greenwich market report | first half 2014

Greenwich Market UpdateFirst Half 2014

GREENWICH BRokERaGE

One Pickwick Plaza

Greenwich, CT 06830

t. 203.869.4343

sothebyshomes.com

Greenwich, CT | web: 0067088

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

http://www.sothebyshomes.com/greenwich/sales/0067088

a MESSaGE FRoM oUR MaNaGER: Pam PagnaniDespite 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 aREaGreenwich, 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 | $6,100,000Greenwich Brokerage | Ellen Roth | 203.550.8886

Mid-country eLegance | Web ID: 0066592 | $5,199,000Greenwich 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

HandsoMe georgian in Mid-country Greenwich Brokerage | Cynthia Vanneck | 203.618.3169

round HiLL country estate on 11.48 acres Greenwich Brokerage |Joseph Barbieri | 203.618.3112

Lakefront coMPoundGreenwich Brokerage | Lyn Stevens | 203.618.3170

http://www.sothebyshomes.com/greenwich/agents/Amy.Balducci

http://www.sothebyshomes.com/greenwich/agents/Cynthia.Vanneck

http://www.sothebyshomes.com/greenwich/agents/Joseph.Barbieri


SINGLE FAMILY HOMES

4sothebyshomes.com/greenwich

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Median Sales Price Average Sales Price

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%

totaL 250 300 268 -10.7%

AVERAGE DAYS ON MARKET


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%

$7,500,000 - $10,000,000 155 292 206 -29.5%

$10,000,000 & above 201 1476 365 -75.3%

aVerage 165 168 165 -1.8%

ACTIVE INVENTORY


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%

totaL 606 565 577 2.1%

year aVerage saLe Price Median saLe Price

2005 $2,334,177 $1,800,0002006 $2,825,985 $2,085,0002007 $2,787,716 $2,100,0002008 $2,887,835 $1,962,5002009 $2,347,424 $1,505,0002010 $2,476,771 $1,600,0002011 $2,512,003 $1,800,0002012 $2,206,762 $1,572,5002013 $2,000,500 $1,593,7502014 $2,865,856 $2,283,525

TOWN WIDE

CONDOMINIUMS AND COOPERATIVES

5

0

10

20

30

40

50

60

70

80

up to $1 $1 to $2 $2 to $4 $4+

0

50

100

150

200

250

up to $1 $1 to $3 $3 to $5 $5 to $7.5 $7.5 to $10 $10+

ACTIVE INVENTORY



Up to $1,000,000 49 74 65 -12.2%

$1,000,000 - $2,000,000 7 16 16 0.0%

$2,000,000 - $4,000,000 3 5 2 -60.0%

$4,000,000 & above 0 0 1 -

totaL 59 95 84 -11.6%



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%

$4,000,000 & above - - 392 -

aVerage 230 217 165 -24.0%

AVERAGE SALES PRICE


Up to $1,000,000 $543,306 $789,613 $533,197 -32.5%

$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 & above - - $4,000,000 -

totaL $723,254 $793,998 $801,533 0.9%

TOWN WIDE

CoNDoS aND Co-oPSSINGLE FaMILY HoMES

SINGLE FAMILY HOMES


$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014


GREENWICH




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%

totaL 126 143 157 9.8%


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%

totaL 181 213 196 -8.0%


2005 $2,772,403 $2,275,0002006 $3,695,427 $2,900,0002007 $3,286,468 $2,598,7502008 $3,552,115 $2,412,5002009 $3,086,100 $2,025,0002010 $3,375,060 $2,425,0002011 $3,124,377 $2,204,0002012 $2,612,218 $1,775,0002013 $2,318,952 $1,706,0002014 $3,790,205 $2,283,525

SINGLE FAMILY HOMES

7

RIVERSIDE




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 - - - -

totaL 54 67 43 -35.8%


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 - - - -

totaL 114 132 132 0.0%


2005 $1,859,963 $1,595,0002006 $1,924,070 $1,640,0002007 $2,275,041 $1,926,0002008 $3,026,512 $2,189,0002009 $2,771,387 $1,517,5002010 $1,626,607 $1,400,0002011 $1,745,440 $1,490,5002012 $1,898,556 $1,357,0002013 $2,004,889 $1,706,0002014 $2,353,070 $2,200,000

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014


SINGLE FAMILY HOMES


$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014


OLD GREENWICH




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 - - -

totaL 37 56 47 -16.1%


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 - - -

totaL 158 117 111 -5.7%


2005 $1,722,176 $1,330,0002006 $1,983,794 $1,710,0002007 $2,268,700 $1,820,0002008 $2,086,567 $1,725,0002009 $1,194,308 $1,025,0002010 $1,703,803 $1,471,5002011 $1,790,305 $1,495,0002012 $2,270,119 $1,875,0002013 $1,855,215 $1,675,0002014 $1,969,651 $1,600,000

SINGLE FAMILY HOMES

9

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

$1,000,000$1,200,000$1,400,000$1,600,000$1,800,000$2,000,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014


COS COB




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 - - - -

totaL 33 34 21 -38.2%


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 - - -

totaL 193 129 123 -4.7%


2005 $1,513,257 $1,100,0002006 $1,655,303 $1,175,0002007 $1,716,194 $1,345,0002008 $1,445,254 $1,180,0002009 $1,380,008 $950,0002010 $1,138,184 $1,058,2502011 $1,222,199 $1,165,0002012 $1,018,025 $802,3402013 $1,244,751 $1,138,0002014 $1,245,762 $1,200,000

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

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

featured listings




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.

The intellectual property to sell yours.

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.

GREENWICH BRokERaGE | 203.869.4343

one Pickwick Plaza | Greenwich, CT 06830


greenwich market report | first half 2014

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