | Fieldstone Group | 203.869.4343

GEORGIAN GRANDEUR Greenwich Brokerage | Leslie McElwreath | 203.618.3165

MID-COUNTRY ELEGANCE Greenwich Brokerage | Carol Zuckert | 203.618.3135

TOWN WIDE

SINGLE FAMILY HOMES

YEAR END 2014 CLOSED SALES PRICE RANGE

2012

2013

2014

% Change (2014 v 2013)

Up to $1,000,000

175

157

138

-12.1%

$1,000,000 - $3,000,000

267

364

307

-15.7%

$3,000,000 - $5,000,000

73

75

101

34.7%

$5,000,000 - $7,500,000

38

34

35

2.9%

$7,500,000 - $10,000,000

13

8

11

37.5%

$10,000,000 & above

14

8

15

87.5%

580

646

607

-6.0%

2012

2013

2014

% Change (2014 v 2013)

Up to $1,000,000

153

122

117

-4.1%

$1,000,000 - $3,000,000

164

144

137

-4.9%

TOTAL

AVERAGE DAYS ON MARKET PRICE RANGE

$3,000,000 - $5,000,000

182

183

193

5.5%

$5,000,000 - $7,500,000

254

240

298

24.2%

$7,500,000 - $10,000,000

242

248

216

-12.9%

$10,000,000 & above

175

540

253

-53.1%

171

155

156

0.6%

2012

2013

2014

% Change (2014 v 2013)

Up to $1,000,000

39

36

30

-16.7%

$1,000,000 - $3,000,000

148

119

147

23.5%

$3,000,000 - $5,000,000

84

84

97

15.5%

$5,000,000 - $7,500,000

55

56

67

19.6%

$7,500,000 - $10,000,000

28

26

19

-26.9%

$10,000,000 & above

42

41

46

12.2%

396

362

406

12.2%

AVERAGE

ACTIVE INVENTORY PRICE RANGE

TOTAL YEAR

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

AVERAGE SALE PRICE

MEDIAN SALE PRICE

$2,571,568 $2,687,400 $3,012,134 $2,817,997 $2,664,992 $2,511,007 $2,429,922 $2,381,680 $2,245,291 $2,690,660

$1,875,000 $2,001,250 $2,175,000 $1,995,000 $1,690,000 $1,725,000 $1,650,000 $1,657,500 $1,693,750 $1,881,550

sothebyshomes.com/greenwich

$3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Median Sales Price

Average Sales Price

4

GREENWICH

SINGLE FAMILY HOMES YEAR END 2014 CLOSED SALES PRICE RANGE

2012

2013

2014

% Change (2014 v 2013)

Up to $1,000,000

74

71

73

2.8%

$1,000,000 - $3,000,000

121

159

154

-3.1%

$3,000,000 - $5,000,000

48

52

61

17.3%

$5,000,000 - $7,500,000

27

30

30

0.0%

$7,500,000 - $10,000,000

11

6

9

50.0%

$10,000,000 & above

10

7

13

85.7%

291

325

340

4.6%

2012

2013

2014

% Change (2014 v 2013)

Up to $1,000,000

159

111

141

27.0%

$1,000,000 - $3,000,000

200

188

174

-7.4%

$3,000,000 - $5,000,000

202

197

220

11.7%

$5,000,000 - $7,500,000

268

242

329

36.0%

$7,500,000 - $10,000,000

261

255

219

-14.1%

$10,000,000 & above

226

559

280

-49.9%

199

187

194

3.7%

TOTAL

AVERAGE DAYS ON MARKET PRICE RANGE

TOTAL

YEAR 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

5

AVERAGE SALE PRICE

MEDIAN SALE PRICE

$3,193,052 $3,419,625 $3,651,577 $3,434,067 $3,573,405 $3,343,793 $3,058,461 $2,827,258 $2,738,692 $3,204,172

$2,458,000 $2,777,500 $2,722,500 $2,375,000 $2,500,000 $2,432,500 $2,150,000 $1,912,500 $1,950,000 $2,105,000

$4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Median Sales Price

Average Sales Price

RIVERSIDE

SINGLE FAMILY HOMES

YEAR END 2014 CLOSED SALES PRICE RANGE

2012

2013

2014

% Change (2014 v 2013)

Up to $1,000,000

35

37

22

-40.5%

$1,000,000 - $3,000,000

65

88

55

-37.5%

$3,000,000 - $5,000,000

12

14

17

21.4%

$5,000,000 - $7,500,000

7

4

2

-50.0%

$7,500,000 - $10,000,000

1

1

-

-

$10,000,000 & above

2

1

-

-

122

145

96

-33.8%

2012

2013

2014

% Change (2014 v 2013)

Up to $1,000,000

118

157

76

-51.6%

$1,000,000 - $3,000,000

117

112

103

-8.0%

$3,000,000 - $5,000,000

146

151

162

7.3%

$5,000,000 - $7,500,000

192

225

76

-66.2%

$7,500,000 - $10,000,000

-

16

-

-

27

402

-

-

122

132

107

-18.9%

TOTAL

AVERAGE DAYS ON MARKET PRICE RANGE

$10,000,000 & above

AVERAGE DAYS TOTALON MARKET

AVERAGE SALE PRICE

MEDIAN SALE PRICE

$3,000,000

2005 2006 2007 2008 2009 2010 2011 2012

$1,916,512 $1,890,793 $2,276,455 $2,734,695 $2,049,818 $1,825,870 $1,856,570 $2,135,382

$1,685,000 $1,623,000 $1,910,000 $2,111,750 $1,492,500 $1,530,000 $1,450,500 $1,556,250

$2,500,000

2013

$1,962,381

$1,680,000

2014

$2,000,920

$1,862,500

YEAR

sothebyshomes.com/greenwich

$2,000,000 $1,500,000 $1,000,000 $500,000 $0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Median Sales Price

Average Sales Price

6

OLD GREENWICH

SINGLE FAMILY HOMES YEAR END 2014 CLOSED SALES PRICE RANGE

2012

2013

2014

% Change (2014 v 2013)

Up to $1,000,000

25

22

16

-37.5%

$1,000,000 - $3,000,000

49

75

58

-29.3%

$3,000,000 - $5,000,000

8

8

23

65.20%

$5,000,000 - $7,500,000

4

-

3

-

$7,500,000 - $10,000,000

1

1

2

50.0%

$10,000,000 & above

2

-

2

-

89

106

104

-1.9%

2012

2013

2014

% Change (2014 v 2013)

Up to $1,000,000

193

86

72

-16.3%

$1,000,000 - $3,000,000

152

101

102

1.0%

$3,000,000 - $5,000,000

111

133

146

9.8%

$5,000,000 - $7,500,000

264

-

138

-

$7,500,000 - $10,000,000

282

435

205

-52.9%

72

-

75

-

165

103

110

6.8%

TOTAL

AVERAGE DAYS ON MARKET PRICE RANGE

$10,000,000 & above

AVERAGE DAYS TOTALON MARKET

AVERAGE SALE PRICE

MEDIAN SALE PRICE

$3,000,000

2005 2006 2007 2008 2009 2010 2011 2012 2013

$1,918,369 $1,960,677 $2,466,219 $2,041,163 $1,785,979 $1,736,841 $1,905,612 $2,271,284 $1,753,566

$1,737,500 $1,745,000 $2,100,000 $1,725,000 $1,365,000 $1,455,000 $1,630,000 $1,830,000 $1,593,750

$2,500,000

2014

$2,573,710

$2,127,500

YEAR

7

$2,000,000 $1,500,000 $1,000,000 $500,000 $0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Median Sales Price

Average Sales Price

COS COB

SINGLE FAMILY HOMES

YEAR END 2014 CLOSED SALES PRICE RANGE

2012

2013

2014

% Change (2014 v 2013)

Up to $1,000,000

41

27

27

0.0%

$1,000,000 - $3,000,000

32

40

40

0.0%

$3,000,000 - $5,000,000

5

1

-

-

$5,000,000 - $7,500,000

-

-

-

-

$7,500,000 - $10,000,000

-

-

-

-

$10,000,000 & above

-

-

-

-

78

68

67

-1.5%

2012

2013

2014

% Change (2014 v 2013)

Up to $1,000,000

148

132

112

-15.2%

$1,000,000 - $3,000,000

145

127

96

-24.4%

$3,000,000 - $5,000,000

197

278

-

-

$5,000,000 - $7,500,000

-

-

-

-

$7,500,000 - $10,000,000

-

-

-

-

$10,000,000 & above

-

-

-

103

-21.4%

TOTAL

AVERAGE DAYS ON MARKET PRICE RANGE

TOTAL

YEAR 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

150

AVERAGE SALE PRICE

MEDIAN SALE PRICE

$1,381,640 $1,513,291 $1,573,462 $1,444,383 $1,249,104 $1,141,637 $1,116,709 $1,224,822 $1,241,224 $1,254,599

$1,065,000 $1,175,000 $1,265,550 $1,247,500 $935,000 $1,013,750 $1,010,000 $982,500 $1,157,500 $1,178,000

sothebyshomes.com/greenwich

131

$1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Median Sales Price

Average Sales Price

8

TOWN WIDE

CONDOMINIUMS AND COOPS YEAR END 2014 CLOSED SALES PRICE RANGE

2012

2013

2014

% Change (2014 v 2013)

Up to $1,000,000

116

152

137

-9.9%

$1,000,000 - $2,000,000

19

34

39

14.7%

$2,000,000 - $4,000,000

9

9

8

-11.1%

$4,000,000 & above

1

-

2

-

145

195

186

-4.6%

2012

2013

2014

% Change (2014 v 2013)

TOTAL

AVERAGE DAYS ON MARKET PRICE RANGE Up to $1,000,000

205

145

150

3.4%

$1,000,000 - $2,000,000

273

284

159

-44.0%

$2,000,000 - $4,000,000

278

396

187

-52.8%

1

-

270

-

217

180

152

-15.6%

2012

2013

2014

% Change (2014 v 2013)

$4,000,000 & above

AVERAGE

AVERAGE SALES PRICE PRICE RANGE Up to $1,000,000

$538,576

$562,896

$566,393

0.6%

$1,000,000 - $2,000,000

$1,322,421

$1,344,431

$1,347,009

0.2%

$2,000,000 - $4,000,000

$2,689,376

$2,635,833

$2,647,438

0.4%

$4,000,000 & above

$4,850,000

-

$4,737,500

-

$804,519

$794,838

$864,428

8.8%

TOTAL

ACTIVE INVENTORY SINGLE FAMILY HOMES

CONDOS AND CO-OPS 80

160

70

140

60

120 100

50

80

40

60

30

40

20

20

10

0

9

up to $1

$1 to $3

$3 to $5

$5 to $7.5 $7.5 to $10

$10+

0

up to $1

$1 to $2

$2 to $4

$4+

2014 ACTIVE INVENTORY PRICE RANGE

GREENWICH

RIVERSIDE

OLD GREENWICH

COS COB

15

3

3

9

$1,000,000 - $3,000,000

100

14

17

17

$3,000,000 - $5,000,000

71

14

11

1

$5,000,000 - $7,500,000

58

6

2

1

$7,500,000 - $10,000,000

18

1

-

-

$10,000,000 & above

43

3

-

-

305

41

33

28

GREENWICH

RIVERSIDE

OLD GREENWICH

COS COB

Up to $1,000,000

TOTAL

2013 ACTIVE INVENTORY PRICE RANGE Up to $1,000,000

25

2

3

6

$1,000,000 - $3,000,000

83

10

16

10

$3,000,000 - $5,000,000

62

9

12

1

$5,000,000 - $7,500,000

51

1

4

-

$7,500,000 - $10,000,000

24

-

2

-

$10,000,000 & above

37

3

1

-

282

25

38

17

TOTAL

ACTIVE INVENTORY 2013 VS. 2014 GREENWICH PRICE RANGE

RIVERSIDE 2013

2014

% Change

Up to $1,000,000

25

15

-40.0%

$1,000,000 - $3,000,000

83

100

$3,000,000 - $5,000,000

62

$5,000,000 - $7,500,000

2013

2014

% Change

Up to $1,000,000

2

3

50.0%

20.5%

$1,000,000 - $3,000,000

10

14

40.0%

71

14.5%

$3,000,000 - $5,000,000

9

14

55.6%

51

58

13.7%

$5,000,000 - $7,500,000

1

6

500%

$7,500,000 - $10,000,000

24

18

-25.0%

$7,500,000 - $10,000,000

-

1

-

$10,000,000 & above

37

43

16.2%

$10,000,000 & above

3

3

0.0%

282

305

8.2%

25

41

64.0%

2013

2014

% Change

TOTAL

TOTAL COS COB

OLD GREENWICH PRICE RANGE

PRICE RANGE

2013

2014

% Change

Up to $1,000,000

3

3

0.0%

Up to $1,000,000

6

9

50.0%

$1,000,000 - $3,000,000

16

17

6.3%

$1,000,000 - $3,000,000

10

17

70.0%

$3,000,000 - $5,000,000

12

11

-8.3%

$3,000,000 - $5,000,000

1

1

0.0%

$5,000,000 - $7,500,000

4

2

-50.0%

$5,000,000 - $7,500,000

-

1

-

$7,500,000 - $10,000,000

2

-

-

$7,500,000 - $10,000,000

-

-

-

$10,000,000 & above

1

-

-

$10,000,000 & above

-

-

-

38

33

-13.2%

17

28

64.7%

TOTAL

PRICE RANGE

TOTAL

10

Where curb appeal meets global appeal.

Andrews Farm | Bill Andruss | (see back cover)

There’s a reason we’re the local leader in luxury real estate. We’re at home in the luxury realm. We know the territory. And we’re backed by the global reach and resources of the world’s premier real estate network — offering you privileged access to the most qualified buyers. Let us show you.

GREENWICH BROKERAGE | 203.869.4343 One Pickwick Plaza | Greenwich, CT 06830

sothebyshomes.com/greenwich

Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc. Real estate agents affiliated with Sotheby’s International Realty, Inc. are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc.

FEATURED LISTINGS

ELEGANT, FURNISHED GEORGIAN Web ID: 0067346 | $12,000,000 Amazing opportunity to move right in to this elegantly furnished, distinguished brick Georgian privately set on over 4 acres near Conyers Farm.

Greenwich Brokerage Alice Duff | 203.618.3132

LAKESIDE ESTATE Web ID: 0065621 | $5,695,000 Lakefront Estate in Mid-Country Greenwich with elegant Art Deco Manor house, classic pool, red clay tennis court and greenhouse offers privacy and convenience.

Greenwich Brokerage Helene Barre | 203.618.3123 Carol Clarke | 203.618.3174

ANDREWS FARM Web ID: 0067416 | $6,295,000 Elegant and sophisticated home amid a pastoral setting offering luxurious amenities, beautiful gardens, heated pool and lighted tennis court.

Greenwich Brokerage Bill Andruss | 203.618.3101