Sunday Greenwich Open House, September 28, 2014 & Sept. Market Report

Greenwich Open Houses

Sunday, September 28, 2014

The fall real estate market is maintaining its momentum with 47 Open Houses, two rentals from $7,500 per month to $11,500 per month, and 45 homes for sale ranging from $449,000 to $6.795,000.  I’m hosting the first public open house at 505 E. Putnam Avenue from 1 – 4 this Sunday. This 4,000 s.f. classic Victorian sits on 1.68 acres of land in a half acre zone. The house has been extensively renovated with new kitchens and bathrooms and is just around the corner from Greenwich High School. Price is $2.59M.

Please click here for the interactive map. The static map is below followed by my market report.

Thanks to Rob Pulitano for preparing the list of Open Houses and the interactive map and to Pam Toner for the hot links and the Word document attached.

Address Town Price Time Broker
365 Round Hill Road Greenwich $7,500 1-3 PM Weichert
92 Wesskum Wood Road Old Greenwich $11,500 1-3 PM Sotheby’s
1204 Hope Street  #8 Stamford $449,000 1-4 PM Berkshire Hathaway
151 S Water Street Greenwich $470,000 11-1 PM Coldwell Banker
3 Hollow Wood Lane Greenwich $499,900 2-4 PM Raveis
184 Peck Avenue  #4 Greenwich $535,000 2-4 PM Coldwell Banker
104 River Run  #104 Greenwich $549,000 2-4 PM Berkshire Hathaway
453 E Putnam Avenue  #3b Cos Cob $565,000 1-3 PM Weichert
72 Dulan Drive Stamford $699,000 2-4 PM Berkshire Hathaway
436 Valley Road Cos Cob $749,000 1-3 PM Coldwell Banker
28 Malibu Road Stamford $825,000 1-3 PM Berkshire Hathaway
24 Pleasant Street Cos Cob $859,000 1-3 PM Weichert
2 Gerald Court Riverside $869,000 2-4 PM Coldwell Banker
63 Ethan Allen Lane Stamford $875,000 1-3 PM Berkshire Hathaway
48 Spring Street  #8 Greenwich $949,000 12-2 PM Coldwell Banker
7 Sickle Bar Lane Riverside $995,000 2-4 PM Shore and Country
51 Northfield Street Greenwich $1,195,000 1-4 PM Sotheby’s
6 Pintail Lane Greenwich $1,315,000 1-4 PM Berkshire Hathaway
392 Davis Avenue Greenwich $1,395,000 1-4 PM Raveis
30 Sundance Drive Cos Cob $1,395,000 2-4 PM Raveis
52 Benjamin Street Old Greenwich $1,399,000 1-4 PM Berkshire Hathaway
21 Heusted Drive Old Greenwich $1,595,000 1-4 PM Benedict
30 Old Stone Bridge Cos Cob $1,595,000 1-4 PM Berkshire Hathaway
45 William Street  #A Greenwich $1,680,000 1-4 PM Berkshire Hathaway
16 Mackenzie Glen Greenwich $1,799,000 1-4 PM Raveis
32 Hillside Avenue Stamford $1,850,000 1-3 PM Berkshire Hathaway
5 Idar Court Greenwich $1,899,000 1-3 PM The Relocation Grp
244 Stanwich Road Greenwich $1,925,000 1-3 PM Sotheby’s
127 Sound Beach Avenue Old Greenwich $1,995,000 1-3 PM Shore and Country
55 Shore Road Old Greenwich $2,195,000 1-3 PM Weichert
270 Palmer Hill Road Riverside $2,250,000 1-4 PM Raveis
54 Sundance Drive Cos Cob $2,299,000 2-4 PM Raveis
18 Hawkwood Lane Greenwich $2,450,000 2-4 PM Houlihan Lawrence
505 E Putnam Avenue Greenwich $2,590,000 1-4 PM Berkshire Hathaway
420 North Street Greenwich $2,795,000 1-3 PM Sotheby’s
14 Cove Ridge Lane Old Greenwich $2,850,000 1-4 PM Coldwell Banker
106 Patterson Avenue Greenwich $2,850,000 1-4 PM Raveis
265 Valley Road Cos Cob $2,995,000 1-4 PM Higgins Group
50 Indian Head Road Riverside $3,199,500 1-3 PM Coldwell Banker
44 Cedar Cliff Road Riverside $3,400,000 1-3 PM Coldwell Banker
343 Taconic Road Greenwich $3,495,000 1-4 PM Raveis
98 North Street Greenwich $3,999,000 12-2 PM Coldwell Banker
31 Owenoke Way Riverside $4,395,000 1-3 PM Berkshire Hathaway
22 Stillman Lane Greenwich $4,990,000 1-3 PM Weichert
30 Vineyard Lane Greenwich $5,100,000 1-3 PM Coldwell Banker
20 Langhorne Lane Greenwich $5,995,000 1:30-3:30 PM Coldwell Banker
229 Bedford Road Greenwich $6,795,000 1-4 PM Raveis

 

Static Open House Map:

 

Greenwich Open Houses for 9/28/14

Greenwich Open Houses for 9/28/14

 

MARKET REPORT

We have a couple of days left in September and some sales are reported late so our 26 sales so far this month will rise, but it looks like September 2014 may be a little slower than September 2013. We have some good inventory with a total of 594 single family homes on the market and 114 of those house came on this month.

The GMLS has reported 456 single family home sales, but we have about 60 private sales so far this year so this number will be higher once we get in the final numbers from SearchGreenwich.net in the middle of next month.

 

Price Sept Sale (mtd) Under Contract
<$1M 5 19
$1 – 2M 10 18
$2 -3M 8 17
$ 3 – 5 2 14
$5 – 10M 1 9
>$10M 1 1
Total 26 78

 

So if you haven’t looked yet in September now is a good time do so. We have some really nice houses (check out my 9 Tomney Road and the aforementioned 505 E. Putnam) and gorgeous weather here at the top of the fall market for a very nice open house weekend.

40 Open Houses in Greenwich for Sunday, Sept. 21, 2014

Greenwich Open Houses

Sunday, September 21, 2014

The fall real estate market is maintaining its momentum with 40 Open Houses, four rentals from $2,500 per month to $13,500 per month, and 36 homes for sale ranging from $350,000 to $5,100,000.  As always, please check the times as they vary.

Open House Map.092114

Greenwich Open House Map for 9/21/14 – Click the link for the interactive map

Please click here for the interactive map. The static map is above

 

If you are out looking at open houses please feel free to stop by my new listing at 9 Tomney Road just off lower Stanwich Road. I call it the perfect house, because it’s what many buyers are looking for; a great 4 BR, 3/2BA house on .42 acres close to town, walking distance to GHS, CMS and GCD and this 2006 house has just been redone and looks brand new.

Thanks to Rob Pulitano for preparing the list of Open Houses and the interactive map and to Pam Toner for the hot links and the Word document.

9-21-14 Open Houses in Greenwich, Ct <<— Click here for the printable Word version of the GreenwichStreets.com Open House List

Address Town Price Time Broker
64 Glenville Street  #B Greenwich $2,500 1-3 PM Houlihan Lawrence
5 Grove Street Cos Cob $4,500 2-4 PM Coldwell Banker
52 Hunt Terrace Greenwich $5,800 12-2 PM Coldwell Banker
14 Chateau Ridge Road Greenwich $13,500 1:30-3:30 PM Coldwell Banker
1465 E Putnam Avenue  #616 Old Greenwich $350,000 2-4 PM Coldwell Banker
1465 E Putnam Avenue  #427 Old Greenwich $370,000 1-3 PM Raveis
53 Rodwell Avenue  #A Greenwich $494,000 1-3 PM Keller Williams
20 High Street Greenwich $549,000 12-2 PM Coldwell Banker
165 Pine Street Greenwich $575,500 1-3 PM Weichert
6 Hartford Avenue Greenwich $649,500 1-4 PM Berkshire Hathaway
9 N Georgetown  #9 Greenwich $825,000 2-4 PM Coldwell Banker
201 Cat Rock Road Cos Cob $1,195,000 1-4 PM Berkshire Hathaway
285 Bruce Park Ave  #A Greenwich $1,195,000 1-3 PM Weichert
285 Bruce Park Ave  #B Greenwich $1,195,000 1-3 PM Weichert
52 Hunt Terrace Greenwich $1,349,000 12-2 PM Coldwell Banker
51 Glen Road Greenwich $1,395,000 1-3 PM Berkshire Hathaway
392 Davis Avenue Greenwich $1,395,000 1-4 PM Raveis
14 Summit Road Riverside $1,595,000 1-4 PM Sotheby’s
7 Osee Place Cos Cob $1,595,000 1-3 PM Sotheby’s
24 Irvine Road Old Greenwich $1,795,000 2-4 PM Anderson Assoc
32 Hillside Avenue Stamford $1,850,000 1-3 PM Berkshire Hathaway
39 Bowman Drive Greenwich $1,890,000 1-4 PM Raveis
14 Palmer Terrace Riverside $1,975,000 1-3 PM Raveis
12 Ricki Beth Lane Old Greenwich $1,995,000 2-4 PM Sotheby’s
55 Shore Road Old Greenwich $2,195,000 1-3 PM Weichert
39 Skylark Road Greenwich $2,200,000 1-3 PM Houlihan Lawrence
16 Crescent Road Riverside $2,295,000 1-4 PM Coldwell Banker
270 Palmer Hill Road Old Greenwich $2,295,000 1-4 PM Raveis
88 Dingletown Road Greenwich $2,395,000 1-4 PM William Pitt Sotheby’s
420 North Street Greenwich $2,795,000 1-3 PM Sotheby’s
9 Tomney Road Greenwich $2,950,000 1-4 PM Berkshire Hathaway
7 Gisborne Place Old Greenwich $2,995,000 2-4 PM Coldwell Banker
265 Valley Road Cos Cob $2,995,000 1-4 PM Higgins Group
603 Steamboat Road Greenwich $3,465,000 1-3 PM Weichert
98 North Street Greenwich $3,999,000 12-2 PM Coldwell Banker
20 Carpenters Brook Road Greenwich $4,100,000 11-3 PM Coldwell Banker
10 Esther Place Old Greenwich $4,295,000 2-4 PM Shore and Country
31 Owenoke Way Riverside $4,395,000 1-4 PM Berkshire Hathaway
20 Hedgegrow Lane Greenwich $4,750,000 1-3 PM Houlihan Lawrence
30 Vineyard Lane Greenwich $5,100,000 1-3 PM Coldwell Banker

 

 

Static Open House Map:

GREENWICH, CT FALL 2014 MARKET REPORT

The market is definitely looking up in the last two months. If you look at the green 2014 line, you can see that we started out with a bang as lots of buyers believed the pundits and thought interest rates were going higher in 2014. Those buyers pulled the trigger in December 2013 and January 2014.

In February, despite the pundits predictions interest rates fell and so did sales as buyers didn’t feel an urgency to buy. From March to June 2014 sales were better than 2012, but not as good as the near record year for sales that we saw in 2013.

Greenwich Real Estate Sales Take Big Leap in August 2014

Greenwich Real Estate Sales Take Big Leap in August 2014

A funny thing then happened this July, sales of single family homes exceeded the June 2014 sales. We had 95 July sales compared to 91 June 2014 sales . Normally as you can see from the 8-year average, (the light-grey line) July sales are good, but significantly below June sales. Last year sales were the same in both June and July, this year they were better. I wonder if this is the start of a trend with sales coming later in the year.

August sale continued July’s momentum this year with 84 sales the same as 2014. So far in September we have had 37 single family home sales compared to 48 for the entire month of September 2013. September 2014 sales will almost certainly be better than September 2013, when the deadlocked Congress let the government shutdown and closings were pushed into October.

As of the end of August we have had 500 single family home sales only 14 below last year and well above the 8 year average of 440 sales through the end of August.

Sales Volume

The number of sales is what gets the headlines, but when you look at the total value of home sales in 2014 compared to 2013, this year’s sales volume blows last year away. So far this year we have sold $1.39 billion worth of house in Greenwich up nearly 60% over last year. The major jump in sales from $3 -5 million and over $10 million has led to some good months for town conveyance tax collections.

New listings

In August 2014 we had 56 new listings, so far in the month of September we have had 154 new listing. This is 7 more than we had in the fall market of September 2013. The properties are spread throughout the town and they are spread out across all price ranges.

New RE Listings in Greenwich are Spread Throughout the Town

New RE Listings in Greenwich are Spread Throughout the Town

I’ve contributed my share of new listings with:

  • 9 Tomney Road as mentioned above, 4 BR, 3/2 BA on for $2,950,000 and for rent for $13,500/mo
  • 8 Howard Road a 4 BR, 2/1 BA house on the Greenwich Stamford border in the NE corner of Greenwich for $895,000
  • 28 Hollow Wood 4 lots in an R-6 zone in Pemberwick that allows multi-family units

In addition 505 E. Putnam Avenue has been reduced to $2,599,000 for the fall market and 3 Hillside Road is now $1,799,000, both are near Greenwich High School on oversized lots.

Of the 154 new listings that came on the market this month, six are already under contract and one has already closed. The market is gaining momentum, but is still spotty. Pricing is key for sellers. For buyers this is the weekend to get out and look at open houses. If you are serious about buying a house before the end of the year, this is a good time to give me a call as we have some good inventory to show you.

Sunday Open Houses August 3, 2014 & July Market Report

 

Greenwich Open Houses

Sunday, August 3, 2014

There are 28 Open Houses starting with 3 rentals from $8,000 to $10,500 per month. The Open Houses range in price from $449,900 to $4,595,000. There are plenty of homes to see in every price point. Look closely at the times as they vary.  You can use the interactive map to plan your route.

Please click here for the interactive map. The static map is below.

Thanks to Rob Pulitano for preparing the list of Open Houses and the interactive map and to Pam Toner for the hot links and the Word document attached.

You can see my weekly Market Analysis which is also published at www.greenwichstreets.com below.

 

Address Town Price Time Broker
20 Harkim Road Greenwich $8,000 2-4 PM Coldwell Banker
17 Lincoln Avenue Greenwich $10,000 1-4 PM Sotheby’s
19 Woodland Drive  #A Greenwich $10,500 12-2 PM Coldwell Banker
75 Cos Cob Avenue Cos Cob $449,900 1-3 PM Diamond Realtors
6 Hartford Avenue Greenwich $649,500 2-4 PM Berkshire Hathaway
12 Cross Street Greenwich $689,000 1-3:30 PM Raveis
10 Rex Street Greenwich $725,000 1-4 PM Berkshire Hathaway
303 Bruce Park Avenue Greenwich $735,000 12-3 PM Weichert
6 Buena Vista Drive Greenwich $799,000 12:30-4:30 PM Weichert
13 Spezzano Drive Riverside $800,000 1-3 PM Berkshire Hathaway
34 Edgewood Avenue Greenwich $815,000 2-4 PM Berkshire Hathaway
1020 North Street Greenwich $1,100,000 11-3 PM Halstead
9 Durkin Place Riverside $1,149,500 1-4 PM Berkshire Hathaway
5 Brown House Road Old Greenwich $1,225,000 1-3 PM Coldwell Banker
1017 North Street Greenwich $1,249,000 12-3 PM Coldwell Banker
12 Ridgebrook Road Greenwich $1,395,000 2-4 PM Sotheby’s
14 Surrey Drive Riverside $1,399,000 12-2 PM Raveis
51 Glen Road Greenwich $1,487,000 1-4 PM Berkshire Hathaway
75 Taconic Road Greenwich $1,499,000 12-2 PM Raveis
330 Sound Beach Ave Old Greenwich $1,545,000 1-4 PM Raveis
148 E Elm Street Greenwich $1,550,000 1-4 PM New England Land
365 Round Hill Road Greenwich $1,595,000 1-3 PM Weichert
20 Harkim Road Greenwich $1,995,000 2-4 PM Coldwell Banker
10 Maher Avenue Greenwich $2,049,000 1-3 PM Houlihan Lawrence
19 Woodland Drive  #A Greenwich $2,250,000 12-2 PM Coldwell Banker
25 Willowmere Avenue Riverside $2,295,000 3-5 PM Coldwell Banker
265 Valley Road Cos Cob $2,995,000 1-4 PM Higgins Group
146 Hendrie Avenue Riverside $4,595,000 12-4 PM Pulse Realty

 

Static Open House Map:

 OH080314

 

 

 

 

 

 

 

 

 

 

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GREENWICH REAL ESTATE MARKET REPORT FOR JULY 2014

Better than 2012, not as good as 2013, continues

Sales.SFH.2011-July2014Prelim.080314

July continues a trend that we have seen since April of this year sales are better than 2012, but not as good as in 2013. In July of this year we had 77 single family home sales reported, which once the private sales are reported will exceed the 80 sales that we had in 2012, but will not equal the all time best sales of 98 homes that we saw in July 2013.

Overall sales were distributed as we’ve seen all year:

  • Supply constrained under $1.5M
  • A balanced market from $1.5 to $4M, and
  • An improving market above $4M with plenty of supply

 

As of 8/1/14 Inventory Contracts Last Mo. Solds Solds+ Contracts YTD Solds  YTD+ Contracts Mos Supply Mos w/ Contracts Last Mo. Annlzd
< $600K 7 4 2 6 13 17 3.8 3.5 3.5
$600-$800K 18 9 8 17 30 39 4.2 3.9 2.3
$800K-$1M 18 11 8 19 30 41 4.2 3.7 2.3
$1-$1.5M 50 23 13 36 64 87 5.5 4.9 3.8
$1.5-$2M 64 13 14 27 47 60 9.5 9.1 4.6
$2-$3M 100 22 15 37 69 91 10.1 9.3 6.7
$3-$4M 77 10 9 19 50 60 10.8 10.9 8.6
$4-$5M 49 5 1 6 21 26 16.3 16.0 49.0
$5-7.5M 82 11 5 16 17 28 33.8 24.9 16.4
$7.5-$10M 35 2 0 2 6 8 40.8 37.2 -
> $10M 51 4 2 6 10 14 35.7 31.0 25.5
TOTAL 551 114 77 191 353 467 10.9
 10.0  7.2

 

Our contracts indicate that the market will continue on the same path with some improvement in the over $5 million price range. We’ve actually seen more inventory coming on in July of this year than we saw last year so the market should stay balanced overall. A more detailed report is coming next week.

 

29 Open Houses on Sunday, 7/27/14

There are 29 Open Houses starting with 30 Sherwood Ave which is for rent $12,000 per month, or sale for $2,500,000.   The  highest priced single family home Open House is $6,400,000 on Club Road in Riverside. There are plenty of homes to see in every price point. Look closely at the times as they vary.  You can use the interactive map to plan your route.

Please click here for the interactive map. The static map is below.

 

OH72714

 

 

 

 

Address Town Price Time Broker
30 Sherwood Avenue Greenwich $12,500 1-4 PM Berkshire Hathaway
171 Putnam Park #171 Greenwich $425,000 1-4 PM Berkshire Hathaway
47 Lafayette Place   #2i Greenwich $575,000 2-4 PM Raveis
28 Rippowam Road #A Cos Cob $659,900 1-3 PM Raveis
12 Cross Street Greenwich $689,000 2-4 PM Raveis
145 Barn Hill Road Greenwich $775,000 1-3 PM New England Land
6 Buena Vista Drive Greenwich $799,000 1-5 PM Weichert
14 Gregory Road Cos Cob $970,000 12-2 PM Coldwell Banker
70 Gregory Road Cos Cob $1,350,000 2-4 PM William Pitt Sotheby’s
52 Benjamin Street Old Greenwich $1,399,000 2-4 PM Berkshire Hathaway
17 Indian Mill Road Cos Cob $1,420,000 1-4 PM Berkshire Hathaway
392 Davis Avenue Greenwich $1,495,000 1-4 PM Raveis
365 Round Hill Road Greenwich $1,595,000 1-3 PM Weichert
233 Milbank Avenue #8 Greenwich $1,795,000 2-4 PM Houlihan Lawrence
12 Old Orchard Road Riverside $1,872,000 2-4 PM Higgins Grp
1397 King Street Greenwich $1,995,000 1-3 PM Weichert
30 South End Court Old Greenwich $2,195,000 1-3 PM Shore & Cntry Prop
55 Shore Road Old Greenwich $2,195,000 1-3 PM Weichert
16 Crescent Road Riverside $2,295,000 1-4 PM Coldwell Banker
30 Sherwood Avenue Greenwich $2,500,000 1-4 PM Berkshire Hathaway
4 Game Cock Road Greenwich $2,895,000 1-3 PM Douglas Elliman
34 Bruce Park Avenue   #A Greenwich $3,095,000 1-3 PM Halstead Prop
34 Bruce Park Avenue   #B Greenwich $3,295,000 1-3 PM Halstead Prop
34 Grossett Road Riverside $3,295,000 1-3 PM Halstead Prop
7 Nawthorne Road Old Greenwich $3,395,000 1-4 PM Halstead Prop
38 Bramble Lane Riverside $3,995,000 1-4 PM Berkshire Hathaway
6 Chieftans Road Greenwich $4,475,000 1-3 PM Coldwell Banker
22 Stillman Lane Greenwich $4,990,000 1-4 PM Weichert
11 Club Road Riverside $6,400,000 2-4 PM Halstead Prop

Greenwich Real Estate Market Report Part II – Average Price Now $3MM

First Half Market Supply and Demand in Greenwich, CT

           Greenwich Inventory vs. Sales

[You can see Part I of this report at GreenwichStreets.com.]

Comparing the percentage of each price range sold to the inventory in that price range is another way of looking at demand in that price range and it also shows you how each price range compares to the overall market. If you look at the inventory pie chart you can see that the under $1,000,000 market in Greenwich only has 8% of the market; it’s three tiny little sliver at the top right of the chart. Look at sales for the same price range and you can see that the under $1,000,000 market comprises 19% of the sales. If we had more inventory in this highly competitive price range these segments would be even more disproportionate.

1stHalf.YTDSales.mp.071914 1stHalfInventory.mp.071914

Going counter-clockwise from the top tells the opposite story. Over $5MM sales are only 11% of the market, while inventory constitutes 30% of the market. This market is slow, but it needed life support last year.

The big story this year is the market from $2MM to $4MM. This market is 34% of the inventory and 34% of the sales. The increase in sales of this price segment is driving average market price higher. The average price of all houses sold through the GMLS for the first half of the year is an amazing $3,005,723. Now over $400,000 of that amount is attributable to the sale of Copper Beech Farm at $120,000,000. I you take out that one sale the average drops to $2,578,737 which is still a big number.

The increase of higher end sales has even affected the median price which is now up to an even $2,000,000, well above the $1.6MM at the start of the year. Now this doesn’t mean that average house value in Greenwich had jumped double digits this year, we’re up, but only in the single digits, the jump in the average and median price is mainly due to the shift of sales to higher price ranges. Even a single digit increase in house values in a low inflation environment is a real increase in value which shows that real estate, especially in Greenwich continues its climb.

What’s Happening Now in Greenwich Real Estate

The short answer to what’s happening now is more of the same when you look at June 2014 real estate sales in Greenwich. In June 2014 sales of houses over $2MM in Greenwich were a little more than 50% of the market; year to date the upper half was right at 50% of the market.

1stHalf.June2014.Sales.mp.071914

1stHalf.Contracts.mp.071914

This trend to higher end sales may have peaked based on the contracts that we have. Here less than 50% of the contracts are for houses over $2,000,000 and the proportion of contracts is also slightly greater. Neither one of the changes is big, so contracts also indicate a market likely to continue the status quo, but it’s a good “quo”.

Feel free to call me at 203-969-7900 if you have any questions.