Greenwich, CT | web: 0066756
Greenwich Market Update 3rd Quarter 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 (09/30/14)
A MESSAGE FROM OUR MANAGER: Pam Pagnani Town-wide, the Greenwich real estate market during the third quarter of this year does not differ much from the same time period last year, with the exception that the average selling price of a single family homes is over $2.4 million as opposed to last year when the average selling price was slightly over $2.2 million, which reflects an almost an 8% increase, according to the Greenwich Multiple Listing Service. This increase demonstrates more sustained strength in the higher end sales in the $3 million to well over $10 million range. The total number of transactions declined somewhat town-wide, by approximately 8.5%, mostly due to a lack of inventory in one of the town’s most active segments, those listings of up to $1 million. Our most sought after properties continue to include waterfront properties, which are listing for very high price points and close to town neighborhoods generating more transactions and increasing values. As a result of the increase of the town-wide average sales price, homeowners felt more confident and listed more of their single family homes; 585 this third quarter compared with 524 during last year’s third quarter. This reflects an 11% increase in inventory of active listings. If we look at the various sections of town, including Greenwich, Old Greenwich, Riverside and Cos Cob, we note that each section has unique and different results. For instance in Greenwich the average sale price was $2.7 million. Greenwich remains the focus of many buyers seeking the proximity to town, schools and transportation. Transactions in the $1 million to $3 million range occurred in all sections of town. Both the Western section of Greenwich and Cos Cob accounted for the most sales up to $1 million. Backcountry Greenwich, north of the Parkway, dipped in the number of transactions to just 12 sales in the 3rd Quarter. However, half of these sales were at higher price levels ranging from $3 million to $13 million, including a number of properties with substantial acreage. Old Greenwich waterfront area sales increased the average sale prices in the village higher, to over $3 million. During this quarter, Sotheby’s International Realty proudly participated in the four highest waterfront sales in Old Greenwich ranging from $6.4 million to $13.5 million. Riverside saw a 37.7% decline in the pace of sales in transactions, having sold 53 during last year’s third quarter to 33 during that same time period this year, with an average sale price in the $1.7 million range. The increase in number of transactions in Cos Cob continued to demonstrate the popularity of neighborhoods which are located close to town and shopping areas. With fewer days on market, Cos Cob saw a big jump of sales near the village, increasing from 19 sales during the 3rd quarter of last year as compared to 29 sales during this year’s 3rd Quarter. The global footprint of Sotheby’s International Realty and knowledge of the local markets continues to attract clients from across the nation and around the world, with approximately 720 offices in 52 countries and territories and more than 15,000 independent sales associates worldwide. We are prepared and equipped to assist you with your real estate needs and we thank those who already have or are working with us.
FEATURED LISTINGS
SUNSETS ON THE MIANUS RIVER | Web ID: 0067118 | $2,350,000 Greenwich Brokerage | Kathryn Adams | 203.912.7255
A CLASSIC IN MID-COUNTRY | Web ID: 0065980 | $5,095,000 Greenwich Brokerage | Shelly Tretter Lynch | 203.618.3103
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 | Q3 2014
EASTERN POINT Greenwich Brokerage | Joseph Barbieri | 203.618.3112
WATERFRONT ESTATE IN OLD GREENWICH Greenwich Brokerage | Shelly Tretter Lynch | 203.618.3103
OLD GREENWICH SUNSET WATERFRONT Greenwich Brokerage | Scott Elwell | 203.618.3137
RESORT STYLE LIVING BY THE SEA Greenwich Brokerage | Carol Zuckert | 203.618.3135
TOWN WIDE
SINGLE FAMILY HOMES
2014 THIRD QUARTER CLOSED SALES PRICE RANGE
2012
2013
2014
% Change (2014 v 2013)
Up to $1,000,000
48
47
44
-6.4%
$1,000,000 - $3,000,000
93
115
100
-13.0%
$3,000,000 - $5,000,000
23
24
23
-4.2%
$5,000,000 - $7,500,000
12
10
10
0.0%
$7,500,000 - $10,000,000
5
2
2
0.0%
$10,000,000 & above
5
3
5
66.7%
186
201
184
-8.5%
2012
2013
2014
% Change (2014 v 2013)
Up to $1,000,000
154
127
112
-11.8%
$1,000,000 - $3,000,000
127
121
123
1.7%
TOTAL
AVERAGE DAYS ON MARKET PRICE RANGE
$3,000,000 - $5,000,000
142
165
165
0.0%
$5,000,000 - $7,500,000
237
244
364
49.2%
$7,500,000 - $10,000,000
302
400
153
-61.8%
95
464
167
-64.0%
147
142
140
-1.4%
2012
2013
2014
% Change (2014 v 2013)
74
50
54
8.0%
$10,000,000 & above
AVERAGE
ACTIVE INVENTORY PRICE RANGE Up to $1,000,000 $1,000,000 - $3,000,000
232
197
237
20.3%
$3,000,000 - $5,000,000
126
135
127
-5.9%
$5,000,000 - $7,500,000
64
71
85
19.7%
$7,500,000 - $10,000,000
30
27
32
18.5%
$10,000,000 & above
47
44
50
13.6%
573
524
585
11.6%
TOTAL YEAR
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
AVERAGE SALE PRICE
MEDIAN SALE PRICE
$2,614,418 $2,541,042 $3,394,386 $2,916,643 $2,805,363 $2,451,931 $2,340,892 $2,487,909 $2,230,231 $2,410,440
$1,887,500 $1,967,500 $2,277,500 $2,100,000 $1,800,000 $1,839,750 $1,497,500 $1,721,250 $1,700,000 $1,722,500
sothebyshomes.com/greenwich
$4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Median Sales Price
Average Sales Price
4
GREENWICH
SINGLE FAMILY HOMES 2014 THIRD QUARTER CLOSED SALES PRICE RANGE
2012
2013
2014
% Change (2014 v 2013)
Up to $1,000,000
20
17
19
11.8%
$1,000,000 - $3,000,000
36
52
45
-13.5%
$3,000,000 - $5,000,000
14
16
14
-12.5%
$5,000,000 - $7,500,000
9
9
8
-11.1%
$7,500,000 - $10,000,000
4
2
1
-50.%
$10,000,000 & above
3
2
3
50.0%
86
98
90
-8.2%
2012
2013
2014
% Change (2014 v 2013)
Up to $1,000,000
204
85
137
61.2%
$1,000,000 - $3,000,000
199
147
172
17.0%
$3,000,000 - $5,000,000
171
173
198
14.5%
$5,000,000 - $7,500,000
179
245
412
67.5%
$7,500,000 - $10,000,000
377
400
243
-39.3%
$10,000,000 & above
149
496
229
-53.8%
200
162
193
19.1%
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
$3,432,241 $3,260,767 $4,111,636 $3,669,217 $3,942,035 $3,089,435 $3,197,400 $2,955,138 $2,758,523 $2,702,136
$2,575,000 $2,600,000 $2,825,000 $2,800,000 $2,560,000 $2,582,500 $2,125,000 $2,031,000 $2,060,000 $1,837,500
$4,500,000 $4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 20052006200720082009 2010 2011 2012 2013 2014 Median Sales Price
Average Sales Price
RIVERSIDE
SINGLE FAMILY HOMES
2014 THIRD QUARTER CLOSED SALES PRICE RANGE
2012
2013
2014
% Change (2014 v 2013)
Up to $1,000,000
9
13
9
-30.8%
$1,000,000 - $3,000,000
23
34
22
-35.3%
$3,000,000 - $5,000,000
4
4
2
-50.0%
$5,000,000 - $7,500,000
2
1
-
-
$7,500,000 - $10,000,000
1
-
-
-
$10,000,000 & above
1
1
-
-
40
53
33
-37.7%
2012
2013
2014
% Change (2014 v 2013)
Up to $1,000,000
98
230
51
-77.8%
$1,000,000 - $3,000,000
75
83
82
-1.2%
$3,000,000 - $5,000,000
117
165
163
-1.2%
$5,000,000 - $7,500,000
214
233
-
-
$7,500,000 - $10,000,000
1
-
-
-
$10,000,000 & above
1
402
-
-
87
134
78
-41.8%
TOTAL
AVERAGE DAYS ON MARKET PRICE RANGE
AVERAGE DAYS TOTALON MARKET
AVERAGE SALE PRICE
MEDIAN SALE PRICE
$3,000,000
2005 2006 2007 2008 2009 2010 2011 2012
$1,859,684 $1,967,745 $2,405,200 $2,385,424 $1,778,175 $1,816,236 $1,875,837 $2,393,681
$1,737,500 $1,700,000 $1,960,000 $1,865,000 $1,512,500 $1,700,000 $1,332,500 $1,696,875
$2,500,000
2013
$1,963,042
$1,680,000
2014
$1,696,464
$1,660,000
YEAR
sothebyshomes.com/greenwich
$2,000,000 $1,500,000 $1,000,000 $500,000 $0 20052006200720082009 2010 2011 2012 2013 2014 Median Sales Price
Average Sales Price
6
OLD GREENWICH
SINGLE FAMILY HOMES 2014 THIRD QUARTER CLOSED SALES PRICE RANGE
2012
2013
2014
% Change (2014 v 2013)
7
10
4
-60.0%
$1,000,000 - $3,000,000
22
17
16
-5.9%
$3,000,000 - $5,000,000
4
4
7
75.0%
$5,000,000 - $7,500,000
1
-
2
-
$7,500,000 - $10,000,000
-
-
1
-
$10,000,000 & above
1
-
2
-
35
31
32
3.2%
2012
2013
2014
% Change (2014 v 2013)
Up to $1,000,000
195
80
88
10.0%
$1,000,000 - $3,000,000
101
84
92
9.5%
$3,000,000 - $5,000,000
68
131
100
-23.7%
$5,000,000 - $7,500,000
798
-
169
-
$7,500,000 - $10,000,000
-
-
62
-
24
-
75
-
134
89
96
7.9%
Up to $1,000,000
TOTAL
AVERAGE DAYS ON MARKET PRICE RANGE
$10,000,000 & above
AVERAGE DAYS TOTALON MARKET
YEAR
AVERAGE SALE PRICE
MEDIAN SALE PRICE
2005 2006 2007 2008 2009 2010 2011 2012 2013
$2,120,647 $2,010,719 $3,033,000 $1,993,935 $1,715,734 $2,004,691 $2,082,300 $2,363,139 $1,611,706
$1,868,750 $1,905,000 $2,625,000 $1,600,000 $1,450,000 $1,817,500 $1,775,000 $1,860,000 $1,500,000
2014
$3,320,126
$2,450,000
7
$3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 20052006200720082009 2010 2011 2012 2013 2014 Median Sales Price
Average Sales Price
COS COB
SINGLE FAMILY HOMES
2014 THIRD QUARTER CLOSED SALES PRICE RANGE
2012
2013
2014
% Change (2014 v 2013)
Up to $1,000,000
12
7
12
71.4%
$1,000,000 - $3,000,000
12
12
17
41.7%
$3,000,000 - $5,000,000
1
-
-
-
$5,000,000 - $7,500,000
-
-
-
-
$7,500,000 - $10,000,000
-
-
-
-
$10,000,000 & above
-
-
-
-
25
19
29
52.6%
2012
2013
2014
% Change (2014 v 2013)
Up to $1,000,000
90
104
126
21.2%
$1,000,000 - $3,000,000
63
168
75
-55.4%
$3,000,000 - $5,000,000
134
-
-
-
$5,000,000 - $7,500,000
-
-
-
-
$7,500,000 - $10,000,000
-
-
-
-
$10,000,000 & above
-
-
-
96
-33.8%
TOTAL
AVERAGE DAYS ON MARKET PRICE RANGE
TOTAL
YEAR 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
79
AVERAGE SALE PRICE
MEDIAN SALE PRICE
$1,239,528 $1,376,400 $1,286,822 $1,369,375 $1,233,718 $1,165,559 $1,060,181 $1,206,080 $1,259,847 $1,313,841
$1,024,500 $1,305,000 $1,137,500 $1,441,250 $950,000 $1,199,000 $1,013,750 $1,030,000 $1,275,000 $1,178,000
sothebyshomes.com/greenwich
145
$1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 20052006 2007 20082009 2010 2011 2012 2013 2014 Median Sales Price
Average Sales Price
8
TOWN WIDE
CONDOMINIUMS AND COOPS 2014 THIRD QUARTER CLOSED SALES PRICE RANGE
2012
2013
2014
% Change (2014 v 2013)
Up to $1,000,000
31
49
37
-24.0%
$1,000,000 - $2,000,000
4
9
11
22.0%
$2,000,000 - $4,000,000
4
2
4
100%
$4,000,000 & above
1
-
1
-
40
60
53
-11.7%
2012
2013
2014
% Change (2014 v 2013)
TOTAL
AVERAGE DAYS ON MARKET PRICE RANGE Up to $1,000,000
205
135
114
-15.6%
$1,000,000 - $2,000,000
410
198
184
-7.1%
$2,000,000 - $4,000,000
348
246
110
-55.3%
1
-
147
-
234
148
129
-12.8%
2012
2013
2014
% Change (2014 v 2013)
$4,000,000 & above
AVERAGE
AVERAGE SALES PRICE PRICE RANGE Up to $1,000,000
$519,258
$601,092
$603,904
0.5%
$1,470,625
$1,416,008
$1,274,532
-10.0%
$2,000,000 - $4,000,000
$2,893,750
$2,225,000
$2,453,125
10.3%
$4,000,000 & above
$4,850,000
-
$5,475,000
-
$960,113
$774,460
$974,562
25.4%
$1,000,000 - $2,000,000
TOTAL
ACTIVE INVENTORY SINGLE FAMILY HOMES
CONDOS AND CO-OPS
250
80 70
200
60
150
50 40
100
30 20
50
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+
ON THE MARKET
left to right from top to bottom:
METROPOLITAN MARKETS NEW YORK, NY | Web: 0137370 | $2,895,000 HOUSTON, TX | Web: 1231558 | $3,649,000 SAN FRANCISCO, CA | Web: 0086965 | $3,995,000 RESORT MARKETS MALIBU, CA | Web: 1300004 | $2,495,000 WEST PALM BEACH, FL | Web: 0074827 | $3,795,000 SUMMERLAND, CA | Web: 0632268 | $3,750,000 FOREIGN MARKETS HONG KONG | Web: DDH648 | $2,838,234 ITALY | Web: ZV27TP | $3,165,375 FRANCE | Web: BMWKQP | Price Upon Request sothebysrealty.com
Where curb appeal meets global appeal.
GEORGIAN GRANDEUR | $5,995,000 | LESLIE MCELWREATH | 203.618.3165
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.
FEATHRED LISTINGS
PREMIERE LOCATION - IMPORTANT ESTATE Web ID: 0067050 | $16,250,000 This timeless stone Georgian manor is set on 3 acres of beautifully manicured property in a prime midcountry Greenwich location. Greenwich Brokerage Shelly Tretter Lynch | 203.618.3103
CLASSIC DEER PARK Web ID: 0067316 | $5,795,000 Mastering a mix of beauty and practicality, this classic residence adds distinctive character and understated elegance on approx. 2.32 park-like acres in a private Mid-Country association. Greenwich Brokerage Joseph Barbieri | 203.618.3112
SERENITY Web ID: 0067210 | $4,995,000 Set on 5.65 park-like acres offering peaceful and private surroundings. 21st century colonial offering a Victorian twist paying homage to the grace and elegance of the period. Greenwich Brokerage Barbara O’Shea | 203.618.3134