Greenwich Market Report | First Half 2014

Greenwich, CT | web: 0067088

Greenwich Market Update First Half 2014 GREENWICH Brokerage One Pickwick Plaza Greenwich, CT 06830 t. 203.869.4343

sothebyshomes.com

All figures in this document are as reported by the Greenwich MLS (06/30/14)

A MESSAGE FROM OUR MANAGER: Pam Pagnani Despite this past harsh winter, the spring market has been extremely active and that activity has cascaded into the summer. According to the Greenwich Multiple Listing Service, during the first half of this year, we witnessed an increase in both the average sales price and the median sales price. In addition, the average days on the market has decreased. For example, in 2014, single family homes priced between $7.5 million and $10 million were on the market for an average of 206 days as opposed to the first half of 2013 when the average days on the market was 292 days; a decrease of 29.5 percent.

As in the past, town-wide, single family homes priced up to $3 million represented the largest portion of sold listings, but in the first half of this year it only represented 70 percent of the single family home sales, as opposed to 80 percent and 83 percent of the sales in 2012 and 2013 respectively. There was a surge of home buyers who purchased homes listed between $3 million and $5 million, with 56 sales of single family homes sold, as opposed to 33 sales last year; an increase of 69.7 percent. In addition, town-wide, the high end properties have seen more activity. For example, buyers purchased eight homes, in excess of $10 million, as opposed to one home last year, during this same time period.

Of the various sections in town, the largest number of sales occurred in both mid and back country Greenwich, which represented approximately 60 percent of the total sales, as opposed to sales in Riverside, Old Greenwich and Cos Cob combined, which accounted for approximately 40 percent of total sales during the first half of this year. This verifies a renewed interest in back country properties, and indicates that inventory is lower in the other sections of town.

In summary, more buyers, less days on the market, stable inventory and higher prices helped the market achieve the sale of 268 properties during the first half of 2014. As of June 30, 2014, the town had 577 active single family listings and Sotheby’s International Realty- Greenwich Brokerage is pleased to have brokered transactions for homes priced in each of the various price categories.

Sotheby’s International Realty has the skills to navigate the nuances of this market with our professional team of agents, who welcome the opportunity of working with you, whether you are a seller or buyer, with our far-reaching, globally recognized brand. Hope you enjoy the remainder of the summer.

ABOUT OUR AREA Greenwich, the gateway to New England, is a terrific place to live and enjoy. Residents of our premier community revel in its parks, beaches and sailing on Long Island Sound; Backcountry horseback riding and hiking among other outdoor activities; terrific public and private schools and a sophisticated social scene. With its easy and convenient access to New York City, either by train or car, Greenwich continues to be one of the best towns in America.

featured listings

Meadowcroft Lane | Web ID: 0067049 | $6,100,000 Greenwich Brokerage | Ellen Roth | 203.550.8886

Mid-Country Elegance | Web ID: 0066592 | $5,199,000 Greenwich Brokerage | Carol Zuckert | 203.618.3135

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 | First Half 2014

Pristine and Prestigious in Round Hill Greenwich Brokerage | Shelly Tretter Lynch & Amy Marisa Balducci

Lakefront Compound Greenwich Brokerage | Lyn Stevens | 203.618.3170

Round Hill Country Estate on 11.48 Acres Greenwich Brokerage |Joseph Barbieri | 203.618.3112

Handsome Georgian in Mid-Country Greenwich Brokerage | Cynthia Vanneck | 203.618.3169

SINGLE FAMILY HOMES

TOWN WIDE 2014 first half Closed Sales PRICE RANGE

2012

2013

2014

% Change (2014 v 2013)

Up to $1,000,000

82

77

53

-31.2%

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

116

172

134

-22.1%

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

28

33

56

69.7%

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

15

13

12

-7.7%

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

3

4

5

25.0%

$10,000,000 & above

6

1

8

700.0%

250

300

268

-10.7%

2012

2013

2014

% Change (2014 v 2013)

Up to $1,000,000

157

121

108

-10.7%

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

176

158

144

-8.9%

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

138

202

220

8.9%

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

157

349

245

-29.8%

Total

AVERAGE DAYS ON MARKET PRICE RANGE

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

155

292

206

-29.5%

$10,000,000 & above

201

1476

365

-75.3%

165

168

165

-1.8%

2012

2013

2014

% Change (2014 v 2013)

Up to $1,000,000

88

56

52

-7.1%

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

234

213

232

8.9%

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

130

143

128

-10.5%

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

68

75

78

4.0%

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

39

36

35

-2.8%

$10,000,000 & above

47

42

52

23.8%

606

565

577

2.1%

AVERAGE

ACTIVE INVENTORY PRICE RANGE

Total

YEAR 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

AVERAGE SALE PRICE

MEDIAN SALE PRICE

$3,500,000

$2,334,177 $2,825,985 $2,787,716 $2,887,835 $2,347,424 $2,476,771 $2,512,003 $2,206,762 $2,000,500 $2,865,856

$1,800,000 $2,085,000 $2,100,000 $1,962,500 $1,505,000 $1,600,000 $1,800,000 $1,572,500 $1,593,750 $2,283,525

$3,000,000

sothebyshomes.com/greenwich

$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

TOWN WIDE

CONDOMINIUMS AND COOPERATIVES 2014 first half Closed Sales PRICE RANGE Up to $1,000,000 $1,000,000 - $2,000,000

2012

2013

2014

% Change (2014 v 2013)

49

74

65

-12.2%

7

16

16

0.0%

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

3

5

2

-60.0%

$4,000,000 & above

0

0

1

-

59

95

84

-11.6%

2012

2013

2014

% Change (2014 v 2013)

Up to $1,000,000

219

165

164

-0.6%

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

352

354

166

-53.1%

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

130

544

59

-89.2%

-

-

392

-

230

217

165

-24.0%

2012

2013

2014

% Change (2014 v 2013)

$543,306

$789,613

$533,197

-32.5%

Total

AVERAGE DAYS ON MARKET PRICE RANGE

$4,000,000 & above

AVERAGE

AVERAGE SALES PRICE PRICE RANGE Up to $1,000,000 $1,000,000 - $2,000,000

$1,189,286

$1,343,255

$1,275,875

-5.0%

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

$2,575,000

$2,762,500

$3,478,500

25.9%

-

-

$4,000,000

-

$723,254

$793,998

$801,533

0.9%

$4,000,000 & above

Total

active inventory SINGLE FAMILY HOMES

250

CONDOS and Co-ops

80 70

200

60 50

150

40

100

30 20

50

10

0 up to $1

5

$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+

SINGLE FAMILY HOMES

GREENWICH 2014 first half closed Sales PRICE RANGE

2012

2013

2014

% Change (2014 v 2013)

Up to $1,000,000

35

41

28

-31.7%

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

57

67

71

6.0%

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

17

21

35

66.7%

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

10

10

10

0.0%

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

2

3

5

66.7%

$10,000,000 & above

5

1

8

700.0%

126

143

157

9.8%

2012

2013

2014

% Change (2014 v 2013)

Up to $1,000,000

150

115

135

17.4%

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

210

222

161

-27.5%

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

132

230

250

8.7%

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

209

387

278

-28.2%

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

92

244

206

-15.6%

$10,000,000 & above

217

1476

365

-75.3%

181

213

196

-8.0%

Total

AVERAGE DAYS ON MARKET PRICE RANGE

Total

YEAR 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

AVERAGE SALE PRICE

MEDIAN SALE PRICE

$2,772,403 $3,695,427 $3,286,468 $3,552,115 $3,086,100 $3,375,060 $3,124,377 $2,612,218 $2,318,952 $3,790,205

$2,275,000 $2,900,000 $2,598,750 $2,412,500 $2,025,000 $2,425,000 $2,204,000 $1,775,000 $1,706,000 $2,283,525

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 $0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Median Sales Price

Average Sales Price

6

RIVERSIDE

SINGLE FAMILY HOMES 2014 first half Closed Sales PRICE RANGE

2012

2013

2014

% Change (2014 v 2013)

Up to $1,000,000

18

14

6

-57.1%

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

26

42

24

-42.9%

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

6

8

11

37.5%

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

4

3

2

-33.3%

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

-

-

-

-

$10,000,000 & above

-

-

-

-

54

67

43

-35.8%

2012

2013

2014

% Change (2014 v 2013)

Up to $1,000,000

142

119

100

-15.6%

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

105

130

131

1.0%

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

109

136

160

17.4%

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

50

223

76

-65.9%

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

-

-

-

-

$10,000,000 & above

-

-

-

-

114

132

132

0.0%

Total

AVERAGE DAYS ON MARKET PRICE RANGE

Total

YEAR 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

7

AVERAGE SALE PRICE

MEDIAN SALE PRICE

$1,859,963 $1,924,070 $2,275,041 $3,026,512 $2,771,387 $1,626,607 $1,745,440 $1,898,556 $2,004,889 $2,353,070

$1,595,000 $1,640,000 $1,926,000 $2,189,000 $1,517,500 $1,400,000 $1,490,500 $1,357,000 $1,706,000 $2,200,000

$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

SINGLE FAMILY HOMES

OLD GREENWICH 2014 first half closed Sales PRICE RANGE

2012

2013

2014

% Change (2014 v 2013)

Up to $1,000,000

12

8

11

37.5%

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

20

44

26

-40.9%

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

2

3

10

233.3%

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

1

-

-

-

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

1

1

-

-

$10,000,000 & above

1

-

-

-

37

56

47

-16.1%

2012

2013

2014

% Change (2014 v 2013)

Up to $1,000,000

167

99

46

-53.5%

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

160

111

110

-0.9%

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

94

155

184

18.7%

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

64

-

-

-

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

282

435

-

-

$10,000,000 & above

120

-

-

-

158

117

111

-5.7%

Total

AVERAGE DAYS ON MARKET PRICE RANGE

Total

YEAR 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

AVERAGE SALE PRICE

MEDIAN SALE PRICE

$2,500,000

$1,722,176 $1,983,794 $2,268,700 $2,086,567 $1,194,308 $1,703,803 $1,790,305 $2,270,119 $1,855,215 $1,969,651

$1,330,000 $1,710,000 $1,820,000 $1,725,000 $1,025,000 $1,471,500 $1,495,000 $1,875,000 $1,675,000 $1,600,000

$2,000,000

sothebyshomes.com/greenwich

$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

8

COS COB

SINGLE FAMILY HOMES 2014 first half Closed Sales PRICE RANGE

2012

2013

2014

% Change (2014 v 2013)

Up to $1,000,000

17

14

8

-42.9%

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

13

19

13

-31.6%

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

3

1

-

-

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

-

-

-

-

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

-

-

-

-

$10,000,000 & above

-

-

-

-

33

34

21

-38.2%

2012

2013

2014

% Change (2014 v 2013)

Up to $1,000,000

182

155

103

-33.5%

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

192

103

135

31.1%

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

260

278

-

-

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

-

-

-

-

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

-

-

-

-

$10,000,000 & above

-

-

-

123

-4.7%

Total

AVERAGE DAYS ON MARKET PRICE RANGE

Total

YEAR 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

9

193

AVERAGE SALE PRICE

MEDIAN SALE PRICE

$1,513,257 $1,655,303 $1,716,194 $1,445,254 $1,380,008 $1,138,184 $1,222,199 $1,018,025 $1,244,751 $1,245,762

$1,100,000 $1,175,000 $1,345,000 $1,180,000 $950,000 $1,058,250 $1,165,000 $802,340 $1,138,000 $1,200,000

129

$2,000,000 $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

On the market

left to right from top to bottom:

metropolitan markets Houston, TX | Web: 1240193 | $3,349,000 New York, NY | Web: 0137209 | $3,300,000 Los Angeles, CA | Web: 0355159 | $3,695,000 resort markets East Hampton, NY | Web: 0046319 | $3,185,000 Osterville, MA | Web: 0402843 | $2,395,000 Santa Fe, NM | Web: 0574992 | $3,995,000 foreign markets Turks & Caicos | Web: RH2HZL | $3,850,000 SPAIN | Web: VWMSEG | $3,651,914 CANADA | Web: KJPXGZ | $2,947,737 sothebysrealty.com

featured listings

Exquisite on Round Hill Web ID: 0067126 | $10,500,000 Exquisite remodel, restoration and renovation of stately Round Hill Road home. Impeccably maintained on 2+ park like acres.

Greenwich Brokerage Cynthia Vanneck | 203.618.3169

IN-TOWN GEORGIAN Web ID: 0066510 | $8,950,000 Masterfully crafted Georgian manor on quiet street in town. Adjacent to Greenwich Land Trust’s 6 acre Smith Preserve.

Greenwich Brokerage Kathryn Anderson Adams | 203.912.7255

PRIVATE COUNTRY ESTATE Web ID: 0066655 | $8,950,000 Sophisticated 9,600+ sq. ft. stone residence on 9.65 park-like acres. 2-3 bedroom guest house, studio cottage, tennis court and heated pool & spa.

Greenwich Brokerage Marijane Bates Hvolbeck | 203.983.3832

The intellectual property to sell yours.

Greenwich, CT | $29,900,000 | Joseph Barbieri | 203.618.3112

With our long history of representing the rare and the beautiful, we’ve learned a thing or two about the art of selling. And the science. We’ve built a global network of proprietary resources and privileged relationships unrivaled in the industry.

And it is our pleasure to put these resources to work for you.

Greenwich Brokerage | 203.869.4343

SothebysHomes.com/Greenwich

One Pickwick Plaza | Greenwich, CT 06830 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.