Greenwich Real Estate Report May 2014 – Part III

GREENWICH MARKET ANALYSIS BY NEIGHBORHOOD (6/14/14 Update)

 

          Inventory – When you look at the Greenwich market we have something for just about everyone and something in every neighborhood.  As of June 14th we have 609 single family homes on the market up from 579 houses at the end of May.

When you look at the inventory map you can see concentrations of listings in Old Greenwich, Riverside, Central Greenwich, and along New York border. This “concentration” is really more of a matter of smaller lot size and greater density of housing in these areas.

June.Inventory.061414

Greenwich Real Estate Inventory – June 14, 2014

 

The surprising thing is the number of listings in mid-country and back country Greenwich. A quick glance at the map would tend to make you think that we have fewer listings, but when you realize these houses are on two and four acres lots we have a lot of listings in these lower density areas.

Sales and Contracts

Sales – The blue dots show all of the single family homes that have sold in Greenwich through June 14th. We have a good scattering of sales in all parts of town. The post-recession tendency to live closer to town is clearer visible. We now have 220 sold properties up 28 from just two weeks ago, but then June is traditionally the month with the most closing so a big jump is to be expected this month.

 

Greenwich Home Sales YTD - 6/14/14

Greenwich Home Sales YTD – 6/14/14

 

The popular areas for buyers is lower Lake Avenue and North Street as well as North Maple all near downtown and Riverside. We do have a good scattering of sales throughout mid-country and back country and once again the number of sales in these areas show a stronger shift to this area than might be indicated due to the lower of density of the two and four acre zones. These areas are doing better this year.

Contracts – Contracts are showing a move south. On the GMLS contract map the green dots are contingent contracts and the yellow dots are pending contracts, i.e. all contingencies satisfied or an all cash deal that never had contingencies.

Greenwich House Contracts as of June 14, 2014

Greenwich House Contracts as of June 14, 2014

Clearly as the year goes on the activity near town has continued and mid-country and back country activity has slackened somewhat. The other thing we can see is that Old Greenwich has a bunch of stuff waiting to close as does Cos Cob.

This “fall-off” further north may be due more to the nature of Wall Street bonuses and house purchases. This year was a good year for bonuses at the private hedge funds with some big bonuses going to successful traders and managers. These usually get spent earlier in the year, so their favored areas tend have sales that are earlier in the year. The back country is not dead as it has been in previous years just selling at a slower rate.

Conclusion – Overall the market is doing well, not as good as a spectacular 2013 in unit sales, but much better at the high end. It looks more like a traditional Greenwich market. Our inventory is finally coming back as we break 600 listings. Our 192 sales through end of May are close to the eight-year average of 213 sales at this time of year. It’s a good time to be in real estate.

 

 

Father’s Day Open Houses in Greenwich for June 15, 2014

Greenwich Open Houses

Father’s Day

Sunday, June 15, 2014

 

Happy Father’s Day! There are only 9 Open Houses in Greenwich on Sunday, June 15, 2014, which gives you plenty of time to look for a new home and get to the family BBQ. Prices range from $624,500 to $2,495,000. 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. 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 and to Mark Pruner for his weekly Market Analysis which is published weekly at www.greenwichstreets.com.The Static Open House Map is shown below.

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

Greenwich, CT Open houses for June 14th.

Greenwich, CT Open houses for June 14th.

 

Address Town Price Time Broker
57 Mead Avenue Greenwich $624,500 1-3 PM Keller Williams
51 Forest Avenue  #75 Old Greenwich $799,000 1-3 PM Weichert
6 Buena Vista Drive Greenwich $839,000 1-3 PM Weichert
51 Glen Road Greenwich $1,487,000 1-4 PM Berkshire Hathaway
365 Round Hill Road Greenwich $1,595,000 1-4 PM Weichert
12 Old Orchard Road Riverside $1,939,000 1-4 PM Higgins Grp
1397 King Street Greenwich $1,995,000 12-3 PM Weichert
30 South End Court Old Greenwich $2,395,000 1-3 PM Shore & Cntry
39 Skylark Road Greenwich $2,495,000 2-4 PM Houlihan Lawrence

6-15-14 Open Houses

May 2014 Greenwich Real Estate Report – Part II

Last week we looked at Months of Supply, and bar graphs of sales and inventory this week it’s pie charts which I like when you are trying to compare one price range to another. If you start at the top and go clockwise around the pie and look at the first two section under $800K you can see that this is 5% of the inventory, but 14% of the sales. Not a lot of inventory and good demand.

Greenwich Inventory  - May 2014

Greenwich Inventory – May 2014

Greenwich YTD Solds - May 2014

Greenwich YTD Solds – May 2014

Now start at the top and go counter-clockwise looking at the first three categories, those over $5M. This category represents 30% of the inventory in Greenwich, but only 11% of the sales. The impressive section is the over $10M sales which were 0% at this time last year and this year is 4% of all sales this year.

A remarkable part of these charts is the $3 – 5M section which represents 21% of both sales and inventory. This is a remarkable recovery in this price range. Overall the high end is doing much better than last year.

In the mid-market sales are moving along in a generally balanced market. Old Greenwich and Riverside remain hot. Glenville and Cos Cob are the alternatives to these markets that are getting pricey. The back country is also looking good. Well priced houses sell well. High priced houses will sit. If a listing under $5M is still around after 6 months it’s time for some serious changes.

 

 

48 Open Houses on a Sunny 6/8/14

Greenwich Open Houses

Sunday, June 8, 2014

There are 48 Open Houses in Greenwich on Sunday, June 8, 2014. Prices range from $295,000 for a condo in Old Greenwich to $6,195,000 for a single family home on Langhorne Lane. 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. 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 and to Mark Pruner for his weekly Market Analysis which is published weekly at www.greenwichstreets.com. The Static Open House Map is shown below.

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

 

 

Address Town Price Time Broker
1535 E Putnam Avenue  #301 Old Greenwich $295,000 2-4 PM Houlihan Lawrence
138 N Water Street Greenwich $510,000 12-3 PM Coldwell Bnkr
75 Cos Cob Avenue  #6 Cos Cob $524,900 1-3 PM Diamond Realtors
67 Oak Ridge Street Greenwich $597,000 2-4 PM Coldwell Bnkr
303 Bruce Park Avenue Greenwich $749,000 12-3 PM Weichert
70 Riverdale Avenue Greenwich $749,000 2-4 PM Raveis
13 Pleasant Street Cos Cob $795,000 1-3 PM Sotheby’s
25 Harold Avenue Greenwich $799,000 12-2 PM Coldwell Bnkr
51 Forest Avenue Unit 75 Old Greenwich $799,000 2-5 PM Weichert
6 Buena Vista Drive Greenwich $839,000 1-5 PM Weichert
40 Ettl Ln  #14 Greenwich $855,000 1-3 PM Weichert
26 Halsey Drive Old Greenwich $869,000 1-4 PM Raveis
122 S Lancer Road Riverside $995,000 12-3 PM Coldwell Bnkr
73 Mead Avenue Greenwich $995,000 1-4 PM Raveis
190 Sheephill Road Riverside $998,000 2-4 PM Coldwell Bnkr
51 Forest Avenue 102 Old Greenwich $998,500 1-3 PM Shore & Country
33 Lockwood Lane Riverside $1,047,000 1-3 PM Shore & Country
83 S Lancer Road Riverside $1,050,000 12-3 PM Coldwell Bnkr
15 E Lyon Farm Drive  #15 Greenwich $1,195,000 1-4 PM Sotheby’s
7 Ronald Lane Cos Cob $1,275,000 2-4 PM Coldwell Bnkr
69 Stanwich Road Greenwich $1,375,000 1-4 PM Berkshire Hathaway
469 Taconic Road Greenwich $1,499,000 1-3 PM Weichert
333 Sound Beach Ave Old Greenwich $1,545,000 12-2 PM Raveis
392 Davis Avenue Greenwich $1,570,000 1-4 PM Raveis
18 Pierce Road Riverside $1,725,000 1-3 PM Berkshire Hathaway
178 Milbank Avenue  #B Greenwich $1,795,000 2-4 PM Coldwell Bnkr
12 Old Orchard Road Riverside $1,939,000 1-4 PM Higgins Group
42 Riverside Lane Riverside $1,950,000 2-4 PM Coldwell Bnkr
1397 King Street Greenwich $1,995,000 1-3 PM Weichert
4 River Avenue Greenwich $2,099,900 1-4 PM Raveis
55 Shore Road Old Greenwich $2,195,000 1-3 PM Weichert
30 Sherwood Avenue Greenwich $2,500,000 1-4 PM Berkshire Hathaway
10 Deep Gorge Road Greenwich $2,695,000 2-4 PM Houlihan Lawrence
81 Sawmill Lane Greenwich $2,695,000 2-4 PM Sotheby’s
6 Dingletown Road Greenwich $2,750,000 2-4 PM Houlihan Lawrence
5 Sylvan Lane Old Greenwich $3,000,000 12-3 PM Coldwell Bnkr
189 Valley Road Cos Cob $3,150,000 1-3 PM Coldwell Bnkr
7 Gisborne Place Old Greenwich $3,175,000 1-3 PM Coldwell Bnkr
75 Dearfield Drive Greenwich $3,285,000 2-4 PM Coldwell Bnkr
34 Grosset Rd Riverside $3,295,000 1-4 PM Halstead Prop
180 North Street Greenwich $3,425,000 1-3 PM Coldwell Bnkr
70 Lower Cross Road Greenwich $3,500,000 1-4 PM Coldwell Bnkr
33 Normandy Lane Riverside $3,950,000 1-3 PM Coldwell Bnkr
5 Grimes Road Old Greenwich $3,995,000 12-3 PM Coldwell Bnkr
132 Cedar Cliff Road Riverside $3,995,000 1-4 PM Berkshire Hathaway
400 Stanwich Road Greenwich $4,495,000 2-4 PM Coldwell Bnkr
19 Ford Lane Old Greenwich $5,850,000 1-3 PM Halstead Prop
20 Langhorne Lane Greenwich $6,195,000 2-4 PM Coldwell Bnkr

 

6-8-14 Open Houses

The Mostly Ups and Downs of Greenwich Real Estate May 2014

GREENWICH MARKET REPORT FOR MAY, 2014
Summary – The Greenwich market is busy, not quite as busy as the spectacular 2013, but much better at the high end. We have inventory shortages below $800,000 and big influx of inventory over $10,000,000. This influx of high-end sellers is due to a big jump in sales and contracts at the ultra-high end.
Why Months of Supply is Important
If you are buying or selling a home and want to know what the marketplace is like, one of the best number to look at is months of supply, i.e. how long would it take sell all of the inventory presently on the market at the present rate of sales. Generally if months of supply is less than 6 months you are looking at a seller’s market and over a year is a buyer’s market. As you go higher in price this dividing line moves up. Expensive houses always have more months of supply even in a hot market, there are just fewer available buyers.
You can also get a good feeling as to where each price range is by looking at months of supply including pending contracts. If the months of supply number is much lower with contracts than when you only look at actual sales then that market is picking up.
To see this trend in even more detail, I also like to look at the previous months sales annualized to see the pace of recent sales. If that number of months of supply is even lower than that is also an indicator that sales are picking up. This last number does jump around, because in Greenwich in any given month in a particular price range we only have a handful of sales; meaning a couple of sales can move this number dramatically especially in the smaller over $5 million market.
The raw numbers are also useful, particularly as you get down to particular neighborhoods. As any Realtor will tell you if you are looking for a house under $800,000 in Old Greenwich, they’ll be able to show you everything that is available in one day.
GREENWICH MARKET ANALYSIS BY PRICE RANGE
Let’s take a quick run through the price ranges to see what is happening to the Greenwich market in 2014.
Greenwich Housing Statistics May 2014
Under $800K– This section is competitive, but sales are actually lagging a little compared to 2013. Last year we saw this price range with 2 and 3 months of supply; total combat buying. This year there are still plenty of buyer’s out there in this price range, it just backed off to hot from torrid. My “new” listing at 49 Center Drive in OG has contracts out and I’m still getting regular calls for showing.
When you include contracts and the May sales the months of supply doesn’t change much in this price range. The future market is likely to continue busy as long as we continue to get inventory coming on this is market this pace should continue. Buyers, however still need to be ready to move, particularly on the east side of town when something they like comes on the market.
This is a segment where the raw numbers tell the story (see chart and the spreadsheet below). We have 33 houses for sale in this price range. We also have 26 houses sold year to date and another 16 under contract. When you run the number this segment is going to stay busy and the six sales in the month of May support that idea.
$800K – $1.5M– This is the market segment where you can see sales accelerating after a so-so start. When you look at this mid-market we see 42 sales with an inventory of 81 houses giving us about 6 months of supply. When you look at the months of supply with contracts you can see that the sales rate will be picking up and the May sales definitely support this. When you look just at sales in this segment we have 6.5 months of supply, but if you annualize the May sales we drop to 5.4 months of supply, a big change for one month. The good thing for buyers is that we have also seen new inventory coming rapidly to market in this price range.
May14.Sales.Inv.YTD.Cur.Ks.mp.053114

Greenwich Housing Number May 2014 – Inventory, Sales YTD, May Sales and Contracts

$1.5M – $4M– This is really the heart of the Greenwich market. Out of a total inventory of 579 home listings in Greenwich 243 of the listings are in this price range. Year to date we have 93 sales in this price range out of a total of 192 sales. When you add in the 80 pending sales this market will likely see seasonal tightening as we burn through the spring inventory. The question here is how many sellers seeing a generally good market will put their houses on in the summer market. Traditionally summer is a slower time for new inventory, but we have a lot of people that have been sitting on their houses waiting to move until the market comes back and now it’s back.
$4 -$10M– This market segment is doing much better than it was in 2013. Last year these houses were a very tough sell, this year they are moving, but this segment is still the weak spot in the market. We have 166 beautiful homes in this price range with 23 sales and an additional 18 under contract waiting to close, but we still have three years of supply.
If you add in contracts in this price range we drop to under 2 years supply. Also as I said above this price range will always have more months of supply. We just have fewer people that can buy these houses and they will never have the buying traffic that we see in lower priced houses.
Things are looking up from $4 – 7.5M and we can expect steady sales of well-priced houses in this segment of the market. For those seller who have been waiting to put their house on the market now might be a good time.
Over $10M– Clearly this is a category where sellers have jumped at the chance to put their houses on the market. For most of last year we had around 42 listings in the ultra-high end. As of the end of May we have 56 listings. Only a little while ago we were down to 39 listings due to the 12 contracts and sales we’ve had so far this year. Last year at this time we had yet to have a single sale over $10M.
This is a small market by numbers of houses only 10% of our market, but the high prices make it a big part of sales. When you throw in the sale of Copper Beach Farm these 8 sales and 4 contracts are almost a quarter-billiondollars. Also many of these buyers have a major impact on the life of the community. We just had a wonderful Greenwich Town Party with Santana and to a person everyone who attended raved about it. We have Ray Dailio Jr. and Sr. to thank for this wonderful event. In another example, Greenwich Hospital is one of the premier hospitals in the area with a major factor being donations from this group. These folks have a big influence not only in Greenwich, but throughout the state so a pick-up in sales in this price range often benefits more than just the buyer and seller.
May 31, 2014
Inventory
Contracts
Mo. Solds
Tot. Solds+ Contracts
YTD Solds
YTD+ Contracts
Mos Supply
Mos w/ Contracts
Mo. Annlzd
< $600K
13
2
2
4
9
11
7.2
7.7
6.5
$600-$800K
20
14
4
18
17
31
5.9
4.2
5.0
$800K-$1M
26
12
4
16
11
23
11.8
7.3
6.5
$1-$1.5M
55
32
13
45
31
63
8.9
5.7
4.2
$1.5-$2M
58
19
8
27
29
48
10.0
7.9
7.3
$2-$3M
108
36
6
42
33
69
16.4
10.2
18.0
$3-$4M
77
25
7
32
31
56
12.4
8.9
11.0
$4-$5M
47
7
3
10
9
16
26.1
19.1
15.7
$5-7.5M
83
10
1
11
10
20
41.5
27.0
83.0
$7.5-$10M
36
1
1
2
4
5
45.0
46.8
36.0
> $10M
56
4
2
6
8
12
35.0
30.3
28.0
TOTAL
579
162
51
213
192
354
15.1
10.6
11.4
Conclusion – Overall the market is doing well, not as good as a spectacular 2013 in unit sales, but much better at the high end. It looks more like a traditional Greenwich market. Our inventory is still low at 579 listings and our 192 sales are close to the eight-year average of 213 sales at this time of year. In fact we should pick up another 8 – 10 sales as late reported sales come in from the GMLS and SearchGreenwich.net reports on the handful of private sales. It’s a good time to be in real estate.
Sales.SFH.2012-May2014Prelim.mp.040314

Amazing 64 Open Houses on June 1 – Something for Everyone

There are  64 Open Houses in Greenwich on Sunday, June 1, 2014. Prices range from $575,000 for a condo on East Putnam Ave to $6,875,000 for a single family home on Oakwood Lane. Look closely at the times as they vary.  You can use the interactive map to plan your route.

The May Market Report is below and attached as a Word document. As you will see the market is picking up, but it’s still not the near record sales market that we had last year.

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.

Address Town Price Time Broker
453 E Putnam Avenue  #4h Cos Cob $575,000 1-4 PM Berkshire Hathaway
21 Byram Road Greenwich $595,000 2-4 PM Raveis
71 Byram Rd Greenwich $649,000 1-3 PM Sotheby’s
1 Scott Road Greenwich $695,000 11-1 PM Coldwell Bnkr
106 Putnam Park  #106 Greenwich $719,000 1-3 PM Real Living
70 Riverdale Avenue  #1004 Greenwich $749,000 1-3 PM Raveis
28 Lexington Avenue  #B Greenwich $765,000 1-3 PM Houlihan Lawrence
6 Buena Vista Drive Greenwich $839,000 1-5 PM Weichert
70 Riverdale Avenue  #701 Greenwich $845,000 2-4 PM Sotheby’s
119 Halstead Avenue Greenwich $849,000 1-4 PM Berkshire Hathaway
40 Ettl Lane Greenwich $875,000 1-3 PM Weichert
178 Weaver Street Greenwich $1,049,000 1-3 PM Coldwell Bnkr
160 Valley Road Cos Cob $1,095,000 2-4 PM Raveis
42 Ridge Street Cos Cob $1,099,000 2-4 PM Sotheby’s
83 Summit Road Riverside $1,195,000 1-3 PM Sotheby’s
29 Midbrook Lane Old Greenwich $1,243,250 1-3 PM Keller Williams
9 Lejeune Court Old Greenwich $1,295,000 1-3 PM Coldwell Bnkr
49 Indian Field Road Greenwich $1,595,000 1-3 PM Sotheby’s
75 Taconic Road Greenwich $1,599,000 1-3 PM Sotheby’s
65 Fairfield Road Greenwich $1,695,000 2-4 PM Raveis
134 Butternut Hollow Road Greenwich $1,750,000 1-4 PM Houlihan Lawrence
741 Riversville Road Greenwich $1,850,000 2-4 PM Houlihan Lawrence
16 Fairview Ter Greenwich $1,900,000 1-4 PM Berkshire Hathaway
244 Stanwich Road Greenwich $1,990,000 1-3 PM Sotheby’s
39 Bowman Drive Greenwich $1,995,000 1-4 PM Raveis
1 Sylvan Lane Old Greenwich $1,995,000 12-2 PM Coldwell Bnkr
11 Circle Drive Greenwich $2,150,000 1-4 PM Berkshire Hathaway
6 Huckleberry Lane Greenwich $2,195,000 1-3 PM Shore & Cntry
55 Shore Road Old Greenwich $2,195,000 1-3 PM Weichert
30 Montgomery Lane Greenwich $2,245,000 1-4 PM Houlihan Lawrence
25 Willow Run Road Greenwich $2,290,000 1-4 PM Sotheby’s
30 South End Court Old Greenwich $2,395,000 2-4 PM Shore & Cntry
18 Hawkwood Lane Greenwich $2,450,000 2-4 PM Houlihan Lawrence
10 Birchwood Drive Greenwich $2,495,000 2-4 PM Houlihan Lawrence
25 Willowmere Avenue Riverside $2,495,000 2-4 PM Coldwell Bnkr
178 Weaver Street Greenwich $2,499,000 1-3 PM Coldwell Bnkr
434 Riversville Road Greenwich $2,590,000 1-4 PM Berkshire Hathaway
30 Sherwood Avenue Greenwich $2,600,000 1-4 PM Berkshire Hathaway
28 Saw Mill Lane Greenwich $2,695,000 1-3 PM Sotheby’s
33 Pleasant Street Riverside $2,749,000 1-3 PM Keller Williams
1333 King Street Greenwich $2,895,000 1-3 PM Sotheby’s
522 North Street Greenwich $2,980,000 1-3 PM Coldwell Bnkr
27 Chieftans Road Greenwich $2,995,000 2-4 PM Houlihan Lawrence
57 Mimosa Drive Cos Cob $2,995,000 1-3 PM Sotheby’s
34 A Bruce Park Avenue  #A Greenwich $3,195,000 1-3 PM Halstead Prop
50 Indian Head Road Riverside $3,350,000 2-4 PM Coldwell Bnkr
34 B Bruce Park Avenue  #B Greenwich $3,395,000 1-3 PM Halstead Prop
78 Baldwin Farms S. Greenwich $3,395,000 2-4 PM Houlihan Lawrence
43 Sterling Road Greenwich $3,495,000 2-4 PM Coldwell Bnkr
20 Heronvue Road Greenwich $3,500,000 1-3 PM Coldwell Bnkr
349 Sound Beach Ave Old Greenwich $3,575,000 1-3 PM Sotheby’s
180 North Street Greenwich $3,599,000 11-1 PM Coldwell Bnkr
48 Bramble Lane Riverside $3,995,000 1-3 PM Coldwell Bnkr
41 West Way Old Greenwich $4,000,000 12:00-2:00 PM Sotheby’s
70 Sherwood Avenue Greenwich $4,475,000 1-4 PM Charles Paternina
36 Day Road Greenwich $4,495,000 2-4 PM Coldwell Bnkr
45 Baldwin Farms South Greenwich $4,895,000 1-3 PM Houlihan Lawrence
27 Stillman Lane Greenwich $5,199,000 1-3 PM Sotheby’s
22 Stillman Lane Greenwich $5,245,000 1-3 PM Houlihan Lawrence
421 Field Point Road Greenwich $6,000,000 1-4 PM Berkshire Hathaway
11 N Crossway Old Greenwich $6,250,000 1-3 PM Shore & Cntry
14 Hawkwood Lane Greenwich $6,295,000 2-4 PM Shore & Cntry
158 Clapboard Ridge Road Greenwich $6,449,000 2-4 PM Coldwell Bnkr
7 Oakwood Lane Greenwich $6,875,000 2-4 PM Houlihan Lawrence