The Greenwich Condominium Market – 2014 Statistics & Analysis

Condo report

In Greenwich we have 655 listings of single family homes, condos and co-ops, but only 9 of these listings are co-ops. Condominiums are a much more common form of multi-family housing in Greenwich than co-ops. For analysis purposes condos and co-ops can be treated the same, since most buyers are indifferent as to whether their unit is in a co-operative association or in a condominium association. When you add in condos we have 108 listings available on the market. (All references to condos from this point on also include co-ops unless noted otherwise.)

So far this year we have sold 46 condos and have contracts on another 37 listings for a total of 83 condos off the market. This gives us an overall months of supply of 9.8 months, i.e. at the present rate of sales the current inventory would be sold in 9.8 months.

2014 Condo/Co-op Market – Inventory, Contracts, Sales & Months of Supply

As of May 8, 2014 Inventory Contracts Mo. Solds Tot. Solds+ Contracts YTD Solds YTD+ Contracts Mos Supply Mos w/ Contracts
< $600K 33 11 7 18 24 35 5.8 5.4
$600-$800K 20 13 2 15 10 23 8.4 5.0
$800K-$1M 14 5 1 6 3 8 19.6 10.0
$1-$1.5M 12 3 1 4 8 11 6.3 6.2
$1.5-$2M 10 1 0 1 0 1 57.0
$2-$3M 9 1 0 1 0 1 51.3
$3-$4M 6 3 0 3 1 4 25.2 8.6
$4-$5M 3 0 0 0 0 0
$5-7.5M 1 0 0 0 0 0
$7.5-$10M 0 0 0 0 0 0
> $10M 0 0 0 0 0 0
TOTAL 108 37 11 48 46 83 9.9 7.4

As you might expect condos tend to be at a lower price point than are single family homes in Greenwich. When you look at the distribution of condos by price in the pie chart below you can see that half of the condo inventory is for units under $800,000. The market demand skews even lower with just over half of the sales being under $600,000. Interestingly we also have greater demand than inventory for condos from $1 – 1.5 million.

 

Greenwich Condominium Sales by Price Range

Greenwich Condominium Sales by Price Range

Greenwich Condominium Inventory by Price Range

Greenwich Condominium Inventory by Price Range

 

 

The high end condo market, those units over $3 million dollars is a small market with only 10 listings and only one unit sold so far this year. We do have an additional 3 units under contract all between $3 and $4 million. The inventory and sales of co-ops in Greenwich over $4 million is very small with only 4 units in inventory, one sale and no or contracts so far in 2014. In 2013 the highest condo sale was for $3,700,00.

Greenwich Condominium Inventory, Sales, April Sales and Contracts by Price Range

Greenwich Condominium Inventory, Sales, April Sales and Contracts by Price Range

 

To see how different the high-end condo market is take a look at the same chart of inventory and sales for single family homes below. The greatest inventory in houses is in the $2 – 3 million range where we have almost as many houses listed as we have condos in all price ranges. The highest number of sales is between $1 and 4 million. We have sold 11 houses from $4 – 5 million and we have another 9 under contract.

Greenwich House Inventory, Sales, April Sales and Contracts

Greenwich Single Family Home Inventory, Sales, April Sales and Contracts by Price Range

 

Greenwich’s condominium market is why I often call Greenwich a small city. We have a variety of housing types, much more so than towns like New Canaan & Darien. We also have multiple villages so that buyers have a variety of home, condo, co-op and rental options

 

 

Greenwich Open Houses – Sunday, May 25, 2014

There are 12 Open Houses in Greenwich on Sunday of  Memorial Day Weekend. Prices range from $695,000 in Banksville to $3,575,000 in Old Greenwich. 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.

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.. The Word document prints out nicer if you are looking for something to take with you in the car.

 

Address Town Price Time Broker
1 Scott Road Greenwich $695,000 2-4 PM Coldwell Bnkr
21 Stanton Drive Stamford $724,995 2-4 PM Berkshire Hathaway
11 River Road  #113 Cos Cob $749,000 2-4 PM Sotheby’s
13 Pleasant Street Cos Cob $849,000 11:30-1:30  PM Sotheby’s
83 S Lancer Road Riverside $1,050,000 1-3 PM Coldwell Bnkr
8 View Street 5 Greenwich $1,095,000 12-3 PM Weichert
78 Glen Ridge Road Greenwich $1,249,000 2-4 PM Coldwell Bnkr
304 Orchard Street Greenwich $1,285,000 1-4 PM Sotheby’s
330 Sound Beach Avenue Old Greenwich $1,545,000 1-4 PM Raveis
1397 King Street Greenwich $2,395,000 1-3 PM Weichert
119 Doubling Road Greenwich $2,495,000 2-4 PM Raveis
349 Sound Beach Ave Old Greenwich $3,575,000 2-4 PM Sotheby’s

 

Greenwich Open Houses Sunday, May 18, 2014

Greenwich Open Houses

Sunday, May 18, 2014

There are 69 Open Houses in Greenwich this Sunday. Starting at the low-end with a single family home for $469,000 in Riverside and increasing in price to a home in Old Greenwich for $6,250,000, there is something to see at every price point. The weather promises to be outstanding, so enjoy it!  Look closely at the times as they vary.  You can use the interactive map to plan your route. Check out the interactive map and the schedules to plan your afternoon.

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

In our Market Report we look at the condominium and co-op market a great option for many people.

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. The Word document prints out nicer if you are looking for something to take with you in the car.

Address Town Price Time Broker
21 Cary Road Riverside $469,000 3-5 PM Coldwell Bnkr
138 N Water Street Greenwich $525,000 1-3 PM Coldwell Bnkr
128 Putnam Park   #128 Greenwich $565,000 12-2 PM Coldwell Bnkr
20 High Street Greenwich $569,000 1-3 PM Coldwell Bnkr
4 Lafayette Court  #2b Greenwich $575,000 2-4 PM Coldwell Bnkr
112 Mead Avenue Greenwich $649,000 2-4 PM Coldwell Bnkr
58 Greenwich Hills Drive  #58 Greenwich $700,000 2-4 PM Anderson Assoc
17 Pleasant Street Cos Cob $729,000 1-3 PM Coldwell Bnkr
1 Idlewild Manor Greenwich $799,000 1-3 PM Coldwell Bnkr
303 Bruce Park Avenue Greenwich $799,000 1-4 PM Weichert
30 Ettl Lane Greenwich $820,000 1-3 PM Shore & Cntry
5 Kinsman Lane Greenwich $825,000 12-2 PM Shore & Cntry
6 Buena Vista Drive Greenwich $859,000 1-5 PM Weichert
40 Ettl Park  #14 Greenwich $875,000 2-4 PM Weichert
41 Indian Field Road Greenwich $949,000 12-2 PM Coldwell Bnkr
7 Charter Oak Lane Greenwich $989,000 1-3 PM Shore & Cntry
73 Mead Avenue Greenwich $995,000 1-4 PM Raveis
178 Weaver Street Greenwich $1,049,000 12-2 PM Coldwell Bnkr
36 Griffith Road Riverside $1,079,000 1-3 PM Shore & Cntry
117 W Lyon Farm Drive   #117 Greenwich $1,095,000 2-4 PM Coldwell Bnkr
35 Mead Avenue Cos Cob $1,099,000 1-3 PM Newbridge Intnl
33 Lockwood Lane Riverside $1,147,000 1-3 PM Shore & Cntry
35 Center Drive Old Greenwich $1,149,000 1-3 PM Halstead
24 Hickory Drive Greenwich $1,150,000 1-3 PM William Pitt Sotheby’s
3 Game Cock Road Greenwich $1,175,000 1-4 PM Weichert
78 Glen Ridge Road Greenwich $1,249,000 11-1 PM Coldwell Bnkr
7 E Lawn Lane Greenwich $1,275,000 1-4 PM Berkshire Hathaway
304 Orchard Street Greenwich $1,285,000 1-4 PM Sotheby’s
69 Stanwich Road Greenwich $1,375,000 1-4 PM Berkshire Hathaway
7 Cherry Valley Road Greenwich $1,399,000 1-4 PM Coldwell Bnkr
73 S Stonehedge Drive Greenwich $1,438,000 1-3 PM Coldwell Bnkr
52 Benjamin Street Old Greenwich $1,449,000 1-4 PM Berkshire Hathaway
469 Taconic Road Greenwich $1,550,000 1-3 PM Weichert
104 Stonehedge Drive Greenwich $1,690,000 1-3 PM Halstead Property
43 Stag Lane Greenwich $1,695,000 2-4 PM Sotheby’s
184 Shore Road Old Greenwich $1,795,000 1-4 PM Coldwell Bnkr
140 Shore Road Old Greenwich $1,870,000 1-3 PM Raveis
26 Ferncliff Road Cos Cob $1,890,000 1-3 PM Coldwell Bnkr
12 Old Orchard Road Riverside $1,995,000 1-4 PM Higgins Grp
39 Bowman Drive Greenwich $1,995,000 1-4 PM Raveis
51 Dolphin Cove Quay Stamford $1,995,000 1-4 PM Berkshire Hathaway
1 Sylvan Lane Old Greenwich $2,050,000 1-4 PM Coldwell Bnkr
315 Field Point Road Greenwich $2,095,000 1-4 PM Berkshire Hathaway
15 Spring Street Riverside $2,150,000 1-3 PM Berkshire Hathaway
333 Sound Beach Avenue Old Greenwich $2,195,000 2-4 PM Shore & Cntry
55 Shore Rd Old Greenwich $2,195,000 1-4 PM Weichert
14 Dialstone Lane Riverside $2,249,000 1-4 PM Coldwell Bnkr
6 Gaston Farm Road Greenwich $2,325,000 2-4 PM Coldwell Bnkr
10 Palmer Terrace Riverside $2,375,000 1-4 PM Houlihan Lawrence
1397 King Street Greenwich $2,395,000 1-3 PM Weichert
993 Lake Avenue Greenwich $2,449,000 2:30-4:40 PM Houlihan Lawrence
10 Newton Street Riverside $2,695,000 2-4 PM Berkshire Hathaway
24 Saint Claire Avenue Old Greenwich $2,875,000 1-4 PM Coldwell Bnkr
5 Lake Drive Riverside $2,895,000 2-4 PM Berkshire Hathaway
7 Gisborne Place Old Greenwich $3,175,000 2-4 PM Coldwell Bnkr
5 Sylvan Lane Old Greenwich $3,195,000 12-2 PM Coldwell Bnkr
522 North Street Greenwich $3,195,000 1-3 PM Coldwell Bnkr
75 Dearfield Drive Greenwich $3,285,000 12-2 PM Coldwell Bnkr
150 Riverside Avenue Riverside $3,850,000 1-4 PM Sotheby’s
5 Grimes Road Old Greenwich $3,995,000 12-2 PM Coldwell Bnkr
98 North Street Greenwich $4,295,000 2-4 PM Coldwell Bnkr
11 Cove Road Old Greenwich $4,400,000 1-4 PM Berkshire Hathaway
6 Chieftans Road Greenwich $4,475,000 1-3 PM Coldwell Bnkr
400 Stanwich Road Greenwich $4,495,000 1-3 PM Coldwell Bnkr
45 Baldwin Farms South Greenwich $4,895,000 1-3 PM Houlihan Lawrence
36 West Way Old Greenwich $5,750,000 1-4 PM Halstead
18 Pinecroft Road Greenwich $6,000,000 1-4 PM Berkshire Hathaway
20 Langhorne Lane Greenwich $6,195,000 1-3 PM Coldwell Bnkr
11 N Crossway Old Greenwich $6,250,000 2-4 PM Shore & Cntry

 

 

Greenwich Real Estate Statistics for April 2014 – Mid-Market Doing Well

We had 41 single family home sell in April 2014 through the Greenwich MLS. We will pick up a few more sales when the final numbers are in from the Greenwich Town Clerk, but we are down slightly from the average of the last 6 years and down from sales in 2013. The last six year average for the first 4 months of the year is 159 sales and we have had 150 Greenwich home sale through the end of April. Last year at this point we had 158 sales. We had a stellar January this year, but since then things have been a little slower. Now a few units difference is not a big deal, but given that the economy continues its slow improvement this drop even though small is curious.

April 2014 Greenwich Homes Sales 2012, 2013, and 6 Year Average

April 2014 Greenwich Homes Sales 2012, 2013, and 6 Year Average

The weakness surprisingly is at the lower end of the market and also in the $5 – 10 million dollar range. The light blue bars in the chart shows YTD sales and as you can see our sales are strongest from $1 million to $4 million. The red bars show the number of contracts in each price range, so given that these bars are taller than the green bars which show April sales we can expect the $1 – 4 million price range to continue to strengthen. Sales under $1 million will also be going up in coming months as the contracts in this price range become sales.

The $5 – 10 million is the only range that will likely continue to show weakness. I say likely, because many of the houses in this price range go right to executed contracts without a mortgage contingency. As such they can go to contract and close in the same month, so the number of contracts is not as good a leading indicator in the higher price ranges. The very high-end over $10 million will continue to show strength. As I said in a Hartford Courant article, “that market is hot and is getting hotter. “

Greenwich RE Sales

Greenwich Real Estate, Inventory, YTD Sales, April Sales and Contracts -If you have any questions about the Greenwich market feel free to call me at 203-969-7900.

 

Thanks,

Mark

 

Greenwich, CT Open Houses for Sunday, May 4, 2014

 

Open Houses for Sunday, 5/4/14

Open Houses for Sunday, 5/4/14

There are 51 Open Houses in Greenwich this Sunday. Starting with a rental for $4,000 almost half of the Open Houses are under $1,000,000. The highest priced single family home is $6,500,000. Look closely at the times as they vary.  You can use the interactive map to plan your route. Check out the interactive map and the schedules to plan your afternoon.

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 The Word document prints out nicer if you are looking for something to take with you in the car.

 

Address Town Price Time Broker
333 Palmer Hill Road  #2B Riverside $4,000 12-2 PM Coldwell Bnkr
56 Milbank Avenue  #2 Greenwich $18,000 11-1 PM Coldwell Bnkr
79 Harbor Drive  #303 Stamford $465,000 1-4 PM Berkshire Hathaway
34 Talbot Lane Greenwich $475,000 1-4 PM Coldwell Bnkr
138 N Water Street Greenwich $525,000 1-3 PM Coldwell Bnkr
112 Putnam Park  #112 Greenwich $535,000 1-4 PM Berkshire Hathaway
43 Harbor Drive  #206 Stamford $549,000 1-4 PM Berkshire Hathaway
27 Byram Terrace Drive Greenwich $575,000 2-4 PM Coldwell Bnkr
48 Almira Drive Greenwich $635,000 1-3 PM Raveis
58 Greenwich Hills Drive  #58 Greenwich $700,000 2-4 PM Anderson Assoc
47 Lafayette Place  #2A Greenwich $745,000 1-4 PM Coldwell Bnkr
3 Windy Knolls Greenwich $750,000 2-4 PM Prime Sites
43 Sinawoy Road Cos Cob $769,000 2-4 PM Coldwell Bnkr
61 Seaside Avenue  #59 Stamford $790,000 1-4 PM Berkshire Hathaway
30 Ettl Lane Greenwich $820,000 1-3 PM Shore & Cntry
6 Buena Vista Drive Greenwich $875,000 1-3 PM Weichert
31 Scott Rd Greenwich $879,500 2-4 PM Weichert
42 Windy Knolls Greenwich $949,000 2-4 PM Raveis
7 Charter Oak Lane Greenwich $989,000 1-3 PM Shore & Cntry
5 MacArthur Drive Old Greenwich $1,150,000 1-4 PM Weichert
160 Valley Road Cos Cob $1,195,000 2-4 PM Raveis
62 Valleywood Road Cos Cob $1,295,000 2-4 PM Houlihan Lawrence
6 Highview Avenue Old Greenwich $1,395,000 1-3 PM Coldwell Bnkr
45 Orchard Place  #E Greenwich $1,398,888 1-3 PM Coldwell Bnkr
30 Stag Lane Greenwich $1,595,000 1-3 PM Raveis
330 Sound Beach Avenue Old Greenwich $1,695,000 1-4 PM Raveis
179 Stanwich Road Greenwich $1,695,000 1-4 PM Coldwell Bnkr
184 Shore Road Old Greenwich $1,795,000 1-4 PM Coldwell Bnkr
87 Lake Avenue Greenwich $1,800,000 2-4 PM Houlihan Lawrence
44 Orchard Place  #A Greenwich $2,050,000 1-3 PM Berkshire Hathaway
6 Gaston Farm Road Greenwich $2,325,000 2-4 PM Coldwell Bnkr
55 Shore Rd Old Greenwich $2,325,000 1-3 PM Weichert
25 Willowmere Avenue Riverside $2,495,000 1-3 PM Coldwell Bnkr
15 Palmer Terrace Riverside $2,495,000 1-4 PM Raveis
48 Lockwood Avenue Old Greenwich $2,875,000 2-4 PM Raveis
268 Palmer Hill Road Riverside $2,895,000 1-3 PM Raveis
7 Juniper Hill Road Greenwich $2,995,000 2-4 PM Raveis
276 Riversville Road Greenwich $2,995,000 2-4 PM Coldwell Bnkr
5 Sylvan Lane Old Greenwich $3,195,000 12-3 PM Coldwell Bnkr
16 Grant Ave Old Greenwich $3,200,000 2-4 PM New England Prop
35 Willow Road Riverside $3,350,000 1-3 PM Coldwell Bnkr
33 Alpine Road Greenwich $3,588,000 1-3 PM Raveis
96 Meadow Road Riverside $3,950,000 1-3 PM Coldwell Bnkr
56 Milbank Avenue  #B Greenwich $3,995,000 11-1 PM Coldwell Bnkr
132 Cedar Cliff Road Riverside $3,995,000 1-4 PM Berkshire Hathaway
12 Rocky Point Road Old Greenwich $3,995,000 2-4 PM Coldwell Bnkr
585 Round Hill Road Greenwich $4,495,000 1-3 PM Coldwell Bnkr
5 Grimes Road Old Greenwich $4,495,000 12-2 PM Coldwell Bnkr
421 Field Point Road Greenwich $6,500,000 1-4 PM Berkshire Hathaway