GREENWICH REAL ESTATE MARKET REPORT – MAY 2015

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

1

 

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

2

 

Percentages & Pie Charts

3

 

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.

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