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