Open House List for Sunday 9/29/13

You can find the Interactive open house map here.

Address	Town	List Price	Time	Broker
1465 E Putnam #625	Old Greenwich	$369K	2-4 PM	Raveis
1 Douglas Drive	Greenwich	$649K	1-4 PM	Berkshire Hathaway
61 Greenwich Hills #61	Greenwich	$675K	2-4 PM	Raveis
62 Valley Road	Cos Cob	$729K	1-3 PM	Raveis
3 Green Lane	Greenwich	$749K	2-4 PM	Berkshire Hathaway
35 Old Kings Hwy	Old Greenwich	$789K	1-3 PM	Halstead Prop
32 Cliff Avenue	Greenwich	$799K	1-3 PM	FF Rlty
70 Riverdale Avenue #701	Greenwich	$869K	2-4 PM	Coldwell Bnkr
51 Forest Avenue #2	Old Greenwich	$885K	1-3 PM	Raveis
40 Ettl Lane	Greenwich	$890K	1-3 PM	Weichert
14 Licata Terrace	Cos Cob	$1.139M	2-4 PM	Anderson Assoc
49 Indian Mill Road	Cos Cob	$1.295M	1-4 PM	Raveis
28 Mianus View Terrace	Cos Cob	$1.495M	1-4 PM	Weichert
25 Rustic View	Greenwich	$1.595M	2-4 PM	Berkshire Hathaway
30 Stag Lane	Greenwich	$1.595M	1-4 PM	Raveis
15 Linwood Avenue	Riverside	$1.599M	1-4 PM	Weichert
43 Stag Lane	Greenwich	$1.785M	2-4 PM	Sotheby’s
140 Shore Road	Old Greenwich	$1.87M	2-4 PM	Raveis
11 Angus Lane	Greenwich	$2.195M	1-4 PM	Raveis
47 N Stanwich Road	Greenwich	$2.299M	1-3 PM	Raveis
15 Palmer Terrace	Riverside	$2.599M	1-3 PM	Raveis
30 Sherwood Avenue	Greenwich	$2.85M	1-3 PM	Berkshire Hathaway
48 Lockwood Avenue	Old Greenwich	$2.95M	3-5 PM	Raveis
2 Buxton Road	Riverside	$2.95M	12-3 PM	New England Land
3 Hearthstone Drive	Riverside	$3.125M	1-4 PM	Shore & Cntry Prop
76 Cat Rock Road	Cos Cob	$3.195M	2-4 PM	Coldwell Bnkr
21 Winthrop Drive	Riverside	$3.45M	1-4 PM	New England Land
279 Stanwich Road	Greenwich	$3.495M	2-4 PM	Sotheby’s
43 Sterling Road	Greenwich	$3.495M	2-4 PM	Sotheby’s
16 Binney Lane	Old Greenwich	$3.745M	2-4 PM	Raveis
70 Lower Cross Road	Greenwich	$3.8M	1-4 PM	Higgins Grp
20 West End Avenue	Old Greenwich	$4.189M	2-4 PM	Higgins Grp
11 Cove Road	Old Greenwich	$4.9M	1-4 PM	Berkshire Hathaway
16 Dingletown Road	Greenwich	$5.095M	12-2 PM	Ogilvy
229 Bedford Road	Greenwich	$7.495M	1-4 PM	Raveis

Thanks to Rob Pulitano for preparing the list of open houses and the interactive map and Jared Randall for the hot links.

Comparison of Real Estate Website Open House Lists Completeness and Accuracy

 

– Trulia, Realtor.com, Zillow, GreenwichStreets et al

People are still better than computers when it comes to putting together a list of all the open houses in Greenwich. Each week Rob Pulitano searches a variety of places to find all the open houses in Greenwich on any given Sunday.  The results for this Sunday are above.

The list Rob put together has 35 open houses, 9 more than are listed in the Greenwich MLS and appear on the map below from GMLS available only to Realtors.

GMLS Open House Map for Sunday 9/29/13

Realtor.com Open House List

Some agents will put a full page ad in the Greenwich Time and forget to put the open house listing in the Greenwich MLS which means it won’t appear on Realtor.com.

Even if they don’t get some of the listing Realtor.com still does better than other computer prepared listings for number of open house listings. You might expect it to have the same number of listings as the GMLS since as the official National Association of Realtor’s website all MLS listings can be automatically fed to Realtor.com. In fact, however, many aren’t, since the listing agent doesn’t check the IDX feed box on the listing input form or doesn’t check the show address box on the form.

Now you might think that agents were withholding addresses to protect the homeowners privacy, particularly, with high end houses. Too often though the same house is dually listed on the Greater Fairfield County MLS but their the address is displayed. It’s simply that the GMLS default is not to display the address on the Internet while the CMLS default is to display the address. As a result Realtor.com has multiple duplicate open houses some with and some without addresses. Realtor.com also has a variety of GMLS only listing that show up on the open house list as “Address Not Available”. So you know the time for the open house just not where to go.

Realtor.com lists 36 open houses in Greenwich this Sunday, but they have by far the most duplicates and no addresses so a user will find only 21 usable open house listings.  Realtor.com does have a very handy feature at the top of their open house map; a series of boxes that let you refine the search.

Websites	No. of Open Houses	Out of Town	Wrong Date	Duplicate/No. Add	Total Error	Net Greenwich O.H.s	Percent of O.H.s
GreenwichStreets.com	35				0	35	100%
Greenwich MLS	27	1			1	26	74%
Realtor.com	36			15	15	21	60%
Zillow.com	19		1		1	18	51%
Greenwich Patch RE	10				0	10	29%
Trulia.com	12		1	1	2	10	29%
Greenwich Daily Voice	9			3	3	7	20%
OpenHouses.com	3				0	3	9%
HomeFinder.com	4			1	1	3	9%

Trulia and Zillow Open House Lists

Of the other two major sites, Zillow and Trulia, Zillow lists about half of the actual open houses and Trulia less than one-third of the open houses that we have today in Greenwich. Zillow, however, has the worst feature among all sites which is their prominently displayed “Zestimate”.

Zillow Open House Map and List 1

Take a look at the first listing above for 44 Glenville Road, listed for $4.45MM with a Zestimate of $3.83MM. It’s low, but not outrageous like the second property at 20 West End Avenue. This house is listed for $4,189,000, but the Zestimate is $1.9MM. Clearly, it’s way off, but some people actually believe it. We had a Zillow representative make a presentation to the Berkshire Hathaway office and said that the awful estimates are useful tool for opening a dialogue with the customer. The problem is that people see the estimate and never even bother to call an agent, because they believe the Zestimate is right and don’t even call to find out how bad it is.

Greenwich Patch, Greenwich Daily Voice, OpenHouses.com, and HomeFinder.com

All of these sites only have a few of the listings. Amazing that a site targeted to open houses such as OpenHouses.com doesn’t have many open houses, at least here in Greenwich.

If you know someone that wants to get the complete list of open houses every week, send us their email addresses and we will put them on the mailing list.

The fall market is doing better than normal with listing up and high end sales really starting to take off. Maggie Gordon at the Greenwich Time writes an excellent article entitled Fall Real Estate Market Preview. She took a tour of some of the great homes out their including 297 Round Hill Road.
The front page article included a photo of this house and the online article includes some excellent photos of the house taken by GT photographer Helen Neafsey.

As the article says:

The first home, a 9,000-square-foot stone-and-shingle manor house at 297 Round Hill Road, is on the market for just under $5 million. It sits on 2 acres in midcountry and has its own private island carved out by streams in flowing into a shared pond.

“It’s a great house. It’s in the part of the market that is really starting to turn up here in the last few months,” said Pruner, who is representing the house.

With the fall coming on and the leaves changing this house and others are going to be set off beautifully by nature’s amazing show of fall color.

 

This week we have 55 open houses in Greenwich. As you can see in the market report below the high market is doing much better and catching up with the rest of the market. The upper end of the market has had a sharp turn around in the last two months and is well represented in today’s open houses with 16 open houses over $3 million. If you are interested in some of our most beautiful houses check out the inverted white triangles on our interactive map of this Sunday’s open houses.

Looks like a great day to get out and see some open houses so enjoy.

Address	Town	List Price	Time	Broker
212 Taconic Road	Greenwich	$16.9K	1-4 PM	Prudential
52 Lafayette Place #4H	Greenwich	$320K	2-4 PM	Coldwell Bnkr
47 Valley Road #B1	Cos Cob	$385K	2-4 PM	Prudential
21 High Street	Greenwich	$549K	2-4 PM	Coldwell Bnkr
4 Lafayette Court #5B	Greenwich	$550K	2-4 PM	Coldwell Bnkr
35 Pemberwick Road #2	Greenwich	$558K	1-3 PM	Coldwell Bnkr
88 Southfield Ave #203	Stamford	$648K	2-4 PM	Prudential
53 Locust Street 53 1/2	Greenwich	$695K	2-4 PM	Coldwell Bnkr
12 Circle Drive Ext	Greenwich	$695K	2-4 PM	Raveis
62 Valley Road	Cos Cob	$729K	2-4 PM	Raveis
347 Riversville Road	Greenwich	$995K	1-4 PM	Coldwell Bnkr
17 Davenport Avenue	Greenwich	$1.195M	2-4 PM	Raveis
54 Hawthorne Street No	Greenwich	$1.25M	1-3 PM	Coldwell Bnkr
33 Maple Avenue	Greenwich	$1.375M	2-4 PM	Grnwich Fine Prps
240 Palmer Hill Road	Old Greenwich	$1.375M	2-4 PM	Sotheby’s
3 Tree Top Terrace	Greenwich	$1.479M	2-4 PM	Sotheby’s
25 Nearwater Lane	Riverside	$1.515M	1-3 PM	Shore & Cntry Prop
72 Stanwich Road	Greenwich	$1.59M	2-4 PM	Sotheby’s
2 Bote Court	Greenwich	$1.595M	2-4 PM	Grnwich Fine Prps
15 Linwood Avenue	Riverside	$1.599M	1-4 PM	Weichert
68 Lockwood Road	Riverside	$1.695M	1-4 PM	Prudential
12 Bryon Road	Old Greenwich	$1.795M	1-4 PM	Coldwell Bnkr
20 Lockwood Road	Riverside	$1.95M	2-4 PM	Sotheby’s
5 Dartmouth Road	Cos Cob	$1.995M	2-4 PM	Sotheby’s
164 Dolphin Cove Quay	Stamford	$1.999M	2-4 PM	Prudential
11 Angus Lane	Greenwich	$2.195M	2-4 PM	Raveis
2 Finney Knoll Lane	Riverside	$2.195M	1:30-3:30	Raveis
48 Highview Avenue	Old Greenwich	$2.295M	2-4 PM	Raveis
40 Lincoln Avenue	Greenwich	$2.385M	2-4 PM	Coldwell Bnkr
19 Cresent Road	Riverside	$2.395M	1-3 PM	Raveis
299 Palmer Hill Road	Old Greenwich	$2.399M	1-4 PM	Raveis
12 Shore Road	Old Greenwich	$2.675M	2-4 PM	Grnwich Fine Prps
22 Tomac Avenue	Old Greenwich	$2.689M	1-4 PM	Grnwich Cust RE
208 Dolphin Cove Quay	Stamford	$2.695M	2-4 PM	Prudential
6 Hemlock Drive	Greenwich	$2.775M	2-4 PM	Sotheby’s
10 Deep Gorge Road	Greenwich	$2.85M	2-4 PM	Grnwich Fine Prps
30 Sherwood Avenue	Greenwich	$2.85M	1-3 PM	Prudential
9 Oakley Lane	Greenwich	$2.95M	1-4 PM	Coldwell Bnkr
46 Will Merry Lane	Greenwich	$3.1M	1-4 PM	Prudential
240 Riverside Avenue	Riverside	$3.199M	1-3 PM	Coldwell Bnkr
93 Orchard Drive	Greenwich	$3.499M	2-4 PM	Grnwich Fine Prps
514 Riverville Road	Greenwich	$3.55M	2-4 PM	Sotheby’s
25 Nawthorne Road	Old Greenwich	$3.599M	12-3 PM	Raveis
7 Hearthstone Drive	Riverside	$3.795M	1-4 PM	Coldwell Bnkr
4 Cove Ridge Lane	Old Greenwich	$3.875M	2-4 PM	Sotheby’s
20 West End Avenue	Old Greenwich	$4.189M	1-4 PM	Higgins Grp
396 North Street	Greenwich	$4.2M	1-4 PM	Prudential
212 Taconic Road	Greenwich	$4.395M	1-4 PM	Prudential
5 Grimes Road	Old Greenwich	$4.495M	1-3 PM	Raveis
150 Clapboard Ridge	Greenwich	$4.49M	1-4 PM	Raveis
45 Baldwin Farms So	Greenwich	$4.995M	1-3 PM	Sotheby’s
14 Red Coat Lane	Greenwich	$6.4M	2-4 PM	Sotheby’s
421 Field Point Road	Greenwich	$6.4M	1-4 PM	Prudential
28 East Point Lane	Old Greenwich	$7.995M	1-3 PM	Sotheby’s

 

Thanks to Rob Pulitano for preparing the list of open houses and the interactive map and Jared Randall for the hot links. (Also sorry for the delay in getting this out, I just got three new listing including a beautiful $5 MM property on Round Hill and three active buyers so thing have been a little busy actually doing real estate work.)

 

 

HIGH END MARKET REPORT FOR GREENWICH, CT – September 22, 2013

September has been the month where you can see the high end market has started to really take off. If you been following my weekly market reports you know that sales under $1.5 million have been hot all year. As summer came along the hotness moved up the price ladder to around $3 million. The market over $7.5 million had been very slow with only two sales above that price prior to June 2013.

In August however, 140 Indian Head Road, 76 Winding Lane, 185 Taconic and 5 Old Round Hill Road  all four went to contract. Two of these four have already closed; 140 Indian Head Road closed at $11.9MM and 5 Old Round Hill Road closed for $10,375,000. In addition to these two September sales, 164 Round Hill Road closed this month for $15MM.

Sales are what economists like to look, but for buyers and sellers accepted offers, contracts and months of supply are a much better way of looking at what is going on in the market at any given moment. So far this month we’ve had two listing get accepted offers in only 3 days. Both 555 Lake Avenue (listed for $26,500,000) and 5 Conyers Farm Drive (listed for $11,995,000) accepted offers right after going on the market. In fact 555 Lake Avenue already has gone to executed contract. We also had 40 Field Point Circle sell for $24,000,000 in a private estate sale. Anytime you see houses at the price move off the market that fast something has changed.

Clearly the high end market is coming back. Many buyers have been in the market for months and even years waiting for the right time to buy. Three factors that have been talked about motivating this trend are the end of the Fed’s bonds buying, the de Blasio factor and the improving economy.  One potential buyer said that with interest rates going up the question became what to do with their bonds that would likely be dropping in value as the Fed reduced that stimulus effort. Even with the Fed sticking to its stimulus efforts for now Greenwich real estate looked like a good place to invest.

The second factor mentioned to me by a retired investment banker is the concern among New York City’s high income earners about NYC Democratic mayoral candidate Bill de Blasio.  De Blasio wants to raise taxes on everyone earning more than $500K/year to pay for child care.  He said that with Mayour Bloomberg leaving and likely to be replaced by Public Advocate Bill de Blasio, a classic NY tax and spend liberal,  Greenwich is looking like a really good place.

Lastly the economy is doing better and housing price are up nationwide so people are looking to reallocate assets into real estate. Having said all this at the moment we still have very much of a buyer’s market in this price range. We just got 19 new listings over $7.5 million come on the market in September as sellers want to move on to their next home(s).

If I were a buyer in this price range I’d be looking now as you have a good variety of choices, interest rates are still down for those looking to leverage their investment and a potential stampede 🙂 out of New York is just in its beginning phase.

 

Address	Stat	L/Price	C/Price	SP/LP	SP/SqFt	SqFt	Acres	Assmt	CD	ADOM	Bds	Bths	Gar#	MillRt	SP/Asmt	Zone
555 LAKE AV	AOCTS	26,500,000				18954	8.23	11178370		3	8	11	5	11.311		RA-2
5 CONYERS FARM DR	AOCTS	11,995,000				14706	12.77	4689790		3	8	8	6	10.675		RA-4
44 CONYERS FARM DR	CCONTR	14,500,000				12716	14.49	7827750		535	6	6	4	10.675		RA-4
16 HURLINGHAM DR	ECONTR	12,950,000				11980	10	6731410		83	6	8	4	10.39		RA-4
6 MEADOWCROFT LN	ECONTR	13,750,000				13196	8.07	7142520		168	6	8	8	10.39		RA-2
76 WINDING LN	ECONTR	11,750,000				16912	4.55	7639380		353	6	6	3	10.11		RA-2
135 TACONIC RD	ECONTR	14,950,000				14974	4.52	7110390		475	6	10	5	10.675		RA-4
5 OLD ROUND HILL LN	SOLD	10,750,000	10,375,000	0.965	737	14082	2.13	7360360	9/16/2013	181	6	8	4	10.675	1.41	RAC-4
435 LAKE AV	SOLD	8,500,000	7,925,000	0.932	976	8122	2.15	4245360	5/13/2013	91	6	6	3	11	1.867	RA-1
516 NORTH ST	SOLD	8,500,000	7,500,000	0.882	608	12334	2.75	5924170	6/3/2013	151	6	7	3	10.39	1.266	RA-2
75 CLAPBOARD RIDGE RD	SOLD	10,350,000	9,050,000	0.874	0		2.5	5197360	7/3/2013	217	6	6	3	10.39	1.741	RA-2
140 INDIAN HEAD RD	SOLD	12,395,000	11,900,000	0.96	891	13363	2.17	7461440	9/17/2013	377	7	6	3	10.675	1.595	RA-1
164 ROUND HILL RD	SOLD	15,750,000	15,000,000	0.952	876	17121	4.17	8415750	9/6/2013	454	8	10	6	10.675	1.782	RA-1
41 MEADOWBANK RD	SOLD	9,500,000	8,100,000	0.853	1,671	4847	1.02	5757850	6/10/2013	440	5	4	3	11	1.407	R-12
12 MEADOWCROFT LN	SOLD	10,950,000	9,850,000	0.9	736	13391	2	4826710	8/7/2013	576	7	7	3	10.39	2.041	RA-2
25 LINDSAY DR	SOLD	8,900,000	8,000,000	0.899	679	11778	2	4222260	3/11/2013	444	6	7	4	10.39	1.895	RA-2
21 MIDWOOD DR	SOLD	11,999,000	10,650,000	0.888	650	16378	2.5	6598270	6/28/2013	1456	7	8	6	11	1.614	RA-2

 

 

The fall market is in full swing and the market is hot under $2 million and getting tighter over $3 million. Check out the open house list below and the August market report below that.

For folks that were around Friday afternoon you got to see one of the most beautiful double rainbows I’ve ever seen and I’ve been here since 1967. Photos don’t do rainbows justice, it was gorgeous.

 

 

Should be a great day to get out and see some open houses. I’ll be out showing some open houses so feel free to say hi.

 

GREENWICH, CT OPEN HOUSE LIST FOR SUNDAY, 9/15/13

You can see the interactive map here.

 

Address	Town	List Price	Time	Broker
11 Edgewood Drive	Greenwich	$7,950	1-3 PM	Weichert
52 Lafayette Place #4H	Greenwich	$339.9K	2-4 PM	Coldwell Bnkr
79 Harbor Drive	Stamford	$465K	1-4 PM	Prudential
9 River Road #418	Cos Cob	$595K	2-4 PM	Real Living
49 Albin Road	Stamford	$629K	1-3 PM	Prudential
18 Booth Place	Greenwich	$649K	2-4 PM	Raveis
25 Indian Harbor Dr #4	Greenwich	$649.5K	1-3 PM	Weichert
85 Putnam Park	Greenwich	$657K	2-5 PM	Greene Rlty Grp
12 Circle Drive Ext	Greenwich	$695K	2-4 PM	Raveis
62 Valley Road	Cos Cob	$729K	2-4 PM	Raveis
3 Green Lane	Greenwich	$749K	2-5 PM	Prudential
32 Cliff Avenue #3	Greenwich	$799K	1-3 PM	FF Rlty
51 Forest Avenue #159	Old Greenwich	$799K	1-4 PM	Prudential
197 Sheephill Road #D	Riverside	$825K	2-4 PM	Coldwell Bnkr
19 Stuart Drive	Old Greenwich	$899K	12-3 PM	Raveis
82 Northfield Avenue #A	Greenwich	$998K	2-5 PM	Prudential
160 John Street	Greenwich	$1M	10-1 PM	Advantage Rlty Grp
7 Edgewood Drive	Greenwich	$1.05M	2-4 PM	Coldwell Bnkr
26 Indian Field Road	Greenwich	$1.175M	1-3 PM	Shore & Cntry
14 Stag Lane	Greenwich	$1.195M	1-3 PM	Coldwell Bnkr
633 Steamboat Road #1	Greenwich	$1.3M	2-4 PM	Coldwell Bnkr
240 Palmer Hill Road	Old Greenwich	$1.375M	2-4 PM	Sotheby’s
286 E. Middle Patent Rd	Greenwich	$1.397M	2-4 PM	Coldwell Bnkr
41 Leonard Avenue	Riverside	$1.495M	1-4 PM	Prudential
15 Linwood Avenue	Riverside	$1.599M	1-4 PM	Weichert
276 Southfield Avenue	Stamford	$1.725M	1-4 PM	Prudential
469 Taconic Road	Greenwich	$1.799M	2-4 PM	Greenwich Fine Prop
147 Lockwood Road	Riverside	$1.85M	2-4 PM	Prudential
31 Chapel Lane	Riverside	$1.995M	2-4 PM	Shore & Cntry
164 Dolphin Cove Quay	Stamford	$1.999M	1-4 PM	Prudential
11 Angus Lane	Greenwich	$2.195M	2-4 PM	Raveis
44 Orchard Place #A	Greenwich	$2.25M	2-4 PM	Coldwell Bnkr
55 Shore Road	Old Greenwich	$2.25M	1-3 PM	Coldwell Bnkr
14 Joshua Slocum Dock	Stamford	$2.28M	1-4 PM	Prudential
299 Palmer Hill Road	Riverside	$2.399M	1-4 PM	Raveis
83 Burning Tree Road	Greenwich	$2.45M	2-4 PM	Coldwell Bnkr
16 Lakeview Drive	Riverside	$2.595M	1-4 PM	Prudential
208 Dolphin Cove Quay	Stamford	$2.695M	1-4 PM	Prudential
242 Dolphin Cove Quay	Stamford	$2.995M	1-4 PM	Prudential
9 Roberta Lane	Greenwich	$3.1M	2-4 PM	Sotheby’s
40 Winthrop Drive	Riverside	$3.195M	1-4 PM	Coldwell Bnkr
34 Saddle Rock Road	Stamford	$3.2M	2-4 PM	Prudential
76 Cat Rock Road	Cos Cob	$3.295M	2-4 PM	Coldwell Bnkr
71 Shore Road	Old Greenwich	$3.295M	1-3 PM	Raveis
26 Twin Lakes Lane	Riverside	$3.399M	1-3 PM	Raveis
16 Grant Avenue	Old Greenwich	$3.495M	3-5 PM	New England Land
5 Sylvan Lane	Old Greenwich	$3.5M	1-3 PM	Raveis
35 Willow Road	Riverside	$3.595M	1-3 PM	Coldwell Bnkr
9 Wahneta Road	Old Greenwich	$3.65M	1-3 PM	Shore & Cntry
9 Tyler Lane	Riverside	$3.965M	1-4 PM	Blue Chip Prop
20 West End Avenue	Old Greenwich	$4.189M	1-4 PM	Higgins Grp
18 Pinecroft Road	Greenwich	$6.5M	1-4 PM	Prudential

Thanks to Rob Pulitano for preparing the list of open houses and the interactive map and Jared Randall for the hot links.

August Good Sales Month

August 2013 has been another very good month for real estate sales in Greenwich. The Greenwich MLS reported 76 sales of single family home and another 93 houses that are under contract or with accepted offers. The result is a dramatic drop of 61 listings or 12% in one month. Traditionally, inventory drops in August as new listings are held off the market in August waiting for the post-Labor Day fall market.

Market Tight or Tightening at All Price Levels

Months of Supply couldn’t really go much lower in September. Below $1 million we only have 3 – 4 months of supply with an amazing 2.9 months of supply below $600,000. What we did see in August 2013 was a tightening market from $2 million to $10 million. The most dramatic segment was from $5 – 7.5 million where months of supply fell from 27.3 months to 19.8 months of supply or a drop 7.5 months based on 4 sales in August (see Months of Supply charts below). We also have 6 contracts pending in this price category.

 

 

The September 2013 Fall Market in Greenwich

The fall market has been gangbusters so far as we have 56 new home listings, replacing in six business days nearly the entire inventory reduction in August. New inventory in the high end has been particularly dramatic as we have 20 new listings for over $5 million. At the other, and very hot end, of the market we only have seven new listings under $1 million.

A COMPETITIVE MARKET  ANALYSIS – MONTHS OF SUPPLY OF SINGLE FAMILY HOMES IN GREENWICH

The Greenwich real estate market continues to be a tale of three markets hot, warm and cool as you go up in price.

   Under $3 Million – The Hot Market

The hot part of the market is getting bigger and moving up in price range. In the early part of the year the hot market only went up to $1 million, by the second quarter it extended up to $1.5 million and now in August the hot part of the market has extended another $1.5 million to $3 million. You can see this particularly in the $2 – 3 million price range where we are at 6.8 months of supply down from 7.6 months in July.

If you look at the months of supply chart below for the $2 -3 million price range you can see that sales (blue bar) are around six month supply; the dividing line between a buyer’s and seller’s market. When you add in the 19 pending contracts months of supply are about the same (red bar) indicating that this price range will continue busy over the coming month as these contract mature into sales.

The interesting bar is the white bar which shows what months of supply would be if August sales were annualized. The result when you annualize the eighteen house sales in August sales is a drop 4.5 months of supply. Any time the white bar is noticeably shorter  than the blue sales bar you know that the most recent month was a strong month for sales.

 

   $3 – 7.5 Million – The Warming Greenwich Real Estate Market

The warm part of the market is getting better and also taking in a higher part of the market. As you move up in the price the number of buyers shrinks significantly. As a result higher end houses have always tended to stay on the market longer due to fewer buyers who can afford these houses.  The nice thing is that we saw 74 sales between $3 and 7.5 million in August and this is in addition to the 63 sales we saw in July.

Once again if you take a look at the white bars in the months of supply chart you can see how much better the $3 – 4 million range did as well as the $5 – 7.5 million range. If sales in the $3 – 4 million range keep up then this category might be headed for hotness. The one anomaly here is that there are no sales between $4 and 5 million in August. This is more an artifact of how I’ve arranged the price bands with there only being 37 listings in this price range compared with 83  and 57 listings immediately above and below this price range.

$7.5 Million and Higher – Cool but Getting a Little Better?

The ultra- high end market has been cool all year and continues that way. We did have 12 Meadowcroft Lane sell for $9.85 million after 576 days on market. Also 8 Dempsey Lane which had been on for $7.99 sold for $7.375 million, but that was it for the ultra high end in August.

The good news is that we have 8 contracts or offers pending for houses listed over $10 million up from 5 contracts in August, so expect a dramatic drop in months of supply in this price range. This shouldn’t be hard since based on the one sale over $10 million  so far in 2013 we have a 10 year supply of houses over $10 million houses in Greenwich. As a result one additional sale will bring it down to “only” a five year supply.

INVENTORY & COMPETITION

Months of Supply analysis gives you good feel of the competitiveness of each price range and who has the market power. What it doesn’t show is just how many choice you have in each price range. For example in Greenwich we have 24 homes priced between $600,000 and $800,000 dollars including a listing I just put on at 1 Ferris Drive in Old Greenwich. If that’s your price range and you want to live in OG you only have four choices and if you want to live in Riverside you only have two choices.

The blue bars in the chart below show the inventory in Greenwich for home as of August 31^st, The good news is that we have 56 more listings since that time. The purple bars show how many sales have been completed so far this year in that price range. Another way to look at competition for houses is to compare the height of the blue bar (inventory) to the height of the purple bar (YTD sales). If there are at lot more sales than inventory you need to come prepared and good broker is critical.

GREENWICH REAL ESTATE INVENTORY, SALES, CONTRACTS & AUGUST SALES – A MARKET MISMATCH

The Greenwich real estate market is getting better. Sales are up 20% over last year at this time. Also the hot part of the market is moving up to higher price ranges. We still have the nagging problem that the top half of our inventory, that portion above $3 million represents less than 20% of sales to date.

If you look at the light blue pie slice in each chart above representing the $3 – 4 million price range you can see it goes to about six o’clock in the first chart inventory. The size of the slice indicates it represents about 18% of inventory. If  you look at the second chart, year to date sales through the end of August, you see that the light blue slice is much smaller and rotated around to ten o’clock. The size is smaller also representing only 8% of sales so far. You see about the same position in chart 3 August sales, but the pie size is 50% bigger at 12% of all August sales.  So this is upper end segment that is doing the best.

Greenwich Real Estate Market Report

So far this year we have sold 467 single family homes up over 20% compared to 2012. We have 515 homes listed on the GMLS and another 84 houses that either have an accepted offer, contingent contract or binding contract. In August 2013, last month, 76 houses were sold through the GMLS. The median price of these 76 homes was $1.65MM and the average was $2.08MM. Average days on market was 132 days. Fifteen of the 76 houses sold for less than $1MM, while only four sold for more than $4MM. The other 57 houses were concentrated between $1 and 4MM.

 

Open House List for Sunday, September 8, 2013 for Greenwich, CT

Click here for live interactive map.

 

Address	Town	List Price	Time	Broker
1535 E. Putnam Avenue	Old Greenwich	$244K	1-3 PM	Raveis
1465 E Putnam #122	Old Greenwich	$449.5K	2-4 PM	Coldwell Bnkr
51 Forest Avenue #35	Old Greenwich	$520K	1-3 PM	Coldwell Bnkr
40 W Elm Street #5C	Greenwich	$529K	2-4 PM	Raveis
115 Halstead Avenue #B	Greenwich	$649K	1-3 PM	Raveis
25 Indian Harbor Drive #4	Greenwich	$649.5K	1-3 PM	Weichert
13 Fletcher Avenue	Greenwich	$665K	1-3 PM	Weichert
18 Cat Rock Road	Cos Cob	$675K	1-3 PM	Keller Williams
15 Nedley Lane	Greenwich	$699K	1-3 PM	Andersen
53 William Street #A	Greenwich	$725K	1-4 PM	Prudential
62 Valley Road	Cos Cob	$729K	2-4 PM	Raveis
29 Riverside Lane	Old Greenwich	$829K	1-3 PM	Higgins
28 Bonwit Road	Riverside	$899K	1-3 PM	Coldwell Bnkr
11 Meyer Place	Riverside	$939K	12- 2 PM	Coldwell Bnkr
83 Lancer Road	Riverside	$1.069M	2-4 PM	Coldwell Bnkr
91 Bowman Dr North	Greenwich	$1.195M	1-4 PM	Prudential
17 Davenport Avenue	Greenwich	$1.195M	2-4 PM	Raveis
15 E Lyon Farm Drive #15	Greenwich	$1.245M	1-4 PM	Sotheby’s
51 Circle Drive	Greenwich	$1.25M	1-4 PM	Coldwell Bnkr
326 Cognewaugh Road	Cos Cob	$1.275M	1-3 PM	Sotheby’s
43 Long Meadow Rd	Riverside	$1.285M	2-4 PM	Coldwell Bnkr
33 Maple Avenue	Greenwich	$1.375M	2-4 PM	Grnwch Fine Props
28 Mianus View	Cos Cob	$1.549M	1-4 PM	Weichert
52 Benjamin Street	Old Greenwich	$1.575M	1-4 PM	Prudential
20 Lockwood Road	Riverside	$2.125M	1-4 PM	Sotheby’s
11 Angus Lane	Greenwich	$2.195M	2-4 PM	Raveis
13 St. Claire Avenue	Old Greenwich	$2.375M	2-4 PM	Sotheby’s
15 Palmer Terrace	Riverside	$2.599M	1-3 PM	Raveis
12 Shore Road	Old Greenwich	$2.575M	1-4 PM	Grnwch Fine Props
208 Dolphin Cove Quay	Stamford	$2.825M	1-4 PM	Prudential
15 Dearfield Lane	Greenwich	$3.15M	1-4 PM	Prudential
240 Riverside Avenue	Riverside	$3.199M	1-3 PM	Coldwell Bnkr
242 Dolphin Cove Quay	Stamford	$3.285M	1-4 PM	Prudential
76 Cat Rock Road	Cos Cob	$3.295M	3-5 PM	Coldwell Bnkr
241 Riverside Avenue	Riverside	$3.3M	1-4 PM	Sotheby’s
22 Tomac Avenue	Old Greenwich	$3.389M	1-4 PM	Grnwch Custm
132 Cedar Cliff Road	Riverside	$3.995M	1-4 PM	Sotheby’s
20 West End Avenue	Old Greenwich	$4.189M	1-4 PM	Higgins
19 Desiree Drive	Greenwich	$4.195M	2-4 PM	Ogilvy
30 Oneida Drive	Greenwich	$4.55M	12- 2 PM	Coldwell Bnkr

 

Thanks to Rob Pulitano for preparing the list of open houses and the interactive map and Jared Randall for the hot links. We definitely need more inventory given the activity in the market so if you want to list your house, condo, co-op, or multi-family please feel free to contact any of us.

 

 

Quick Market Report

August is continuing the 2013 Summer of sales. So far we have 71 single family home sales reported to the Greenwich MLS, one more than 70 for all of August 2012.  I say all of August, because we still have  several sales coming in this August. Not only do we have the late reporting sales like always, but the GMLS office closed at noon on Thursday so they could relocate to their new office just off Greenwich Avenue. With five more sales we will have the highest sales for August in the past seven years. This year we are seeing more private sales so the final numbers from SearchGreenwich.net when they come in should be interesting.

OPEN HOUSES IN GREENWICH, CT FOR SUNDAY, SEPTEMBER 1, 2013 WITH INTERACTIVE MAP

Address	Town	List Price	Time	Broker
29 Riverside Lane	Riverside	$829K	1-3 PM	Higgins Grp
15 Linwood Avenue	Riverside	$1.655M	2-4 PM	Weichert
17 Lincoln Avenue	Greenwich	$2.9M	1-4 PM	Prudential

You can see the interactive map for this week here.

Thanks to Rob Pulitano for preparing the list of open houses and the interactive map and Jared Randall for the hot links.