Mother's Day last week and Memorial Day next week have squeezed open houses into Sunday May 20th. As a result we have an incredible 93 open houses on Sunday. Rob Pulitano has done a yeoman's effort for you pulling together all the information about these open houses and creating the interactive map. He has found 31 open houses that are not listed on the Greenwich MLS. They include open houses that only appear on the CMLS or Trulia. It was several hours of work distilled in to the open house list below and the interactive map here.

This week we have 5 rentals, 28 houses under $1 million dollars, 30 houses between $1 and 2 million dollars and 29 houses over $2 million. The weather is also supposed to be nice with a high around 79 degrees with 5 to 10 mile an hour winds. So this is the weekend to get out see the open houses.

 

Greenwich Real Estate Market Report for May 20, 2012

 

	SFH Invnty		Solds	Exec. Cont	Cont. Cont	Acptd Off		Total S+K
Number	634		25	82	47	27		181
Median ($MM)	$        2.80		$      1.70	$      2.20	$      1.35	$      0.87
<$3MM	350		22	54	38	24		138
% <$3MM	55%		88%	66%	81%	89%		76%
$5-10MM	111		0	5	0	4		9
> $10MM	46		0	6	2	0		8
Hi-End Sum	157		0	11	2	4		17

 

 

The lower and middle portions of the Greenwich real estate market continues to hum along. Right now we have 634 houses on the market and 181 properties that are either sold, under contract or with an accepted offer.

 Most Sales in May Under $3MM

So far in May we have had 25 houses sold and 22 or 88% of them have been under $3 million, while only 55% of our inventory is under $3 million. 

Over $10MM Doing Better Than $5 - 10MM segment

Pending contracts and accepted offers show that the high end is getting a little better and surprisingly the very high-end, over $10 million, is doing better than the $5 - 10 million dollar range. We have 8 pending contracts for houses listed at over $10 million dollars with an inventory of only 46 houses. From $5 - 10 million we have more than double the number of houses on the market, 111 houses, while we only have 5 executed contracts and 4 accepted offers. 

Be Careful When Comparing Numbers in a Market Like This

This mismatch between sales and inventory skews the numbers. For example our median price for active listings is $2.8 million, while the median price of houses sold so far in May is $1.7 million or more than a million dollars less. This skewing of sales also makes it look like house prices have dropped by over 30% when all that has changed is the mix of what is selling.

The analysis of the contracts has also changed this week. Usually, I get contracts and accepted offers from the hot sheet, i.e. transaction that have happened since the beginning of the month.

For this analysis, however, I wanted to look at all pending contracts and offers. So I pulled all pending contracts and offers from the GMLS database.  The numbers include not only contracts that were signed in May, but also prior months. The result is a more complete view of upcoming sales, but since prior month's contracts are included these number don't show the market velocity for May as would a look at only the May numbers.

 

GREENWICH OPEN HOUSE LIST FOR MAY 20, 2012

 

Address	Town	List Price		Open House Time	Broker
32 Highland Rd  #13	Stamford	$3,500		1-4 PM	Weichert
95 Connecticut Av	Greenwich	$3,975		2-4 PM	Coldwell Bnkr
25 Oval Av	Riverside	$7,900		2-4 PM	Raveis
16 Manor Rd	Old Greenwich	$8,950		1-4 PM	Prudential
37 N. Porchuck Rd.	Greenwich	$25,000		2-4 PM	Prudential
1525 E Putnam Av  #301	Old Greenwich	$329,000		1-4 PM	Raveis
351 Pemberwick Rd  #110	Greenwich	$335,000		1-3 PM	Raveis
254 Seaside  #34c	Stamford	$349,000		1-4 PM	Prudential
87 Putnam Park  #87	Greenwich	$397,000		1-4 PM	Raveis
102 Valley Rd  #19	Cos Cob	$475,000		1-3 PM	Raveis
51 Forest Av  #132	Old Greenwich	$499,000		2-4 PM	Coldwell Bnkr
150 Prospect St  #4	Greenwich	$515,000		2-4 PM	Sotheby's
6 Nassau Pl  #4	Cos Cob	$540,000		1:30-4:00 PM	Coldwell Bnkr
27 Bible St	Cos Cob	$549,000		1-4 PM	Prudential
351 Pemberwick Rd  #505	Greenwich	$599,000		1-4 PM	Prudential
80 Laddins Rock Rd	Old Greenwich	$599,000		1-4 PM	Prudential
72 Putnam Park  #72	Greenwich	$615,000		12-3 PM	Weichert
13 Dora St,St  #2	Stamford	$629,000		1-4 PM	Raveis
32 Highland Rd  #13	Stamford	$635,000		1-4 PM	Weichert
193 Hamilton Av  #20	Greenwich	$650,000		1-4 PM	Raveis
9 Melrose Ave	Greenwich	$669,000		1-5 PM	Weichert
132 Henry St	Greenwich	$675,000		12-3 PM	Weichert
19 Le Grande Av  #16	Greenwich	$679,000		1-4 PM	Raveis
11 Orchard St	Cos Cob	$685,000		1-4 PM	Prudential
11 Orchard St	Cos Cob	$685,000		1-4 PM	Prudential
28 Woods Av	Greenwich	$699,000		12-3 PM	Raveis
60 Valley Rd  #A	Cos Cob	$699,500		2-4 PM	Raveis
60 Valley Rd  #B	Cos Cob	$699,500		2-4 PM	Raveis
197 Sheephill Rd  #C	Riverside	$749,900		2-4 PM	Coldwell Bnkr
333 Palmer Hill Rd  #3c	Riverside	$799,900		1-4 PM	Coldwell Bnkr
27 Pilgrim Dr	Greenwich	$871,500		1-5 PM	Weichert
362 Davis Ave  #4	Greenwich	$925,000		2-4 PM	Sotheby's
22 Hettiefred Rd	Greenwich	$949,000		1-3 PM	Reloc Group
73 Weaver St  #23	Greenwich	$995,000		2-4 PM	Coldwell Bnkr
17 Ronald Ln	Cos Cob	$1,039,000		1-3 PM	Raveis
1 Mortimer Dr	Old Greenwich	$1,050,000		2-4 PM	Sotheby's
349 Riversville Rd	Greenwich	$1,099,000		1-4 PM	Raveis
95 Connecticut Av	Greenwich	$1,099,000		2-4 PM	Coldwell Bnkr
21 Mulberry Ln	Cos Cob	$1,100,000		1-3 PM	Weichert
38 Breezemont Av	Riverside	$1,225,000		2-4 PM	Sotheby's
67 Bowman Dr	Greenwich	$1,245,000		2-4 PM	Anderson
73 Weaver St  #18	Greenwich	$1,249,000		1-4 PM	VAN
37 Carrington Dr	Greenwich	$1,250,000		1-4 PM	Coldwell Bnkr
2 Sheldrake Rd	Greenwich	$1,255,000		1-4 PM	Prudential
78 Dandy Dr	Greenwich	$1,295,000		1-4 PM	Prudential
1992 Shippan Av	Stamford	$1,299,000		12-2 PM	Coldwell Bnkr
31 Westview Pl	Riverside	$1,300,000		2-4 PM	Coldwell Bnkr
86 Lower Cross Rd	Greenwich	$1,349,000		1-4 PM	Weichert
15 Midbrook Ln	Old Greenwich	$1,395,000		2-4 PM	Sotheby's
42 Stonebrook Ln	Cos Cob	$1,399,000		2-4 PM	Sotheby's
80 Porchuck Rd	Greenwich	$1,475,000		2-4 PM	Coldwell Bnkr
130 Woodside Dr	Greenwich	$1,525,000		2-4 PM	Sotheby's
36 Arch St	Old Greenwich	$1,575,000		1-4 PM	Prudential
25 Oval Av	Riverside	$1,595,000		2-4 PM	Raveis
21 Cat Rock Rd	Cos Cob	$1,695,000		2-4 PM	Coldwell Bnkr
16 Norton Ln	Old Greenwich	$1,695,000		1-4 PM	Raveis
17 Shore Rd	Old Greenwich	$1,725,000		2-4 PM	Sotheby's
24 Burning Tree Rd	Greenwich	$1,749,000		2-4 PM	Sotheby's
361 Stanwich Rd	Greenwich	$1,795,000		2-4 PM	Sotheby's
72 Butternut Hollow Rd	Greenwich	$1,825,000		1-3 PM	Round Hill Prtnrs
16 Manor Rd	Old Greenwich	$1,850,000		1-4 PM	Prudential
106 Hunting Ridge Rd	Greenwich	$1,879,000		1-4 PM	Prudential
79 William St	Greenwich	$1,975,000		2-4 PM	Coldwell Bnkr
7 Mulberry Ln	Cos Cob	$1,999,999		1-4 PM	Raveis
49 Pecksland Rd	Greenwich	$2,087,000		1-3 PM	Shore & Cntry
2 Stanwich Ln	Greenwich	$2,095,000		1-4 PM	Round Hill Prtnrs
108 Cutler Rd	Greenwich	$2,195,000		2-4 PM	Sotheby's
112 Taconic Rd	Greenwich	$2,200,000		1-4 PM	Prudential
95 Valley Rd	Cos Cob	$2,295,000		1-5 PM	Weichert
24 Meadow Rd	Riverside	$2,295,000		2-4 PM	Prudential
9 Wallasy Way	Riverside	$2,355,000		1-3 PM	Sotheby's
18 Flying Cloud Rd	Stamford	$2,375,000		1-4 PM	Prudential
243 Dolphin Cove Quay, St	Stamford	$2,500,000		1-4 PM	Prudential
96 Eas Elm St  #2	Greenwich	$2,595,000		1-4 PM	Sotheby's
182 Dolphin Cove Quay	Stamford	$2,675,000		1-4 PM	Prudential
41 Hidden Brook Rd	Riverside	$2,695,000		2-4 PM	Round Hill Prtnrs
11 Grimes Rd	Old Greenwich	$2,775,000		2-4 PM	Coldwell Bnkr
45 Cedar Cliff Rd	Riverside	$2,775,000		2-4 PM	Sotheby's
1 Highgate Rd	Riverside	$2,895,000		2-4 PM	Round Hill Prtnrs
37 Perryridge Rd	Greenwich	$2,995,000		1-4 PM	Sotheby's
191 Shore Rd	Old Greenwich	$3,100,000		2-4 PM	Sotheby's
196 Dolphin Cove Quay	Stamford	$3,150,000		1-4 PM	Prudential
230 Bedford Rd	Greenwich	$3,450,000		1-3 PM	Ogilvy
25 Windabout Dr	Greenwich	$3,495,000		2-4 PM	Coldwell Bnkr
24 Marks Rd	Riverside	$3,840,000		2-4 PM	Sotheby's
26 Marks Rd	Riverside	$3,840,000		2-4 PM	Sotheby's
137 Milbank Ave	Greenwich	$3,995,000		1-4 PM	Sotheby's
10 Spring House Rd	Greenwich	$4,350,000		1-3 PM	Round Hill Prtnrs
120 Cummings Point Rd,St	Stamford	$4,395,000		2-4 PM	Sotheby's
37 N. Porchuck Rd.	Greenwich	$4,750,000		2-4 PM	Prudential
212 Bedford Rd	Greenwich	$4,775,000		1-3 PM	Prudential
69 Rockwood Ln	Greenwich	$6,495,000		2-4 PM	Sotheby's
18 Chimney Corner Ln	Greenwich	$10,750,000		2-4 PM	Coldwell Bnkr

Here's to all the mothers out there who help make Greenwich such a great place to live. Mother's Day is a good time to spend with Mom and the rest of the family and a slow day in real estate, but if you do want to go out we have a little something for everyone from under $500K to over $6MM. You can find the  list itself below,  see the interactive map here and find detailed instructions for its use here. 

 

OPEN HOUSE LIST

Address	Town	List Price		Open House Time	Broker
120 Halstead Ave	Greenwich	$499,000		12-3 PM	West-Green
193 Hamilton Av  #20	Greenwich	$650,000		1-4 PM	Raveis
80 Porchuck Rd	Greenwich	$1,525,000		2-4 PM	Coldwell Bnkr
30 Sherwood Ave	Greenwich	$2,750,000		2-4 PM	Prudential
5 Bridle Path Ln	Riverside	$6,275,000		2-4 PM	Coldwell Bnkr

 

Market Report

 

Buyer activity is often tough to measure. You can look at sales and offers, but this doesn't show how many people are out there looking. The Greenwich Multiple Listing Service just came out with a very useful graph showing the number of keyboxes opened for the first four months of 2012 versus 2011.

As you can see from the graph 2012 is similar to 2011. February 2012 had a few more showing than did February 2011 and in March we had a few less. January and April showings were down more than 10% and this number is probably even higher because most of the higher end homes don't have keyboxes. So the numbers are skewed somewhat to the lower end. 

 

	2011	2012	Diff	% Diff
Jan	2998	2684	-314	-10.5%
Feb	3213	3286	73	2.3%
Mar	4719	4358	-361	-7.6%
Apr	4013	3580	-433	-10.8%
Total	14943	13908	-1035	-6.9%

 

Overall for the year we are down about 7% in showings through the end of April and the numbers are large enough so that even though the percentage shift is relatively small it is statisctically significant.

Bottom line showings are down a little bit in 2012 over 2011, sales are up significantly in most price categories under $2MM and slow over $4MM, except for high-end waterfront. For many Realtors we have a busy market. It just depends are where you are.

One of the nice things about putting out a lot of Greenwich real estate information is you get called for a lot of other real estate information because Greenwich and its people get a lot of attention. Lately, with the real estate market recovering nationally and the economy in a state of flux we have been getting our share of attention again.

 

 

 Last month Vikram Pandit, the chief executive officer of Citigroup Inc. (C), put his home in Greenwich, Connecticut, on the market for $4.3 million and John Cooke and I got quoted in the original Bloomberg article which was reprinted on the Businessweek website and even appeared in Portuguese. Mr. Pandit actually has a fairly modest house for someone at his level, but I sure wouldn't mind living there.

 

Forbes had a good article on how the Wall Street layoffs are likely to affect the housing market. I got quoted again on our bifurcated market. This article appeared in a bunch of places including a link from the Tajikistan News.

This week, I got interviewed by the Commercial Record here in Connecticut about how the drop in the median price does not mean that that average house is actually dropping in value. In fact I think house prices on average are up since October of 2010, though by single digits. You can listen to the Commercial Record podcast explaining how drop in the median price doesn't necessarily me a drop in your house by clicking the play button below.

 

 

 

Another  busy open house weekend for Greenwich as the spring real estate market passes its mid-point. This week we have almost an even distribution with 20 open houses under $1 million, 15 between $1 and 2 million and 22 over $2 million. You can find the  list itself below,  see the interactive map here and find detailed instructions for its use here. 

Printing tips:

• If you'd like to print the map above the easiest way is to mouse over the image of the map and then click on the "Download full size box" that appears. You will get a new screen with just the map. Click File and then Print and select a landscape aspect ratio.
• To print the whole report click the title at the top of the report so that only this post appears, then print it landscape.
• Lastly if you just want the list itself you can copy and paste it into Word and print that. Just start your copy before the beginning of the table and select to the line after the table to get it properly formatted.
  

Greenwich Real Estate Market Report for May 6th

  Sales Jump in $2 - 3 Million Price Range

As with 2011 the higher end houses have taken a little longer to see sales, but activity is definitely picking up. The market from $2-4 million is starting to show good activity. In fact the $2 - 3 million price range was the busiest segment in Greenwich in April, 2012 with 11 sales. The next nearest categories were the $1.5 - $2 million category and the $600 - 800,000 both with six sales. To see how dramatic the 11 April sales were all you have to do is look at the paltry 2 March sales in the $2 - 3 million dollar price range.

 

April	Inventory	Contracts	Solds	Total
< $600K	27	6	3	9
$600-$800K	36	21	6	27
$800K-$1M	33	11	1	12
$1-$1.5M	65	22	4	26
$1.5-$2M	79	24	6	30
$2-$3M	101	21	11	32
$3-$4M	69	14	2	16
$4-$5M	47	7	0	7
$5-$10M	112	9	2	11
> $10M	47	6	1	7
TOTAL	616	141	36	177

 

  Pending Contracts and Offers show $2 - 4 Millon Price Range Getting Better Fast

The same $2 - 3 million price range that topped the sales list also has 21 pending contracts and accepted offers. Last month this price range had 24 contracts so the strong sales performance in April wasn't a surprise. With all these pending contracts May should also be a good sales month for this price range.

The better news for the upper half of the market is that the recovery extends up to the $3 - 4 million price range with 14 pending contracts and offers. In March the $3-4 million price range had 32 months of supply of houses. When you include the April contracts and sales, months of supply drops to 15 months in this price range.

Over $4 million sales continue slow. We are seeing some contracts in this price range but it has moved from dead to slow. In March we months of supply of 5 and 6 years. When you add in contracts and Aprils Greenwich high-end sales are at a more reasonable, but still slow 2.7 years of supply. The one bright spot at this end of the market is the over $10 million waterfront properties which continue to sell well.

Thanks to Rob Pulitano

 Preparing the list below from multiple sources and the interactive map takes 2 - 3 hours and Rob Pulitano your agent in Prudential's Greenwich office gets it done. Thanks Rob.

GREENWICH OPEN HOUSE LIST FOR SUNDAY, MAY 6, 2012

 

Address	Town	List Price		Open House Time	Broker
51 Forest Av  #36	Old Greenwich	$5,100		2-4 PM	Raveis
188 Bible St	Cos Cob	$5,500		1-3:30 PM	Raveis
29 Lockwood Av	Old Greenwich	$19,500		1-4 PM	Raveis
83 Old Barn Rd	Stamford	$319,000		1-4 PM	Prudential
351 Pemberwick Rd  #110	Greenwich	$335,000		1-3 PM	Raveis
60 Putnam Park	Greenwich	$459,000		1-4 PM	FSBO
40 Division St West	Greenwich	$510,000		1-4 PM	Prudential
51 Forest Av  #87	Old Greenwich	$529,000		2-4 PM	Coldwell Bnkr
5 Glen St  #202	Greenwich	$550,000		1-3 PM	Coldwell Bnkr
14 Sound Beach Av	Old Greenwich	$595,000		1-3 PM	Raveis
6 Sherman Ave	Greenwich	$599,000		2-4 PM	Greenwich Fine Prop
193 Hamilton Av  #20	Greenwich	$650,000		1-4 PM	Raveis
12 Benders Dr	Greenwich	$670,000		1-3 PM	Anderson
19 Le Grande Av  #16	Greenwich	$679,000		1-4 PM	Raveis
58 Orchard St Lot 1	Cos Cob	$700,000		1-3 PM	Raveis
25 Spezzano Dr	Riverside	$769,000		1-4 PM	Prudential
124 Milbank Av	Greenwich	$845,000		2-4 PM	Coldwell Bnkr
33 White Birch Ln	Cos Cob	$874,500		1-3 PM	Shore & Country
82 Halsey Dr	Old Greenwich	$885,000		1-4 PM	Prudential
188 Bible St	Cos Cob	$895,000		1-3:30 PM	Raveis
241 Pemberwick Rd	Greenwich	$947,500		1-3 PM	Anderson
10 Webb Av	Old Greenwich	$949,000		1-3 PM	Raveis
51 Forest Av  #36	Old Greenwich	$999,500		2-4 PM	Raveis
58 Orchard St,Lot 2	Cos Cob	$1,100,000		1-3 PM	Raveis
25 Summit Rd	Riverside	$1,250,000		2-4 PM	Coldwell Bnkr
30 Skylark Rd	Greenwich	$1,275,000		1-3 PM	Coldwell Bnkr
81 Blueberry Dr	Stamford	$1,425,000		1-4 PM	Prudential
8 Fox Hollow Lane	Cos Cob	$1,499,000		2-4 PM	Coldwell Bnkr
58 Orchard St Lot 1	Cos Cob	$1,695,000		1-3 PM	Raveis
21 Cat Rock Rd	Cos Cob	$1,695,000		2-4 PM	Coldwell Bnkr
15 Pell Pl	Riverside	$1,695,000		1-4 PM	Prudential
19 Licata Ter	Cos Cob	$1,695,000		2-4 PM	Coldwell Bnkr
16 Norton Ln	Old Greenwich	$1,695,000		1-4 PM	Raveis
16 Norton Ln	Old Greenwich	$1,695,000		1-4 PM	Raveis
80 Porchuck Rd	Greenwich	$1,725,000		2-4 PM	Coldwell Bnkr
32 Meyer Pl	Riverside	$1,750,000		1-3 PM	Coldwell Bnkr
72 Butternut Hollow Rd	Greenwich	$1,825,000		1-3 PM	Round Hill Prtnrs
59 Londonderry Dr	Greenwich	$1,999,000		1-4 PM	Prudential
49 Pecksland Rd	Greenwich	$2,087,000		1-3 PM	Shore & Country
525 River Rd	Cos Cob	$2,100,000		1-4 PM	New England Ld
23 Pierce Rd	Riverside	$2,150,000		1-4 PM	New England Ld
26 Hill Rd	Greenwich	$2,480,000		2-4 PM	Anderson
22 Guinea Rd	Greenwich	$2,495,000		2-4 PM	Coldwell Bnkr
331 Round Hill Rd	Greenwich	$2,500,000		1-4 PM	Coldwell Bnkr
28 Upland Dr	Greenwich	$2,500,000		1-4 PM	Sotheby's
5 Dawn Harbor Ln	Riverside	$2,785,000		2-4 PM	Coldwell Bnkr
2 Idar Court  #A	Greenwich	$2,795,000		2-4 PM	Greenwich Fine Prop
61 Winding Ln	Greenwich	$2,975,000		2-4 PM	Coldwell Bnkr
9 Rockwood Lane Spur	Greenwich	$3,195,000		2-4 PM	Greenwich Fine Prop
38 Carriglea Dr	Riverside	$3,325,000		1-4 PM	Prudential
25 Windabout Dr	Greenwich	$3,495,000		2-4 PM	Coldwell Bnkr
29 Lockwood Av	Old Greenwich	$3,495,000		1-4 PM	Raveis
44 Carriglea Dr	Riverside	$3,825,000		1-4 PM	Prudential
44 Carriglea Dr	Riverside	$3,825,000		1-4 PM	Prudential
8 Indian Point Ln	Riverside	$3,895,000		1-4 PM	Prudential
623 Steamboat Rd  #A	Greenwich	$3,950,000		2-4 PM	Ogilvy
623 Steamboat Rd  #B	Greenwich	$4,450,000		2-4 PM	Ogilvy
3 Cherry Blossom Ln	Greenwich	$4,995,000		2-4 PM	Coldwell Bnkr
22 Cherry Tree Ln	Riverside	$5,295,000		2-4 PM	Shore & Country
244 Byram Shore Rd	Greenwich	$5,495,000		1-3 PM	Coldwell Bnkr

Allie Dicke and Barbara Lusk are throwing a party at 38 Carriglea. Carriglea is a very nice street in Riverside with a homeowner's association that have their own beach. You can stop by 38 Carriglea for food and then swing by the beach for refreshments. While at the beach you can talk to architect Blaine Talbot on renovating or building new on this lot.

While there you can stop by 44 Carriglea and see Bobbie Hopkins listing. Should be a beautiful day at the beach.

 

 

If you have never been to opening night of Art on Avenue you have to come on Thursday, May 3^rd from 5:30 – 8:00 pm.  It’s a fun evening with over 100 stores and 200 artists participating. Prudential’s Connecticut’s office at 136 E. Putnam is a great place to start. We have a food and drink, and the artist’s will be in residence including our own Jo Ann O’Hara, painter of the lilies above. (You have to see the paintings in person; they are much better than the photos above.)

The other reason that Prudential’s office is a great place to start is we have plenty of parking which is tough to find that evening. So come and enjoy the evening, look at some cool paintings, meet the artists and partake of the food and drink.

 

• Sales and Contracts Exceed New Listing for This Week
• Many houses selling quickly
• Bidding for the hot house
• What's wrong with using price/s.f. in Greenwich

 

Market Report

 

As April comes to an end the spring market's sales and contracts accelerate as people buy up many of the new listings that came up on the market in the first half of the spring market. This week we have

Solds 7
Executed Contracts 20
Accepted Offers/Contingent Contracts 23

Total off market 50

 

New 32
Price Changes 32

 

Good properties going quickly

For the right properties at the right price the market is hot. Of the 20 homes that got to fully executed contracts 7 of them did it in 2 weeks or less. Of the 23 houses that have an accepted offer or contingent contract 6 of them did it in 10 days or less.

Now most of them are under $2 million where sales are up 31% through the end of March, but 3 of the fast movers were over $2 million with one co-op going to contingent contract in 10 days. Bottom line when the right house comes along don't wait until next week end.

 

Bidding for the hot house

With a hot house I always prefer to be the first bidder and there is little point in starting with a low offer for these houses. The shorter the negotiation the fewer people will see the house and the fewer competitors you will have.

Our inventory for single family homes is up to 607 houses, but I expect that this will continue to drop. The median price is $2,795,000. The median time on market is only 94 days as we have gotten lots of new inventory.

 

What's wrong with using list price per square foot in Greenwich

One number that home buyer quants like to compare is list price/square foot. In Greenwich our median list price/square foot is $593/s.f., but this number is not terribly useful in Greenwich. At least not without a careful analysis, that you can't do with a few clicks. First 10% of our houses don't list any square footage so they are not part of the calculation. Second, the most common square footage used comes off the Greenwich Tax Assessor's field cards and this figure may or may not include the basement depending on ground slope and other factors. Third, our houses are often drastically different in age and condition even on the same street.

 

***********

GREENWICH OPEN HOUSE LIST AND INTERACTIVE MAP

The list of open houses appears below. A color coded static map of the open houses  is above. You can see the interactive map here and find detailed instructions for its use here. If you mouse over any  pin on the map a box will pop-up with the address, time and price of the open house. If you click on a pin or on an address in the right column of the map a larger balloon will pop-up. Click on the MLS number in the balloon and you can get details for that property.

You can get a printable version of the static map clicking the map image above and selecting "Download Full Size Image". You can also go to the link above and resize and zoom in to just the area you want.

Thanks to Prudential Connecticut agent Rob Pulitano for preparing the open house list below and the interactive map.

 

Address	Town	List Price		Open House Time	Broker	ML Number
51 Forest Ave  #36	Old Greenwich	5,500		2-4 PM	Raveis
29 Lockwood Ave	Old Greenwich	19,500		1-4 PM	Raveis
1525 E Putnam Ave  #101	Old Greenwich	275,000		1-4 PM	Coldwell Bnkr	80459
254 Seaside  #34C	Stamford	368,800		1-4 PM	Purdential	82022
89 Harbor Dr  #210	Stamford	379,000		1-4 PM	Purdential
102 Valley Rd #119	Cos Cob	475,000		1-4 PM	Raveis
28 Homestead Ln	Greenwich	499,000		1-4 PM	Raveis
176 Hobart Av	Greenwich	519,000		1-3 PM	Coldwell Bnkr	81372
80 Laddins Rock Rd	Old Greenwich	599,000		1-4 PM	Purdential	81553
39 Maple Tree Ave  #2	Stamford	599,000		1-4 PM	Purdential
37 Richland Rd	Greenwich	599,000		1-4 PM	Raveis
193 Hamilton Ave  #20	Greenwich	650,000		1-4 PM	Raveis
9 Melrose Ave	Greenwich	669,000		1-5 PM	Weichert	81040
12 Benders Dr	Greenwich	670,000		1-3 PM	Anderson
1116 Newfield Ave	Stamford	695,000		1-4 PM	Purdential
17 Brook Crossway	Greenwich	698,000		1-3 PM	Coldwell Bnkr	81790
25 Indian Harbor Dr  #6	Greenwich	699,000		12-3 PM	Purdential	81799
28 Woods Ave	Greenwich	699,000		2-4 PM	Raveis
60 Valley Rd	Cos Cob	750,000		1-4 PM	Raveis
9 Canterbury Dr	Greenwich	775,000		12-3 PM	Keller Williams
11 Macarthur Dr	Old Greenwich	789,500		2-4 PM	Coldwell Bnkr	82031
33 White Birch Ln	Cos Cob	874,500		1-3 PM	Shore & Cntry	82056
27 Pilgrim Dr	Greenwich	889,500		1-5 PM	Weichert
41 Windsor Ln	Cos Cob	925,000		1-4 PM	Raveis
31 Scott Ln	Greenwich	949,000		1-5 PM	Weichert
13 Pleasant St	Cos Cob	950,000		2-4 PM	Sotheby's
51 Forest Ave  #36	Old Greenwich	999,500		2-4 PM	Raveis
233 Davenport Ave	Stamford	1,099,000		1-4 PM	Purdential
12 Cottontail Rd	Cos Cob	1,200,000		1-4 PM	Coldwell Bnkr	81901
67 Bowman Dr	Greenwich	1,245,000		2-4 PM	Anderson	81956
43 Long Meadow Rd	Riverside	1,329,000		1-3 PM	Coldwell Bnkr	81391
16 Heronvue	Greenwich	1,349,000		1-5 PM	Weichert
86 Lower Cross Rd	Greenwich	1,349,000		1-5 PM	Weichert
15 Midbrook Ln	Old Greenwich	1,395,000		2-4 PM	Sotheby's
25 Oval Ave	Riverside	1,675,000		1:30-4:30 PM	Raveis
80 Porchuck Rd	Greenwich	1,725,000		2:30-4:30 PM	Coldwell Bnkr	78914
73 Summit Rd	Riverside	1,875,000		1-4 PM	Purdential
2 Marks Rd	Riverside	1,900,000		1-4 PM	Prudential	80933
7 Mulberry Ln	Cos Cob	1,999,999		1-4 PM	Raveis
49 Pecksland Rd	Greenwich	2,087,000		1-3 PM	Shore & Cntry	81110
75 Harding Rd	Old Greenwich	2,139,000		2-4 PM	Shore & Cntry	81840
18 Flying Cloud Rd	Stamford	2,375,000		1-4 PM	Purdential	80692
191 North St	Greenwich	2,500,000		1-3 PM	Coldwell Bnkr
243 Dolphin Cove Quay, St	Stamford	2,500,000		1-4 PM	Purdential	77579
165 Lake Ave	Greenwich	2,750,000		1-5 PM	Weichert
182 Dolphin Cove Quay	Stamford	2,790,000		1-4 PM	Purdential
61 Winding Ln	Greenwich	2,975,000		2-4 PM	Coldwell Bnkr	81270
196 Dolphin Cove Quay	Stamford	3,150,000		1-4 PM	Purdential
14 Woodland Rd	Stamford	3,195,000		2-4 PM	Purdential	81592
29 Lockwood Ave	Old Greenwich	3,495,000		1-4 PM	Raveis
212 Bedford Rd	Greenwich	4,775,000		1-4 PM	Purdential	81864
3 Cherry Blossom Ln	Greenwich	4,995,000		2-4 PM	Coldwell Bnkr	81045
212 Taconic Rd	Greenwich	4,995,000		1-4 PM	Purdential	80353
244 Byram Shore Rd	Greenwich	5,495,000		2-5 PM	Coldwell Bnkr	78431

Toscana is one of the most beautiful dining experiences in Greenwich. Located on Lewis Street just up from Splurge and the Black Forest Bakery, two other favorites, when you walk in here you feel like you are in an elegant restaurant in Florence.

It's worth going there for the decor, but the food is what will make you come back. We had the Bruschetta Trio for an appetizer and it was very good. The Mare Chiaro is also a nice seafood pasta dish. If you go ask for Armando as your waiter a very nice guy.

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• 2012 Real Estate Sales are Up Slightly in Greenwich
• The Average Price for a House in Greenwich is Down 23%
• Our Median Sales Price Has Dropped by Over $600,000 to $1,334,500

 

All of the above statements are mathematically true, but all of them are gross over-simplifications of what is going on in the market. The principal reason that all of these statements are deceptive is that they don't reflect the dramatically different markets in Greenwich under $2 million compared to over $2 million.

Our average and median prices have dropped so dramatically not because all the houses in town have dropped in price, but because low-end sales are up and high end sales are down. As a result, the average and the usually more trustworthy median price are down.

 

  Under $2 Million Real Estate Market in Greenwich, CT

• Sales up 39%
• Total Dollars up 31%
• Average Price Down 6%

The under $2 million dollar is doing well. The market for under $600K houses and in Old Greenwich and Riverside we are supply constrainted. Some houses in this market are moving to accepted offers in days of coming on the market. Buyers have a real advantage over their fellow buyers if they can move quickly and already are pre-approved, rather than just pre-qualified for a loan or even better can do all cash deals.

 

  Over $2 Million Real Estate Market in Greenwich, CT

• Sales are Down 31%
• Total Dollars Down 32%
• Average Price Down 1%

In the upper half of the market real estate sales are slower than they were at this time last year by a significant margin. Actual sales are down in every price category when you compare Q1 2012 to Q1 2011. Interestingly the average price is just about flat indicating that the drop in sales were widely dispersed in the upper end.

Here sellers need to be a bit more aggressive and if you aren't getting showings and offers its time to action. The one excepton to the slower sales in this category is hgh-end waterfront, there properties even over $10 million go to contract fairly quickly.

   Greenwich Real Estate Sales by Month

As you can see in the chart above single family home sales are tracking the last six year average, but as mentioned above this disguises the big differences between our lower and upper price ranges.

 

Thanks as always to John Cooke of Prudential's Greenwich office for supplying all the charts at the top of the article.

 

 

 

The Chipotle chain opened their first store in Greenwich near the top of Greenwich Avenue. The young chefs ladle out large portions of food at reasonable prices. The restaurant is designed with efficiency in mind. The table tops are stainless steel and the orange mushroom shaped seats are bolted to the floor so you don't have worry about them tipping over.

The large portions attract a young crowd who get along well with the slightly older staff. Tip: If you go you have to try the guacamole, which is excellent. If you ask for gaucamole with your burrito bowl you get a much larger portion ladled out than if you order one of the smaller containers.