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Greenwich Market Update3rd Quarter 2014
GREENWICH BROKERAGE
One Pickwick Plaza
Greenwich, CT 06830
t. 203.869.4343
sothebyshomes.com/greenwich
Greenwich, CT | web: 0066756
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 | $2,350,000Greenwich Brokerage | Kathryn Adams | 203.912.7255
A CLASSIC IN MID-COUNTRY | Web ID: 0065980 | $5,095,000Greenwich 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
RESORT STYLE LIVING BY THE SEA Greenwich Brokerage | Carol Zuckert | 203.618.3135
OLD GREENWICH SUNSET WATERFRONT Greenwich Brokerage | Scott Elwell | 203.618.3137
WATERFRONT ESTATE IN OLD GREENWICHGreenwich Brokerage | Shelly Tretter Lynch | 203.618.3103
EASTERN POINT Greenwich Brokerage | Joseph Barbieri | 203.618.3112
SINGLE FAMILY HOMES
4sothebyshomes.com/greenwich
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%
TOTAL 186 201 184 -8.5%
AVERAGE DAYS ON MARKET
PRICE RANGE 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%
$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%
$10,000,000 & above 95 464 167 -64.0%
AVERAGE 147 142 140 -1.4%
ACTIVE INVENTORY
PRICE RANGE 2012 2013 2014 % Change (2014 v 2013)
Up to $1,000,000 74 50 54 8.0%
$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%
TOTAL 573 524 585 11.6%
YEAR AVERAGE SALE PRICE MEDIAN SALE PRICE
2005 $2,614,418 $1,887,5002006 $2,541,042 $1,967,5002007 $3,394,386 $2,277,5002008 $2,916,643 $2,100,0002009 $2,805,363 $1,800,0002010 $2,451,931 $1,839,7502011 $2,340,892 $1,497,5002012 $2,487,909 $1,721,2502013 $2,230,231 $1,700,0002014 $2,410,440 $1,722,500
TOWN WIDE
$-
$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
Median Sales Price Average Sales Price
SINGLE FAMILY HOMES
5
GREENWICH
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%
TOTAL 86 98 90 -8.2%
AVERAGE DAYS ON MARKET
PRICE RANGE 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%
TOTAL 200 162 193 19.1%
YEAR AVERAGE SALE PRICE MEDIAN SALE PRICE
2005 $3,432,241 $2,575,0002006 $3,260,767 $2,600,0002007 $4,111,636 $2,825,0002008 $3,669,217 $2,800,0002009 $3,942,035 $2,560,0002010 $3,089,435 $2,582,5002011 $3,197,400 $2,125,0002012 $2,955,138 $2,031,0002013 $2,758,523 $2,060,0002014 $2,702,136 $1,837,500
$0$500,000
$1,000,000$1,500,000
$2,000,000$2,500,000$3,000,000$3,500,000$4,000,000$4,500,000
20052006200720082009 2010 2011 2012 2013 2014
Median Sales Price Average Sales Price
SINGLE FAMILY HOMES
6sothebyshomes.com/greenwich
RIVERSIDE
2014 THIRD QUARTER CLOSED SALES
AVERAGE DAYS ON MARKET
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 - -
TOTAL 40 53 33 -37.7%
PRICE RANGE 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 - -
TOTAL 87 134 78 -41.8%
YEAR AVERAGE SALE PRICE MEDIAN SALE PRICE
2005 $1,859,684 $1,737,5002006 $1,967,745 $1,700,0002007 $2,405,200 $1,960,0002008 $2,385,424 $1,865,0002009 $1,778,175 $1,512,5002010 $1,816,236 $1,700,0002011 $1,875,837 $1,332,5002012 $2,393,681 $1,696,875
2013 $1,963,042 $1,680,000
2014 $1,696,464 $1,660,000
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
20052006200720082009 2010 2011 2012 2013 2014
Median Sales Price Average Sales Price
AVERAGE DAYS ON MARKET
SINGLE FAMILY HOMES
7
OLD GREENWICH
2014 THIRD QUARTER CLOSED SALES
AVERAGE DAYS ON MARKET
PRICE RANGE 2012 2013 2014 % Change (2014 v 2013)
Up to $1,000,000 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 -
TOTAL 35 31 32 3.2%
PRICE RANGE 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 -
$10,000,000 & above 24 - 75 -
TOTAL 134 89 96 7.9%
YEAR AVERAGE SALE PRICE MEDIAN SALE PRICE
2005 $2,120,647 $1,868,7502006 $2,010,719 $1,905,0002007 $3,033,000 $2,625,0002008 $1,993,935 $1,600,0002009 $1,715,734 $1,450,0002010 $2,004,691 $1,817,5002011 $2,082,300 $1,775,0002012 $2,363,139 $1,860,0002013 $1,611,706 $1,500,000
2014 $3,320,126 $2,450,000
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
20052006200720082009 2010 2011 2012 2013 2014
Median Sales Price Average Sales Price
AVERAGE DAYS ON MARKET
SINGLE FAMILY HOMES
8sothebyshomes.com/greenwich
COS COB
2014 THIRD QUARTER CLOSED SALES
AVERAGE DAYS ON MARKET
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 - - - -
TOTAL 25 19 29 52.6%
PRICE RANGE 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 - - -
TOTAL 79 145 96 -33.8%
YEAR AVERAGE SALE PRICE MEDIAN SALE PRICE
2005 $1,239,528 $1,024,5002006 $1,376,400 $1,305,0002007 $1,286,822 $1,137,5002008 $1,369,375 $1,441,2502009 $1,233,718 $950,0002010 $1,165,559 $1,199,0002011 $1,060,181 $1,013,7502012 $1,206,080 $1,030,0002013 $1,259,847 $1,275,0002014 $1,313,841 $1,178,000
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
20052006200720082009 2010 2011 2012 2013 2014
Median Sales Price Average Sales Price
CONDOMINIUMS AND COOPS
9
0
50
100
150
200
250
up to $1 $1 to $3 $3 to $5 $5 to $7.5 $7.5 to $10 $10+0
10
20
30
40
50
60
70
80
up to $1 $1 to $2 $2 to $4 $4+
ACTIVE INVENTORY
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 -
TOTAL 40 60 53 -11.7%
AVERAGE DAYS ON MARKET
PRICE RANGE 2012 2013 2014 % Change (2014 v 2013)
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%
$4,000,000 & above 1 - 147 -
AVERAGE 234 148 129 -12.8%
AVERAGE SALES PRICE
PRICE RANGE 2012 2013 2014 % Change (2014 v 2013)
Up to $1,000,000 $519,258 $601,092 $603,904 0.5%
$1,000,000 - $2,000,000 $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 -
TOTAL $960,113 $774,460 $974,562 25.4%
TOWN WIDE
CONDOS AND CO-OPSSINGLE FAMILY HOMES
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
ON THE MARKET
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.
Where curb appealmeets global appeal.
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
CLASSIC DEER PARKWeb 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
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 mid-
country Greenwich location.
Greenwich Brokerage
Shelly Tretter Lynch | 203.618.3103
FEATHRED LISTINGS