A beautiful sunset at Greenwich Point across from the Innis Arden Cottage
Sunset at Greenwich Point
Monthly Archives: July 2014
29 Open Houses on Sunday, 7/27/14
There are 29 Open Houses starting with 30 Sherwood Ave which is for rent $12,000 per month, or sale for $2,500,000. The highest priced single family home Open House is $6,400,000 on Club Road in Riverside. There are plenty of homes to see in every price point. 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.
| Address | Town | Price | Time | Broker |
| 30 Sherwood Avenue | Greenwich | $12,500 | 1-4 PM | Berkshire Hathaway |
| 171 Putnam Park #171 | Greenwich | $425,000 | 1-4 PM | Berkshire Hathaway |
| 47 Lafayette Place #2i | Greenwich | $575,000 | 2-4 PM | Raveis |
| 28 Rippowam Road #A | Cos Cob | $659,900 | 1-3 PM | Raveis |
| 12 Cross Street | Greenwich | $689,000 | 2-4 PM | Raveis |
| 145 Barn Hill Road | Greenwich | $775,000 | 1-3 PM | New England Land |
| 6 Buena Vista Drive | Greenwich | $799,000 | 1-5 PM | Weichert |
| 14 Gregory Road | Cos Cob | $970,000 | 12-2 PM | Coldwell Banker |
| 70 Gregory Road | Cos Cob | $1,350,000 | 2-4 PM | William Pitt Sotheby’s |
| 52 Benjamin Street | Old Greenwich | $1,399,000 | 2-4 PM | Berkshire Hathaway |
| 17 Indian Mill Road | Cos Cob | $1,420,000 | 1-4 PM | Berkshire Hathaway |
| 392 Davis Avenue | Greenwich | $1,495,000 | 1-4 PM | Raveis |
| 365 Round Hill Road | Greenwich | $1,595,000 | 1-3 PM | Weichert |
| 233 Milbank Avenue #8 | Greenwich | $1,795,000 | 2-4 PM | Houlihan Lawrence |
| 12 Old Orchard Road | Riverside | $1,872,000 | 2-4 PM | Higgins Grp |
| 1397 King Street | Greenwich | $1,995,000 | 1-3 PM | Weichert |
| 30 South End Court | Old Greenwich | $2,195,000 | 1-3 PM | Shore & Cntry Prop |
| 55 Shore Road | Old Greenwich | $2,195,000 | 1-3 PM | Weichert |
| 16 Crescent Road | Riverside | $2,295,000 | 1-4 PM | Coldwell Banker |
| 30 Sherwood Avenue | Greenwich | $2,500,000 | 1-4 PM | Berkshire Hathaway |
| 4 Game Cock Road | Greenwich | $2,895,000 | 1-3 PM | Douglas Elliman |
| 34 Bruce Park Avenue #A | Greenwich | $3,095,000 | 1-3 PM | Halstead Prop |
| 34 Bruce Park Avenue #B | Greenwich | $3,295,000 | 1-3 PM | Halstead Prop |
| 34 Grossett Road | Riverside | $3,295,000 | 1-3 PM | Halstead Prop |
| 7 Nawthorne Road | Old Greenwich | $3,395,000 | 1-4 PM | Halstead Prop |
| 38 Bramble Lane | Riverside | $3,995,000 | 1-4 PM | Berkshire Hathaway |
| 6 Chieftans Road | Greenwich | $4,475,000 | 1-3 PM | Coldwell Banker |
| 22 Stillman Lane | Greenwich | $4,990,000 | 1-4 PM | Weichert |
| 11 Club Road | Riverside | $6,400,000 | 2-4 PM | Halstead Prop |
Greenwich Real Estate Market Report Part II – Average Price Now $3MM
First Half Market Supply and Demand in Greenwich, CT
Greenwich Inventory vs. Sales
[You can see Part I of this report at GreenwichStreets.com.]
Comparing the percentage of each price range sold to the inventory in that price range is another way of looking at demand in that price range and it also shows you how each price range compares to the overall market. If you look at the inventory pie chart you can see that the under $1,000,000 market in Greenwich only has 8% of the market; it’s three tiny little sliver at the top right of the chart. Look at sales for the same price range and you can see that the under $1,000,000 market comprises 19% of the sales. If we had more inventory in this highly competitive price range these segments would be even more disproportionate.
Going counter-clockwise from the top tells the opposite story. Over $5MM sales are only 11% of the market, while inventory constitutes 30% of the market. This market is slow, but it needed life support last year.
The big story this year is the market from $2MM to $4MM. This market is 34% of the inventory and 34% of the sales. The increase in sales of this price segment is driving average market price higher. The average price of all houses sold through the GMLS for the first half of the year is an amazing $3,005,723. Now over $400,000 of that amount is attributable to the sale of Copper Beech Farm at $120,000,000. I you take out that one sale the average drops to $2,578,737 which is still a big number.
The increase of higher end sales has even affected the median price which is now up to an even $2,000,000, well above the $1.6MM at the start of the year. Now this doesn’t mean that average house value in Greenwich had jumped double digits this year, we’re up, but only in the single digits, the jump in the average and median price is mainly due to the shift of sales to higher price ranges. Even a single digit increase in house values in a low inflation environment is a real increase in value which shows that real estate, especially in Greenwich continues its climb.
What’s Happening Now in Greenwich Real Estate
The short answer to what’s happening now is more of the same when you look at June 2014 real estate sales in Greenwich. In June 2014 sales of houses over $2MM in Greenwich were a little more than 50% of the market; year to date the upper half was right at 50% of the market.
This trend to higher end sales may have peaked based on the contracts that we have. Here less than 50% of the contracts are for houses over $2,000,000 and the proportion of contracts is also slightly greater. Neither one of the changes is big, so contracts also indicate a market likely to continue the status quo, but it’s a good “quo”.
Feel free to call me at 203-969-7900 if you have any questions.
43 Open Houses in Greenwich, CT on Sunday 7/19/14
Greenwich Open Houses
Sunday, July 20, 2014
There are 43 Open Houses this Sunday from $$610,000 right across the street from the park on Pemberwick Road, to $7,200,000 on Mayfair Lane off of Pecksland Road. Both of these properties are in the Glenville Elementary & Western Middle School District. There is much to see from new construction at 7 Oakwood Lane for $6.495M, 20 Carpenters Brook Lane for $4.1M or 2 Meadow Place for $4.2M to classic vintage homes such as 349 Sound Beach Ave built in 1925 and listed for $3.575M & the convenient “in-town” gem, 10 Maher Ave built in 1933 and listed for $2.195M. 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.
| Live Address | Town | Price | Time | Broker |
| 112 Pemberwick Road | Greenwich | $610,000 | 2-4 PM | Shore & Cntry Prop |
| 28 Rippowam Road #A | Cos Cob | $659,900 | 1-3 PM | Raveis |
| 69 Richland Road #A | Greenwich | $699,000 | 1-3 PM | Raveis |
| 6 Buena Vista Drive | Greenwich | $839,000 | 2-5 PM | Weichert |
| 122 S Lancer Road | Riverside | $895,000 | 12-2 PM | Coldwell Bnkr |
| 52 Hettiefred Road | Greenwich | $965,000 | 1-3 PM | The Relocation Grp |
| 94 Cognewaugh Road | Cos Cob | $1,195,000 | 2-4 PM | Houlihan Lawrence |
| 15 E Lyon Farm Drive #15 | Greenwich | $1,195,000 | 1-4 PM | Sotheby’s |
| 392 Davis Avenue | Greenwich | $1,495,000 | 1-4 PM | Raveis |
| 469 Taconic Road | Greenwich | $1,499,000 | 1-3 PM | Weichert |
| 365 Round Hill Road | Greenwich | $1,595,000 | 1-3 PM | Weichert |
| 65 Fairfield Road | Greenwich | $1,695,000 | 12-2 PM | Raveis |
| 276 Southfield Avenue | Stamford | $1,725,000 | 1-4 PM | Berkshire Hathaway |
| 39 Bowman Drive | Greenwich | $1,890,000 | 1-4 PM | Raveis |
| 5 Idar Court #B | Greenwich | $1,899,000 | 1-3 PM | The Relocation Grp |
| 15 Spring Street | Riverside | $1,950,000 | 1-3 PM | Berkshire Hathaway |
| 127 Sound Beach Avenue | Old Greenwich | $1,995,000 | 2-4 PM | Shore & Cntry Prop |
| 1397 King Street | Greenwich | $1,995,000 | 1-3 PM | Weichert |
| 24 Bedford Road | Greenwich | $2,150,000 | 12-2 PM | Raveis |
| 10 Maher Avenue | Greenwich | $2,195,000 | 1-4 PM | Houlihan Lawrence |
| 55 Shore Rd | Old Greenwich | $2,195,000 | 1-3 PM | Weichert |
| 45 Old Stone Bridge Road | Cos Cob | $2,250,000 | 1-3 PM | Sotheby’s |
| 19 Pine Ridge Road | Greenwich | $2,295,000 | 1-3 PM | Sotheby’s |
| 270 Palmer Hill Road | Old Greenwich | $2,295,000 | 1-4 PM | Raveis |
| 10 Birchwood Drive | Greenwich | $2,495,000 | 1-3 PM | Houlihan Lawrence |
| 98 Londonderry Drive | Greenwich | $2,495,000 | 12-2 PM | Sotheby’s |
| 81 Sawmill Lane | Greenwich | $2,595,000 | 1-3 PM | Sotheby’s |
| 28 Sawmill Lane | Greenwich | $2,695,000 | 1-3 PM | Sotheby’s |
| 5 Lake Drive | Riverside | $2,895,000 | 1-4 PM | Berkshire Hathaway |
| 30 Hillcrest Park Road | Old Greenwich | $2,975,000 | 1-4 PM | Higgins Grp |
| 115 Maple Ave | Greenwich | $3,225,000 | 3-5 PM | Elliman |
| 348 Sound Beach Avenue | Old Greenwich | $3,395,000 | 1-4 PM | Berkshire Hathaway |
| 44 Cedar Cliff Road | Riverside | $3,400,000 | 1-3 PM | Coldwell Bnkr |
| 349 Sound Beach Ave | Old Greenwich | $3,575,000 | 1-3 PM | Sotheby’s |
| 132 Cedar Cliff Road | Riverside | $3,750,000 | 1-4 PM | Berkshire Hathaway |
| 20 Carpenters Brook Road | Greenwich | $4,100,000 | 1-3 PM | Keller Williams |
| 2 Meadow Place | Old Greenwich | $4,200,000 | 2-4 PM | Coldwell Bnkr |
| 585 Round Hill Road | Greenwich | $4,295,000 | 11:30-1:30 PM | Coldwell Bnkr |
| 146 Hendrie Avenue | Riverside | $4,595,000 | 11-2 PM | Pulse Realty |
| 19 Shoal Point Lane | Riverside | $4,850,000 | 3-5 PM | Coldwell Bnkr |
| 20 Langhorne Lane | Greenwich | $5,995,000 | 2-4 PM | Coldwell Bnkr |
| 7 Oakwood Lane | Greenwich | $6,495,000 | 2-4 PM | Houlihan Lawrence |
| 26 Mayfair Lane | Greenwich | $7,200,000 | 2-5 PM | Weichert |
Greenwich Real Estate Statistics & Market Report for the First Half of 2014
GREENWICHSTREETS.COM
FIRST HALF 2014 MARKET REPORT
by Mark Pruner
Berkshire Hathaway
203-969-7900, mark@bhhsne.com
GREENWICH MARKET REPORT FIRST HALF OF 2014
Summary – The Greenwich market is busy. We are doing better than 2012, though not quite as busy as the stellar 2013. The high end over $4,000,000 is doing much better. Under $1.5 million is combat buying come prepared and well financed. The middle is doing fine and we could use some more inventory as the buyers sift the wheat from the chaff.
Click Here for Printable Greenwich Real Estate Report for 1st Half 2014
GREENWICH MARKET ANALYSIS BY PRICE RANGE
So far in 2014 we have had 275 houses sold and have another 142 houses under contract. Our inventory is down to 571 houses and we sold 81 houses in June through the Greenwich MLS.
| As of 7/7/14 | Inventory | Contracts | Last Mo. Solds | Tot. Solds+ Contracts | YTD Solds | YTD+ Contracts | Mos Supply | Mos w/ Contracts | Last Mo. Annlzd |
| < $600K | 8 | 5 | 3 | 8 | 12 | 17 | 4.0 | 3.5 | 2.7 |
| $600-$800K | 13 | 14 | 6 | 20 | 23 | 37 | 3.4 | 2.6 | 2.2 |
| $800K-$1M | 25 | 12 | 7 | 19 | 18 | 30 | 8.3 | 6.3 | 3.6 |
| $1-$1.5M | 51 | 28 | 16 | 44 | 47 | 75 | 6.5 | 5.1 | 3.2 |
| $1.5-$2M | 59 | 21 | 6 | 27 | 36 | 57 | 9.8 | 7.8 | 9.8 |
| $2-$3M | 107 | 24 | 20 | 44 | 53 | 77 | 12.1 | 10.4 | 5.4 |
| $3-$4M | 83 | 19 | 10 | 29 | 41 | 60 | 12.1 | 10.4 | 8.3 |
| $4-$5M | 52 | 4 | 6 | 10 | 16 | 20 | 19.5 | 19.5 | 8.7 |
| $5-7.5M | 82 | 10 | 5 | 15 | 15 | 25 | 32.8 | 24.6 | 16.4 |
| $7.5-$10M | 36 | 0 | 1 | 1 | 5 | 5 | 43.2 | 54.0 | 36.0 |
| > $10M | 55 | 5 | 1 | 6 | 9 | 14 | 36.7 | 29.5 | 55.0 |
| TOTAL | 571 | 142 | 81 | 223 | 275 | 417 | 12.5 | 10.3 | 7.0 |
Under $800,000 – This price range after a somewhat slower start in 2014 than in 2013 has returned to combat buying. If you annualize the June sales you are looking at 2 – 3 months of supply. We have no single family homes listed for less than $495,000 and only 21 houses mostly on the west side of town under $800,000
$800K – $1.5M – Combat buying continues up to $1,000,000. Supply starts to meet demand when you get over $1,000,000. In June we had 63 sales in this price category and have another 40 contracts waiting to close, leaving only an inventory of 76 units
$1.5M – $4M – This market segment is well balanced with good sales and good inventory. We also have a bunch of contracts waiting to close. In 2013 and 2012 we saw a big break in market demand at a little over the $2,000,000, in 2014 we have good buyer interest all the way up to $4,000,000. Year to date 130 of our 275 sales have been in this price range and we have 64 houses under contract.
$4 -$10M – If present trends continue any buyers in this price range are likely to be kicking themselves this time next year. The segment is still a buyer’s market but months of supply are coming down and what bargains there are going to get even scarcer. Seller’s still have a lot of competition out there with some really beautiful homes competing for buyer’s attention. While the trend is in the seller’s favor, this market is still too thin not to try to work hard to make a deal with a buyer in the ball park.
Another factor that impacts this market in particular is non-GMLS sales. In June twelve houses in Greenwich were sold privately based on the searchGreenwich.net numbers. Of these twelve sales, three were between $5 and 10 million. Add in these three sales and the months of supply for $5 – 7.5M drops 4 months and the months of supply for $7.5 – 10 million drops 9 months. Bottom line, in thin markets it’s particularly important to look at all sales, not just those that are easy to find.
Over $10M– Wall Street bonuses are given out early in the year and several people have already used their bonuses. We are still looking good in this price category with nine sales and five houses under contract, but only but sales have sold, still we have already surpassed 2013 in this price category so any additional sales just make 2014 look better.
Conclusion – The first half 2014 epitomizes the “new normal”, a busy, but skittish market. Unlike prior post-recession years, our upper end, above $4 million, is getting better and over $10 million much better Our lower end below $1.5 million was clearly impacted by the harsh weather in February and March. Sales in April, May and June have been above our 8 year average and only look disappointing when compared to 2013 which was a very good year. It’s a fun time to be a Realtor, because a good Realtor in a market like this really can add value for their clients.
If you have any questions about the Greenwich real estate market feel free to give me a call.
Mark Pruner
203-969-7900
70 Greenwich Open Houses on Sunday 7/13/14
Greenwich Open Houses
Sunday, July 15, 2014
There are 70 Open Houses starting with 6 rentals from $4,200 to $16,000 per month. The condominium prices start at $295,000 and the highest priced single family home Open House is $6,449,000 on Clapboard Ridge Road. There are plenty of homes to see in every price point. 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 at this link
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GreenwichStreets.com 