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.