GREENWICH REAL ESTATE MARKET REPORT FOR OCTOBER 2014

We had 42 sales of single family homes in October 2014 this is up from last year and up from September. Seeing sales increase in October is unusual and the market does seem a little busier. Inventory is also tightening up as we have barely 500 houses on the market. We have 43 houses under $1M on the GMLS which represents a 3 – 4 months of supply under a million dollars.

At the other end of the market we have sold 14 houses sold over $10M, but we have 54 houses on the market or a 3 year supply. We seemed to have had pent up supply over $5 million and as sales in this market have come back, we have seen owners move to put their properties on the market. Over $5M we have 163 listings.

OCTOBER MARKET REPORT Inventory As of 11/7/14 Contracts Last Mo. Solds Tot. Solds+ Contracts YTD Solds  YTD+ Contracts Mos Supply Mos w/ Contracts Last Mo. Annlzd
< $600K 8 7 2 9 20 27 4.0 3.4 4.0
$600-$800K 18 3 9 12 47 50 3.8 4.1 2.0
$800K-$1M 17 11 1 12 45 56 3.8 3.5 17.0
$1-$1.5M 51 17 6 23 87 104 5.9 5.6 8.5
$1.5-$2M 51 12 5 17 74 86 6.9 6.8 10.2
$2-$3M 89 20 9 29 99 119 9.0 8.6 9.9
$3-$4M 70 9 3 12 59 68 11.9 11.8 23.3
$4-$5M 51 6 1 7 28 34 18.2 17.3 51.0
$5-7.5M 79 10 4 14 24 34 32.9 26.7 19.8
$7.5-$10M 30 3 1 4 7 10 42.9 34.5 30.0
> $10M 54 0 1 1 14 14 38.6 44.4 54.0
TOTAL 518 98 42 140 504 602 10.3 9.9 12.3

The good thing is that we 98 contracts waiting to close and sales all the way up to $4 million are moving along.

 

Greenwich Sunday Open Houses, Novermber 9, 2014

There are 46 Open Houses in Greenwich this weekend! As the Holidays creep closer, the Open House activity increases. The rentals range in price from $3,500 per month to $12,000 per month. The homes for sale range in price from $275,000 to $10,850,000. The times vary so plan your tour carefully.

 

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

Greenwich, CT Open Houses

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

Address Area Price Time Broker
5 Grove Street Cos Cob $3,500 10-12 PM Coldwell Banker
4 Waterfall Lane Cos Cob $3,600 2-4 PM Raveis
70 Wesskum Wood Road Riverside $12,000 1-3 PM Raveis
2 Homestead Lane  #112 Greenwich $275,000 1-3 PM Coldwell Banker
1465 E Putnam Avenue  #616 Old Greenwich $350,000 1-3 PM Coldwell Banker
20 High Street Greenwich $549,000 12-2 PM Coldwell Banker
165 Pine Street Greenwich $565,000 1-3 PM Weichert
98 Valley Road  #9 Cos Cob $599,000 1-3 PM Houlihan Lawrence
24 Taylor Drive Cos Cob $629,000 1-3 PM Berkshire Hathaway
13 Fletcher Avenue Greenwich $650,000 2-4 PM Weichert
57 Richmond Drive Old Greenwich $895,000 2-4 PM Coldwell Banker
7 Sickle Bar Lane Riverside $895,000 1-3 PM Shore and Country
9 Linwood Avenue Riverside $899,500 1-4 PM Berkshire Hathaway
14 Cat Rock Road Cos Cob $965,000 1-4 PM Berkshire Hathaway
285 Bruce Park Avenue  #A Greenwich $1,195,000 1-3 PM Weichert
1017 North Street Greenwich $1,275,000 1-3 PM Douglas Elliman
17 Manor Road Old Greenwich $1,295,000 1-3 PM Coldwell Banker
69 Stanwich Road Greenwich $1,350,000 1-4 PM Berkshire Hathaway
51 Glen Road Greenwich $1,395,000 1-4 PM Berkshire Hathaway
53 Indian Field Road Greenwich $1,399,000 12-2 PM Raveis
365 Round Hill Road Greenwich $1,595,000 1-3 PM Weichert
314 N Maple Avenue Greenwich $1,775,000 1-3 PM Shore and Country
178 Milbank Avenue  #B Greenwich $1,795,000 1-3 PM Coldwell Banker
233 Milbank Avenue  #8 Greenwich $1,795,000 12-2 PM Houlihan Lawrence
3 Whitney Drive Greenwich $1,949,000 1-4 PM Coldwell Banker
11 Circle Drive Greenwich $1,950,000 1-4 PM Berkshire Hathaway
233 Milbank Avenue  #1 Greenwich $2,050,000 12-2 PM Houlihan Lawrence
55 Shore Road Old Greenwich $2,195,000 12-4 PM Weichert
16 Crescent Road Riverside $2,295,000 1-3 PM Coldwell Banker
69 Mallard Drive Greenwich $2,450,000 1-3 PM Sotheby’s
39 Bedford Road Greenwich $2,500,000 11-1 PM Auction
106 Patterson Avenue Greenwich $2,850,000 2-4 PM Raveis
44 Cedar Cliff Road Riverside $3,400,000 1-3 PM Coldwell Banker
9 Stallion Trail Greenwich $3,450,000 1-4 PM Berkshire Hathaway
5 Grimes Road Old Greenwich $3,595,000 2-4 PM Coldwell Banker
29 Byfield Lane Greenwich $3,595,000 1-3 PM Raveis
15 Lexington Avenue Greenwich $3,695,000 2-3 PM Coldwell Banker
95 Connecticut Avenue Greenwich $3,695,000 2-3 PM Coldwell Banker
98 North Street Greenwich $3,850,000 11-1 PM Coldwell Banker
21 Walsh Lane Greenwich $4,295,000 1-4 PM Berkshire Hathaway
29 Keofferam Road Old Greenwich $4,295,000 1-3 PM Coldwell Banker
19 Shoal Point Lane Riverside $4,500,000 2-5 PM Coldwell Banker
22 Stillman Lane Greenwich $4,995,000 1-4 PM Coldwell Banker
11 N Crossway Old Greenwich $5,995,000 1-3 PM Shore and Country
14 Golf Club Road Greenwich $6,850,000 12-1:30 PM Coldwell Banker
21 Midwood Drive Greenwich $10,850,000 1-3 PM Coldwell Banker

 

Static Map:

PRIVATE REAL ESTATE SALES IN GREENWICH

Most of the statistics that you see for Greenwich, CT are for sales on the Greenwich MLS, but about 1 out of 8 sales are done outside the GMLS. This doesn’t always mean that a real estate agent is not involved, but does mean that it was never listed for sale publicly on the GMLS.

At the lower end of the market you see bank owned properties that only appear on the Greater Fairfield County MLS (the CMLS). Banks often retain one firm to handle all sales of bank owned property in Fairfield County. Since belonging to the GMLS is expensive and the GMLS charges for each listing whereas listing on the CMLS are free, lots of bank owned properties end up there. Of the 89 properties sold under $600K, 14 didn’t appear on the GMLS.

Total Private % % Diff.
Average 2,323,452 2,341,176 100.8%
Median 1,500,000 1,637,500 109.2%
< $600K 89 14 15.7% 2.7%
$600-$800K 75 5 6.7% -6.4%
$800K-$1M 71 10 14.1% 1.1%
$1-$1.5M 116 14 12.1% -1.0%
$1.5-$2M 88 15 17.0% 4.0%
$2-$3M 105 10 9.5% -3.5%
$3-$4M 67 9 13.4% 0.4%
$4-$5M 29 2 6.9% -6.1%
$5-$10M 37 10 27.0% 14.0%
> $10M 14 1 7.1% -5.9%
TOTAL 691 90 13.0%

At the other end of the price range and by far the stand out for private sales is the $5 – 10M price range where 27% of the sales are private or more than double the average for the rest of the market. Of these sales two were in Millbrook, three were on Club Road and another was on Field Point Circle. People here often let owners of these high end properties know that in the event they should ever want to sell they’d be happy to buy.

Private Real Estate Sales in Greenwich

Private Greenwich Real Estate Sales by Price Range (Not listed on GMLS)

This price range has had our largest months of supply, but when you add in the 10 private sales this segment definitely looks better. So when you see sales figures you might want to ask whether they include all sales.

If you need information about a private sale in Greenwich feel free to give me a call at 203-969-7900. Mark

Greenwich Open Houses Sunday, November 2, 2014

32 Open Houses in Greenwich this weekend! The rentals range in price from $3,500 per month to $11,000 per month. The homes for sale range in price from $494,000 to $10,850,000. The times vary so plan your tour carefully.

Please click here for the interactive map.

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 and to Mark Pruner for his weekly Market Analysis which is published weekly at www.greenwichstreets.com.

 

 

Address Town Price Time Broker
28 Rippowam Road  #A Cos Cob $3,500 2-4 PM Ogilvy
45 William Street  #A Greenwich $6,500 1-4 PM Berkshire Hathaway
2 Idar Court  #A Greenwich $11,000 2-4 PM Coldwell Banker
53 Rodwell Avenue  #A Greenwich $494,000 1-4 PM Keller Williams
47 Lafayette Place  #2i Greenwich $549,000 1-3 PM Raveis
165 Pine Steet Greenwich $565,000 1-3 PM Weichert
66 Richland Road  #B Greenwich $629,000 12-3 PM Raveis
13 Fletcher Avenue Greenwich $650,000 2-4 PM Weichert
48 Rodwell Avenue  #A Greenwich $669,000 1-3 PM Raveis
100 Strickland Road  #8 Cos Cob $670,000 2-4 PM Raveis
303 Bruce Park Avenue Greenwich $699,000 1-3 PM Weichert
6 Caroline Farms Road  #4 Cos Cob $795,000 2-4 PM Douglas Elliman
80 Bedford Road Greenwich $1,000,000 1-4 PM Berkshire Hathaway
35 Center Drive Old Greenwich $1,085,000 1-3 PM Halstead Property
21 West End Avenue Old Greenwich $1,099,000 1-3 PM Berkshire Hathaway
285 Bruce Park Avenue  #A Greenwich $1,195,000 1-3 PM Weichert
1017 North Street Greenwich $1,275,000 12-3 PM Douglas Elliman
1 Old Church Road  #7 Greenwich $1,400,000 2-5 PM Coldwell Banker
45 William Street  #A Greenwich $1,630,000 1-4 PM Berkshire Hathaway
55 Shore Road Old Greenwich $2,195,000 2-4 PM Weichert
88 Dingletown Road Greenwich $2,395,000 12-3 PM William Pitt Sotheby’s
3 Azalea Terrace Cos Cob $2,399,000 1-4 PM Berkshire Hathaway
2 Idar Court  #A Greenwich $2,475,000 2-4 PM Coldwell Banker
34 Hearthstone Drive Riverside $2,500,000 1-4 PM Berkshire Hathaway
39 Bedford Road Greenwich $2,500,000 11-1 PM Auction
17 Mortimer Drive Old Greenwich $2,749,000 1-3 PM Houlihan Lawrence
420 North Street Greenwich $2,795,000 1-4 PM Sotheby’s
1333 King Street Greenwich $2,845,000 1-4 PM Berkshire Hathaway
7 Holman Lane Old Greenwich $3,395,000 2-4 PM Raveis
38 Bramble Lane Riverside $3,895,000 1-4 PM Berkshire Hathaway
30 Vineyard Lane Greenwich $4,850,000 1-3 PM Coldwell Banker
21 Midwood Drive Greenwich $10,850,000 1-3 PM Coldwell Banker

 

OCTOBER 2014 GREENWICH REAL ESTATE REPORT

So far in October we have 30 sales of single family homes reported on the Greenwich MLS this compares to only 31 sales for the entire month of September, but then September 2014 was a funny month. July and August had 95 sales and 84 home sales recorded at the Greenwich Town Clerk’s office. So a drop to 31 sales in September was a big change from two excellent months of sales in July and August. Now we did have 9 private homes sale in September a number that looks big next to only 31 sales on the GMLS. When you add in the private sales we had 40 September house sales, still below the six-year average of 43 sales and well below the post-recession record of 57 sales in September 2012.

Greenwich Home Sales 2012-Sept. 2014 w/ 6 year Average

Greenwich Home Sales 2012-Sept. 2014 w/ 6 year Average

If sales continue at the present pace we should have 40 sales in October which gets us back to the post-recession average, but still below October 2013’s sales of 56 houses sold. October last year looked good, because several sales were delayed from September 2013, as worry about the federal government shutdown in September moved sales to October.

When you look at the October sales so far you can also see a shift back to the lower end of the market. For most of this year sales from $3 – 7.5 million and sales over $10 million dollars have done well. Sales under $1 million have dropped from last year, but have still moved at a good pace. The result of all this has been a jump in both the average price and the median price. The median price of a single family home in Greenwich for the first 3 quarters of 2014 is $1.9M up from $1.64M in 2013 due to some market appreciation, but mostly the change in the market mix of what’s selling. The median price of the 30 sales so far in October is $1.57M.

Of the 30 October sales, 9 are under $1M and 9 are from $1M to $2M. We have only 2 sales over $5M so far this month. Only time will tell whether we will continue the boom in sales that we saw in July and August or the drop we saw in September, but so far October is looking better and we have 97 contracts waiting to close.

Greenwich Open Houses Sunday, October 26, 2014

64 Open Houses in Greenwich this weekend! The real estate market’s positive momentum continues. The rentals range in price from $3,750 per month to $10,000 per month. The homes for sale range in price from $339,500 to $15,950,000. The times vary so plan your tour carefully.

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.

Address Town Price Time Broker
4 Waterfall Lane Cos Cob $3,750 2-4 PM Raveis
12 Lockwood Drive Old Greenwich $5,450 1-4 PM Weichert
20 Carleton Street Greenwich $8,000 1-4 PM Raveis
92 Wesskum Wood Road Old Greenwich $10,000 1-3 PM Sotheby’s
25 Forest Street  #12g Stamford $339,500 12-2 PM Berkshire Hathaway
52 Lafayette Place  #3A Greenwich $399,000 1-4 PM Berkshire Hathaway
25 Forest Street  #6l Stamford $425,000 12-2 PM Berkshire Hathaway
9 River Road  #409 Cos Cob $429,500 1-3 PM Sotheby’s
25 W Elm Street  #26 Greenwich $575,000 1-3 PM Raveis
13 Fletcher Avenue Greenwich $650,000 1-4 PM Weichert
100 Strickland Road  #8 Cos Cob $670,000 2-4 PM Raveis
47 Lafayette Place  #4e Greenwich $715,000 1-3 PM Sotheby’s
8 Relay Court Cos Cob $819,500 2-4 PM Coldwell Banker
69 Riverdale Avenue  #205 Greenwich $849,500 1-3 PM Sotheby’s
7 Sickle Bar Lane Riverside $995,000 1-3 PM Shore and Country
1 Ridge Road Cos Cob $1,099,000 2-4 PM Shore and Country
12 Watchtower Lane Old Greenwich $1,149,000 1-3 PM Sotheby’s
105 Hamilton Avenue Greenwich $1,150,000 1-3 PM Sotheby’s
13 Center Drive Old Greenwich $1,195,000 1-3 PM Sotheby’s
285 Bruce Park Avenue Greenwich $1,195,000 1-3 PM Weichert
210 W Lyon Farm Drive  #210 Greenwich $1,224,000 12-2 PM Raveis
12 Lockwood Drive Old Greenwich $1,295,000 1-4 PM Weichert
36 Sherwood Avenue Greenwich $1,295,000 2:30-4:30 PM Raveis
14 Surrey Drive Riverside $1,299,900 12-2 PM Raveis
51 Glen Road Greenwich $1,395,000 1-4 PM Berkshire Hathaway
7 Osee Place Cos Cob $1,475,000 1-3 PM Sotheby’s
142 Sound Beach Avenue Old Greenwich $1,699,000 1-3 PM Sotheby’s
143 Weaver Street Greenwich $1,700,000 1-4 PM Berkshire Hathaway
233 Milbank Avenue  #8 Greenwich $1,795,000 2-4 PM Houlihan Lawrence
39 Bowman Drive Greenwich $1,850,000 1-4 PM Raveis
14 Palmer Terrace Riverside $1,850,000 2-4 PM Raveis
3 Whitney Drive Greenwich $1,949,000 11-1 PM Coldwell Banker
7 North Street Greenwich $2,195,000 1-3 PM Sotheby’s
270 Palmer Hill Road Riverside $2,250,000 1-3 PM Raveis
16 Somerset Lane Riverside $2,350,000 1-3 PM Sotheby’s
88 Dingletown Road Greenwich $2,395,000 1-4 PM William Pitt Sotheby’s
27 Dandy Drive Cos Cob $2,395,000 1-3 PM Sotheby’s
69 Mallard Drive Greenwich $2,450,000 12-3 PM Sotheby’s
28 Saw Mill Lane Greenwich $2,495,000 1-3 PM Sotheby’s
39 Bedford Road Greenwich $2,500,000 11-1 PM Country Estates
180 Stanwich Road Greenwich $2,600,000 1-4 PM Berkshire Hathaway
6 Dingletown Road Greenwich $2,625,000 1-3 PM Houlihan Lawrence
268 Palmer Hill Road Riverside $2,750,000 1-3 PM Raveis
17 Pintail Lane Greenwich $2,795,000 1-3 PM Sotheby’s
420 North Street Greenwich $2,795,000 1-4 PM Sotheby’s
184 Stanwich Road Greenwich $2,950,000 1-4 PM Berkshire Hathaway
900 Lake Avenue Greenwich $2,995,000 2-4 PM Raveis
41 Tomac Avenue Old Greenwich $2,995,000 1-3 PM Berkshire Hathaway
50 Indian Head Road Riverside $3,199,500 1-3 PM Coldwell Banker
520 Cognewaugh Road Cos Cob $3,495,000 1-3 PM Shore and Country
150 Riverside Avenue Riverside $3,495,000 2-4 PM Sotheby’s
5 Grimes Road Old Greenwich $3,595,000 2-4 PM Coldwell Banker
12 E Point Lane Old Greenwich $3,600,000 1-3 PM Raveis
33 Normandy Lane Riverside $3,650,000 1-3 PM Berkshire Hathaway
57 Gilliam Lane Riverside $3,695,000 1-3 PM Sotheby’s
20 Carpenters Brook Road Greenwich $3,800,000 1-4 PM Coldwell Banker
14 Sherwood Farm Lane Greenwich $3,995,000 2-4 PM Halstead Properties
10 Esther Place Old Greenwich $4,295,000 2-4 PM Shore and Country
19 Shoal Point Lane Riverside $4,500,000 1-4 PM Coldwell Banker
20 Langhorne Lane Greenwich $5,995,000 2-4 PM Raveis
14 Golf Club Road Greenwich $6,850,000 12-2 PM Coldwell Banker
12 Byfield Lane Greenwich $7,499,000 1-4 PM Berkshire Hathaway
21 Topping Road Greenwich $15,950,000 1-3 PM Sotheby’s
22 Close Road Greenwich $15,950,000 1-3 PM Sotheby’s

 

 

 

The Over $2 Million Report for Fairfield County

The Over $2 Million Report for Fairfield County
By Mark Pruner
Berkshire Hathaway – New England
Greenwich/Old Greenwich Office

I. Overview
The high-end market continues at nice pace in Fairfield County. In the first nine months of 2014 we have had 448 sales over $2 million dollars. Of those sales 93% were in Greenwich, Westport, New Canaan and Darien with 50% of all sales in Greenwich. Both Greenwich and New Canaan have seen unit sales jump by double-digit amounts and sales volume in Greenwich is up by a quarter billion dollars in the first nine months of 2014 compared to the same period in 2013. Half of this gain was due to sale of one house for $120,000,000, but even with that sale subtracted out we still have an increase of $130,000,000 of money pouring into the Fairfield County real estate market, a very good sign.

II. The Numbers
So far this year $1.67 billion dollars of houses and condos over $2 million have been sold in Fairfield County, this is up 17.6% over last year. Sales have climbed from 429 units in the first 9 months of 2013 to 448 units so far this year or an increase of 4.7%.

 

2014 1st 9Mos Units Total $ 2013 1st 9 Mos Diff
BRIDGEPORT 1 $2,200,000 0 $                        - 1 $2,200,000
DARIEN 54 $154,519,493 58 $169,136,800 -4 $(14,617,307)
FAIRFIELD 12 $40,200,000 16 $48,035,000 -4 $(7,835,000)
GREENWICH 224 $1,008,153,852 205 $751,036,068 19 $257,117,784
NEW CANAAN 66 $203,574,775 56 $160,472,000 10 $43,102,775
NORWALK 9 $30,647,633 9 $28,209,000 0 $2,438,633
RIDGEFIELD 4 $11,212,500 4 $12,933,062 0 $(1,720,562)
SHERMAN 1 $2,050,000 1 $3,550,000 0 $(1,500,000)
STAMFORD 3 $6,387,500 5 $12,230,243 -2 $(5,842,743)
WESTON 1 $2,900,000 1 $2,450,000 0 $450,000
WESTPORT 71 $206,149,237 70 $228,991,950 1 $(22,842,713)
WILTON 3 $8,777,500 4 $8,977,500 -1 $(200,000)
Total 448 $1,676,772,490 429 $1,426,021,623 19 $250,750,867

 

The average price of these units has increased to $3,734,000 up 12.3% from the first nine months of 2013. Of this gain in average price, $267,000 is due to the sale of Copper Beach Farm in Greenwich, CT, which sold in April for $120,000,000. If you take out this house the average price for houses over $2 million in Fairfield County is $3,475,000 still up 4.5% over last year.
A. Unit Sales by Month

When you look at the sales by month you can see just how similar the two years have been. Like the rest of the market the high-end sales jumped up in January 2014 as buyer’s rushed to beat what the financial pundits said would be rising interest rates and increasing home prices. Sales dropped back in February as interest rates actually fell.

Sales 9.12 - 9.14.mp.101214

The third quarter of 2014 had two good months of sales followed by a September with lower sales than in either 2013 or 2012. Once again this was true for the whole market both above and below $2 million. Overall sales were down a small 3% for the third quarter of 2014, but still up for the year.

B. Total Volume
The one thing about the high-end is the highest end can be very high. The result is that even when totaled over all of Fairfield County the sales volume for any one month jumps around year to year. The $120,000,000 sale in April of this year made for a big jump. We also saw the sale of a $15.8 million home in June of this year and two houses over $10 million in August.

Fairfield County Real Estate Sales

Lower number of sales in September resulted in lower volume even with another $10 million sale that month.

 

III. The Ultra-High End

The over $10 million is looking much better this year. Many high net worth families in New York see Connecticut, and particularly Greenwich, as a more attractive place, while still being close to New York City. We have 19 properties in Connecticut that have sold for over $10 million so far in 2014. Fifteen of these properties are in Greenwich, but Darien, New Canaan and Fairfield all have sales over $10 million.

The highest priced present listing on the market is Leona Helmsley’s former estate. The house is on for $65,000, 000 after being purchased for $35,000,000 four years ago. The house was bought by an investor and has been extensively renovated making for the ultimate renovation flip. Following closely on the Helmsley Estate price is a Sasco Hill property on Long Island Sound in Fairfield at $62,000,000. If you are looking in this ultimate price category over $10 million you have 98 choices on the Berkshire Hathaway – New England website.

The improvement of the economy and the stock market recovery has gotten high-end buyers moving again. Post-recession, Wall Street bonuses are often spread out over three years and paid out in stock rather than cash. This compensation change initially resulted in a big drop in compensation, but by 2014 these financial sector buyers are “fully-bonused” with one-third of their 2014 bonuses coming from 2014, and two-thirds coming from their 2013 and 2012 bonuses. All of these years were relatively good years for bonuses. In addition stock portfolios are up and the wealth effect is kicking in spurring buyers to make high-end purchases. The volatility of the stock market also makes houses look relatively less risky.

This market is still a challenging market with more sellers than buyers, but the momentum is definitely swinging to the sellers. For sellers that need to sell, pricing their house to today’s market is essential. On the flip side many sellers at the high-end of the market don’t have to sell and if the buyer really wants one particular unique property they have to make a good offer. Ron Howard’s multi-acre property in Conyers Farm on the New York/Greenwich border just went for the full list price of $27,500,000.

We have good sales months followed by not so good months and good months in one town may not be a good month in an adjacent town. Having a good agent is always important, but even more so in this end of the market as the changing dynamics can literally mean a million dollar difference in the sales price either way.
IV. Sales by Town
Greenwich – Many of the high end sales are driven by Wall Street bonuses so being close to Wall Street is a big help as you can see in the sales charts by town below. Greenwich’s market share of over $2 million homes in Fairfield County grew from 48% last year to 50% this year. Unit sales grew from 205 last year to 224 sales in the first 9 months this year.
The growth in sales over $10 million and the sale of Copper Beach Farm at $120,000,000 meant that Greenwich’s share of sales volume went from 53% to 60%. Total dollars went from $751 million to over $1 billion.

Fairfeield County Real Estate Sales

Westport – Sales of over $2 million homes in Westport were the second highest in Fairfield County. Through the first three quarters of 2014 sales totaled 71 up 1 from last year. Surprisingly, total dollars were down by $22 million to $206 million as the mix of houses shifted slightly to the lower end.

New Canaan – Sales of over $2 million in New Canaan were third highest in the county, but looked at per capita actually came in second at $10,200 per resident for a total of $203 million. Number of units sold were up 17.9% over the first 3 quarters of 2013 to a total of 66 sales.

Darien – Sales and dollars were both down slightly in Darien, but total dollars were still $154 million. This is down 9% from 2013 and the number of sales is down 7% from 58 to 54 for the first three quarters of 2014.
V. Greenwich, Fairfield County and Connecticut

In Fairfield County we have a market where good local market knowledge can make a big difference to buyers and sellers. I specialize in Greenwich with listings in mid-country ($1.9 – 7.8M), central Greenwich ($1.7 – 2.6M), live in back-country Greenwich and have a sale pending in Riverside ($3.3M). Keeping up with all these neighborhoods is a full time job (actually more than a 40 hour a week job :). If you have a question about Greenwich real estate feel free to give me a call at 203-969-7900 or email me at mark@bhhsne.com.

Having lived here since 1967 and been a real estate attorney before becoming a Realtor, I have worked on deals in New Canaan, Westport, Darien, Stamford, Fairfield, Weston, and Wilton. I know the cities and towns in Fairfield County pretty well, but in these other towns I want the best local expertise and affiliate with some of the top brokers in each town. Feel free to call me if you have questions about any town in Fairfield County. If you have focused in one town I can get you to get to a good broker.

Also you should check out Berkshire Hathaway’s latest third quarter report. It is the definitive guide to real estate statistics in Connecticut. (I wrote the luxury report for the third quarter so some of the data there may look a little familiar after reading this report.) The BHHS – New England website is also a great place to go if you are looking for options statewide or countywide. Unlike many of the real estate sites out there you can do broad searches. You don’t have to select just one town. The other great thing about the site is that it pulls from all the multiple listing sites in the state so you get more listings.

Overall, we have a good market in Fairfield County that is trending in the right direction. Knowing where to look and what to look for is crucial for buyers. For sellers the deals are there to be done, often at very good prices, but presentation and reach is crucial.

Thanks,

Mark Pruner