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.
