3rd Quarter Report Greenwich RE Report – 11 Open Houses Columbus Day in Greenwich

GREENWICH REAL ESTATE THIRD QUARTER MARKET REPORT

Two Good Months and a Bad Congress

July and August 2013 were stellar months for the sale of single family homes in Greenwich. In July we had 98 homes sales which is pre-recession sales activity. The really amazing thing about the July sales level is that it was same as June 2013, which never happens. June is almost always the month that leads the year for most home sales so to see the same level in July shows an accelerating market.

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The market acceleration continued in August when we had 84 sales up 20% from August 2012’s 70 sales. We looked to be on track for the best post-recession year of all and then came Congressional gridlock and news stories of a government shutdown.

 

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SalesYTD.GT.mp.100813

Congressional Gridlock Kills September Sales

Nothing is worse for high end sales than economic uncertainty and we saw that in September 2013. Last September 57 homes were sold in Greenwich, this September we only have 34 sales reported by the Greenwich MLS. We will pick up a few more private sales when the final numbers are reported by the Town Clerk, but we are still going to be down around a third from last September.

The under $1.5 million are driven by expanding families and a desire to get out of NYC apartments and were not affected in September. The big hit in September sales was the over $3 million where deals are more often done for cash and many people already have a very nice place and can put off  pulling the trigger.  In September out of 241 listings we only had one sale between $3 and $10MM.

 

NYC Mayoral Candidate de Blasio Helping Greenwich Sales Particularly at the Top

The Greenwich market under $1.5 million has been hot all year and under $1 million it’s been combat buying (see article below about how to be the winning buyer in a hot market). As the year went on sales momentum climbed up the price range, but our market over $10 million stayed moribund with one sale prior to August. In September all of that changed as we had 4 houses over $10 million sell. Now some of this pick up in high-end activity was simply contracts that had accumulated over the course of the year finally closing, but we saw two listings over $10 million get accepted offers in 3 days in September.

With 12 years of Mayor Bloomberg coming to an end, upper income NYC residents are very concerned about candidate Bill de Blasio’s stated intention to raise their already high taxes. Greenwich is looking even better and it’s not just at the very top. Buyers even in the under $2 million dollar range are citing the change of administration as a reason to look in Greenwich.

Interest rates are down, families keep expanding sales and Greenwich is Greenwich; so the market under $2 million will stay busy. Over this price the U.S. Congress needs to stop playing politics and get back to work helping, not hurting the economy.  If Congress gets their act together Greenwich sales are likely to get a double political boost from Washington and New York City.

October Update

The September trends continued in October. So far in October we have had 19 sales of single family homes. Of these 15 are under $3MM and three are between $3MM and $10MM, which is already triple the number of sales in that price range that we had in September. We do have 11 pending contracts and offers in this price range, but even so we still have 241 houses between $3 and $10 million. We also have another sale over $10MM with 135 Taconic selling for $14MM after 475 days on the market so the ultra-high end is continuing to perk up.

 

GREENWICHSTREETS.COM OPEN HOUSE LIST FOR SUNDAY OCTOBER 13, 2013

You can see a the live interactive map of all open houses

here and the copy below.

 

Address Town List Price

Time

Broker
7 Mead Avenue  Cos Cob

$2,650

1-3 PM

Shore & Cntry
11 Edgewood Drive Greenwich

$5,500

1-3 PM

Weichert
1535 E. Putnam Ave #107 Old Greenwich

$244,000

1-3 PM

Raveis
16 Beach View Drive Stamford

$749,000

1-4 PM

Berkshire Hathaway
32 Cliff Avenue #3 Greenwich

$799,000

1-3 PM

FF Rlty
24 Caroline Place Greenwich

$839,000

2-4 PM

Ogilvy
17 Candlelight Place Greenwich

$2,295,000

1-4 PM

Berkshire Hathaway
10 Ledge Road Old Greenwich

$3,450,000

1-4 PM

Berkshire Hathaway
7 Hearthstone Drive Riverside

$3,795,000

1-4 PM

Coldwell Bnkr
19 Desiree Drive Greenwich

$4,195,000

2-4 PM

Ogilvy
10 Spring House Road Greenwich

$4,250,000

2-4 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.

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