GREENWICH REAL ESTATE MARKET REPORT

MAY 2015 (PRELIMINARY)

by

Mark Pruner

Douglas Elliman – Greenwich

203-969-7900 – mark.pruner@elliman.com

• $1 – $2M where the deals are – 1/3 of all contracts
• $2 – $4M busy, but with good inventory levels
• $5 – $7M sees contracts and sales rise nicely
• Houses much more in demand than condos

 

May 2015 Continues Mixed Market, but Upper Half of Market Now Improving

As of 5/30/15	Inventory	Contracts	Last Mo. Solds	Tot. Solds+ Contracts	YTD Solds	YTD+ Contracts	Mos Supply	Mos w/ Contracts	Last Mo. Annlzd
< $600K	3	0	2	2	12	12	1.3	1.6	1.5
$600-$800K	15	10	2	12	8	18	9.4	5.4	7.5
$800K-$1M	25	12	3	15	11	23	11.4	7.1	8.3
$1-$1.5M	45	29	15	44	41	70	5.5	4.2	3.0
$1.5-$2M	69	36	8	44	36	72	9.6	6.2	8.6
$2-$3M	116	20	9	29	38	58	15.3	13.0	12.9
$3-$4M	92	21	3	24	15	36	30.7	16.6	30.7
$4-$5M	51	13	3	16	9	22	28.3	15.1	17.0
$5-7M	75	10	7	17	12	22	31.3	22.2	10.7
$7-$10M	32	3	2	5	4	7	40.0	29.7	16.0
> $10M	51	0	1	1	3	3	85.0	110.5	51.0
TOTAL	574	154	55	209	189	343	15.2	10.9	10.4

 

Statistics

May 2015	List Price	Sold Price	Sold Price /SqFt	SP/OLP	List Price /SqFt	DOM	SqFt	Acres	Taxes
Average	$  4,632,010	$  2,525,665	$ 581	90.5%	$ 613	205	3907	1.21	$   16,457
Median	$  3,197,250	$  1,825,000	$ 532	92.0%	$ 572	168	3226	0.48	$   12,478

 

May is Good Sales Month $1 – $1.5 and $4 – $10M

 

 Good Inventory Over $1.5M, Busy Sales and Contracts from $1 – $3M

 

Percentages & Pie Charts

 

Summary

May statistics showing the market accelerating as inventory is up, but so are contracts. The additional contracts between $5 and 10 million are particularly significant as this was a slow market in the first quarter. The one worrisome area continues to be over $10M where we have 51 listings and only a handful of sales and contracts. Our higher end market is becoming a real bargain compared to Manhattan where prices are looking frothy.

The market from $1 to $2 million is particularly strong as we are seeing not only young families moving from Manhattan to Greenwich, but also significant demand from downsizers from Westchester. Both groups are competing for the same houses. In addition this price range is a sweet spot for builders that are looking to spend $1 – 2 million for the land, build new and sell for $3 – $6 million.