Greenwich Market UpdateYEAR END 2014
GREENWICH BROKERAGE
One Pickwick Plaza
Greenwich, CT 06830
t. 203.869.4343
sothebyshomes.com/greenwich
Greenwich, CT | web: 0067416
All figures in this document are as reported by the Greenwich MLS (12/31/14)
A MESSAGE FROM OUR MANAGER: Pam Pagnani
This was another fabulous year for the Sotheby’s International Realty - Greenwich Brokerage. The company was very fortunate to list eight of the 15 homes in our market that sold over $10 million and to have represented the buyers for seven of those 15 homes purchased for over $10 million. The company is equally proud to have the opportunity to list and sell single-family homes, condominiums and cooperatives in all price categories and sections of town.
According to the Greenwich MLS, the town-wide Greenwich real estate market, which is comprised of the Greenwich, Cos Cob, Riverside and Old Greenwich sections of town, saw a 6% decrease in the number of single-family homes sold, with 607 sold in 2014, as opposed to 2013 when 646 homes sold. Despite this, there was a 63% increase in sales of single-family homes over $7.5 million town-wide from 16 in 2013 to 26 in 2014. Buyers have exhibited a willingness to spend over $10 million for properties located on the waterfront and Backcountry. Of the 15 homes that sold over $10 million, two were located on the waterfront in Old Greenwich, three on the waterfront in Greenwich (Mead Point, Indian Harbor and Belle Haven), three in Mid-Country and the remaining seven estates were located in Backcountry.
Even though fewer single-family homes sold year-over-year, the average sales price for single-family homes increased from $2.25 million in 2013 to $2.69 million in 2014. With the value of the homes increasing, more sellers were motivated to list their homes. The single-family home inventory rose from 362 in 2013 to 406 in 2014, an increase of 12%. The largest amount of new single-family home inventory occurred in Riverside for homes prices between $5 million to $7.5 million where there was a 500% increase, from one home listed 2013 to six homes in 2014, followed by Cos Cob homes priced between $1 to $3 million, which increased by 70%, from ten homes listed in 2013 to 17 homes in 2014.
Town-wide the average days on the market (ADOM) remained flat, with a minimal change of 0.6% from 155 days in 2013 to 156 days in 2014. However, it should be noted that there was a 51% decrease in the ADOM for homes which sold over $10 million town-wide from 540 days in 2013 to 253 days in 2014. In addition, a 66% decrease of ADOM occurred in Riverside for single-family homes priced between $5 million to $7.5 million, which went from 225 to 76 days.
Similar to the single-family market, there were fewer condominium and cooperative sales this past year as compared to last year. In 2013, there were 195 units sold, as opposed to 186 units sold in 2014, a decrease of 5 %. Despite this, the average sales price of condominiums and cooperatives, town-wide, rose from $794,838 in 2013 to $864,428 in 2014, an increase of 9%. Their average days on the market fell 15.6% from 180 days in 2013 to 152 days in 2014. This year, two condominiums sold over $4 million, as opposed to last year, when none sold in that price category. This indicates that buyers are interested in well-built new construction located near the heart of town.
The affiliated professionals in our Sotheby’s International Realty Greenwich Brokerage office are fortunate to have developed long-term relationships with our existing clients, both buyers and sellers. In addition, we look forward to the opportunity of listing your home, when you decide to sell. Our website generates more traffic than any of our local competitors. Our reach is global, with affiliated offices located in over 54 countries.
FEATURED LISTINGS
CLASSIC COUNTRY ESTATE | Web ID: 0066935 | $5,200,000Greenwich Brokerage | Barbara O’Shea | 203.618.3134
JUST OFF NORTH MAPLE AVENUE | Web ID: 0067403 | $1,475,000Greenwich Brokerage | Edward Mortimer | 203.618.3160
Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Real estate agents affiliated with Sotheby’s International Realty, Inc.® are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc.
SIGNIFICANT SALES | Q4 2014
MID-COUNTRY ELEGANCE Greenwich Brokerage | Carol Zuckert | 203.618.3135
GEORGIAN GRANDEUR Greenwich Brokerage | Leslie McElwreath | 203.618.3165
MID-COUNTRY CUL-DE-SACGreenwich Brokerage | Fieldstone Group | 203.869.4343
MODERN CLASSIC IN CONYERS FARM Greenwich Brokerage | Francine Ehrlich | 203.618.3164
SINGLE FAMILY HOMES
4sothebyshomes.com/greenwich
YEAR END 2014 CLOSED SALES
PRICE RANGE 2012 2013 2014 % Change (2014 v 2013)
Up to $1,000,000 175 157 138 -12.1%
$1,000,000 - $3,000,000 267 364 307 -15.7%
$3,000,000 - $5,000,000 73 75 101 34.7%
$5,000,000 - $7,500,000 38 34 35 2.9%
$7,500,000 - $10,000,000 13 8 11 37.5%
$10,000,000 & above 14 8 15 87.5%
TOTAL 580 646 607 -6.0%
AVERAGE DAYS ON MARKET
PRICE RANGE 2012 2013 2014 % Change (2014 v 2013)
Up to $1,000,000 153 122 117 -4.1%
$1,000,000 - $3,000,000 164 144 137 -4.9%
$3,000,000 - $5,000,000 182 183 193 5.5%
$5,000,000 - $7,500,000 254 240 298 24.2%
$7,500,000 - $10,000,000 242 248 216 -12.9%
$10,000,000 & above 175 540 253 -53.1%
AVERAGE 171 155 156 0.6%
ACTIVE INVENTORY
PRICE RANGE 2012 2013 2014 % Change (2014 v 2013)
Up to $1,000,000 39 36 30 -16.7%
$1,000,000 - $3,000,000 148 119 147 23.5%
$3,000,000 - $5,000,000 84 84 97 15.5%
$5,000,000 - $7,500,000 55 56 67 19.6%
$7,500,000 - $10,000,000 28 26 19 -26.9%
$10,000,000 & above 42 41 46 12.2%
TOTAL 396 362 406 12.2%
YEAR AVERAGE SALE PRICE MEDIAN SALE PRICE
2005 $2,571,568 $1,875,0002006 $2,687,400 $2,001,2502007 $3,012,134 $2,175,0002008 $2,817,997 $1,995,0002009 $2,664,992 $1,690,0002010 $2,511,007 $1,725,0002011 $2,429,922 $1,650,0002012 $2,381,680 $1,657,5002013 $2,245,291 $1,693,7502014 $2,690,660 $1,881,550
TOWN WIDE
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Median Sales Price Average Sales Price
SINGLE FAMILY HOMES
5
GREENWICH
YEAR END 2014 CLOSED SALES
PRICE RANGE 2012 2013 2014 % Change (2014 v 2013)
Up to $1,000,000 74 71 73 2.8%
$1,000,000 - $3,000,000 121 159 154 -3.1%
$3,000,000 - $5,000,000 48 52 61 17.3%
$5,000,000 - $7,500,000 27 30 30 0.0%
$7,500,000 - $10,000,000 11 6 9 50.0%
$10,000,000 & above 10 7 13 85.7%
TOTAL 291 325 340 4.6%
AVERAGE DAYS ON MARKET
PRICE RANGE 2012 2013 2014 % Change (2014 v 2013)
Up to $1,000,000 159 111 141 27.0%
$1,000,000 - $3,000,000 200 188 174 -7.4%
$3,000,000 - $5,000,000 202 197 220 11.7%
$5,000,000 - $7,500,000 268 242 329 36.0%
$7,500,000 - $10,000,000 261 255 219 -14.1%
$10,000,000 & above 226 559 280 -49.9%
TOTAL 199 187 194 3.7%
YEAR AVERAGE SALE PRICE MEDIAN SALE PRICE
2005 $3,193,052 $2,458,0002006 $3,419,625 $2,777,5002007 $3,651,577 $2,722,5002008 $3,434,067 $2,375,0002009 $3,573,405 $2,500,0002010 $3,343,793 $2,432,5002011 $3,058,461 $2,150,0002012 $2,827,258 $1,912,5002013 $2,738,692 $1,950,0002014 $3,204,172 $2,105,000
$0$500,000
$1,000,000$1,500,000$2,000,000$2,500,000$3,000,000$3,500,000$4,000,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Median Sales Price Average Sales Price
SINGLE FAMILY HOMES
6sothebyshomes.com/greenwich
RIVERSIDE
YEAR END 2014 CLOSED SALES
AVERAGE DAYS ON MARKET
PRICE RANGE 2012 2013 2014 % Change (2014 v 2013)
Up to $1,000,000 35 37 22 -40.5%
$1,000,000 - $3,000,000 65 88 55 -37.5%
$3,000,000 - $5,000,000 12 14 17 21.4%
$5,000,000 - $7,500,000 7 4 2 -50.0%
$7,500,000 - $10,000,000 1 1 - -
$10,000,000 & above 2 1 - -
TOTAL 122 145 96 -33.8%
PRICE RANGE 2012 2013 2014 % Change (2014 v 2013)
Up to $1,000,000 118 157 76 -51.6%
$1,000,000 - $3,000,000 117 112 103 -8.0%
$3,000,000 - $5,000,000 146 151 162 7.3%
$5,000,000 - $7,500,000 192 225 76 -66.2%
$7,500,000 - $10,000,000 - 16 - -
$10,000,000 & above 27 402 - -
TOTAL 122 132 107 -18.9%
YEAR AVERAGE SALE PRICE MEDIAN SALE PRICE
2005 $1,916,512 $1,685,0002006 $1,890,793 $1,623,0002007 $2,276,455 $1,910,0002008 $2,734,695 $2,111,7502009 $2,049,818 $1,492,5002010 $1,825,870 $1,530,0002011 $1,856,570 $1,450,5002012 $2,135,382 $1,556,250
2013 $1,962,381 $1,680,000
2014 $2,000,920 $1,862,500
AVERAGE DAYS ON MARKET
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Median Sales Price Average Sales Price
SINGLE FAMILY HOMES
7
OLD GREENWICH
YEAR END 2014 CLOSED SALES
AVERAGE DAYS ON MARKET
PRICE RANGE 2012 2013 2014 % Change (2014 v 2013)
Up to $1,000,000 25 22 16 -37.5%
$1,000,000 - $3,000,000 49 75 58 -29.3%
$3,000,000 - $5,000,000 8 8 23 65.20%
$5,000,000 - $7,500,000 4 - 3 -
$7,500,000 - $10,000,000 1 1 2 50.0%
$10,000,000 & above 2 - 2 -
TOTAL 89 106 104 -1.9%
PRICE RANGE 2012 2013 2014 % Change (2014 v 2013)
Up to $1,000,000 193 86 72 -16.3%
$1,000,000 - $3,000,000 152 101 102 1.0%
$3,000,000 - $5,000,000 111 133 146 9.8%
$5,000,000 - $7,500,000 264 - 138 -
$7,500,000 - $10,000,000 282 435 205 -52.9%
$10,000,000 & above 72 - 75 -
TOTAL 165 103 110 6.8%
YEAR AVERAGE SALE PRICE MEDIAN SALE PRICE
2005 $1,918,369 $1,737,5002006 $1,960,677 $1,745,0002007 $2,466,219 $2,100,0002008 $2,041,163 $1,725,0002009 $1,785,979 $1,365,0002010 $1,736,841 $1,455,0002011 $1,905,612 $1,630,0002012 $2,271,284 $1,830,0002013 $1,753,566 $1,593,750
2014 $2,573,710 $2,127,500
AVERAGE DAYS ON MARKET
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Median Sales Price Average Sales Price
SINGLE FAMILY HOMES
8sothebyshomes.com/greenwich
COS COB
YEAR END 2014 CLOSED SALES
AVERAGE DAYS ON MARKET
PRICE RANGE 2012 2013 2014 % Change (2014 v 2013)
Up to $1,000,000 41 27 27 0.0%
$1,000,000 - $3,000,000 32 40 40 0.0%
$3,000,000 - $5,000,000 5 1 - -
$5,000,000 - $7,500,000 - - - -
$7,500,000 - $10,000,000 - - - -
$10,000,000 & above - - - -
TOTAL 78 68 67 -1.5%
PRICE RANGE 2012 2013 2014 % Change (2014 v 2013)
Up to $1,000,000 148 132 112 -15.2%
$1,000,000 - $3,000,000 145 127 96 -24.4%
$3,000,000 - $5,000,000 197 278 - -
$5,000,000 - $7,500,000 - - - -
$7,500,000 - $10,000,000 - - - -
$10,000,000 & above - - -
TOTAL 150 131 103 -21.4%
YEAR AVERAGE SALE PRICE MEDIAN SALE PRICE
2005 $1,381,640 $1,065,0002006 $1,513,291 $1,175,0002007 $1,573,462 $1,265,5502008 $1,444,383 $1,247,5002009 $1,249,104 $935,0002010 $1,141,637 $1,013,7502011 $1,116,709 $1,010,0002012 $1,224,822 $982,5002013 $1,241,224 $1,157,5002014 $1,254,599 $1,178,000
$0$200,000$400,000$600,000$800,000
$1,000,000$1,200,000$1,400,000$1,600,000$1,800,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Median Sales Price Average Sales Price
CONDOMINIUMS AND COOPS
9
ACTIVE INVENTORY
YEAR END 2014 CLOSED SALES
PRICE RANGE 2012 2013 2014 % Change (2014 v 2013)
Up to $1,000,000 116 152 137 -9.9%
$1,000,000 - $2,000,000 19 34 39 14.7%
$2,000,000 - $4,000,000 9 9 8 -11.1%
$4,000,000 & above 1 - 2 -
TOTAL 145 195 186 -4.6%
AVERAGE DAYS ON MARKET
PRICE RANGE 2012 2013 2014 % Change (2014 v 2013)
Up to $1,000,000 205 145 150 3.4%
$1,000,000 - $2,000,000 273 284 159 -44.0%
$2,000,000 - $4,000,000 278 396 187 -52.8%
$4,000,000 & above 1 - 270 -
AVERAGE 217 180 152 -15.6%
AVERAGE SALES PRICE
PRICE RANGE 2012 2013 2014 % Change (2014 v 2013)
Up to $1,000,000 $538,576 $562,896 $566,393 0.6%
$1,000,000 - $2,000,000 $1,322,421 $1,344,431 $1,347,009 0.2%
$2,000,000 - $4,000,000 $2,689,376 $2,635,833 $2,647,438 0.4%
$4,000,000 & above $4,850,000 - $4,737,500 -
TOTAL $804,519 $794,838 $864,428 8.8%
TOWN WIDE
CONDOS AND CO-OPSSINGLE FAMILY HOMES
0
20
40
60
80
100
120
140
160
up to $1 $1 to $3 $3 to $5 $5 to $7.5 $7.5 to $10 $10+0
10
20
30
40
50
60
70
80
up to $1 $1 to $2 $2 to $4 $4+
2014 ACTIVE INVENTORY
PRICE RANGE GREENWICH RIVERSIDE OLD GREENWICH COS COB
Up to $1,000,000 15 3 3 9
$1,000,000 - $3,000,000 100 14 17 17
$3,000,000 - $5,000,000 71 14 11 1
$5,000,000 - $7,500,000 58 6 2 1
$7,500,000 - $10,000,000 18 1 - -
$10,000,000 & above 43 3 - -
TOTAL 305 41 33 28
PRICE RANGE GREENWICH RIVERSIDE OLD GREENWICH COS COB
Up to $1,000,000 25 2 3 6
$1,000,000 - $3,000,000 83 10 16 10
$3,000,000 - $5,000,000 62 9 12 1
$5,000,000 - $7,500,000 51 1 4 -
$7,500,000 - $10,000,000 24 - 2 -
$10,000,000 & above 37 3 1 -
TOTAL 282 25 38 17
2013 ACTIVE INVENTORY
PRICE RANGE 2013 2014 % Change
Up to $1,000,000 25 15 -40.0%
$1,000,000 - $3,000,000 83 100 20.5%
$3,000,000 - $5,000,000 62 71 14.5%
$5,000,000 - $7,500,000 51 58 13.7%
$7,500,000 - $10,000,000 24 18 -25.0%
$10,000,000 & above 37 43 16.2%
TOTAL 282 305 8.2%
ACTIVE INVENTORY 2013 VS. 2014
PRICE RANGE 2013 2014 % Change
Up to $1,000,000 2 3 50.0%
$1,000,000 - $3,000,000 10 14 40.0%
$3,000,000 - $5,000,000 9 14 55.6%
$5,000,000 - $7,500,000 1 6 500%
$7,500,000 - $10,000,000 - 1 -
$10,000,000 & above 3 3 0.0%
TOTAL 25 41 64.0%
PRICE RANGE 2013 2014 % Change
Up to $1,000,000 3 3 0.0%
$1,000,000 - $3,000,000 16 17 6.3%
$3,000,000 - $5,000,000 12 11 -8.3%
$5,000,000 - $7,500,000 4 2 -50.0%
$7,500,000 - $10,000,000 2 - -
$10,000,000 & above 1 - -
TOTAL 38 33 -13.2%
PRICE RANGE 2013 2014 % Change
Up to $1,000,000 6 9 50.0%
$1,000,000 - $3,000,000 10 17 70.0%
$3,000,000 - $5,000,000 1 1 0.0%
$5,000,000 - $7,500,000 - 1 -
$7,500,000 - $10,000,000 - - -
$10,000,000 & above - - -
TOTAL 17 28 64.7%
GREENWICH RIVERSIDE
OLD GREENWICH COS COB
10
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in the luxury realm. We know the territory. And we’re backed by the global
reach and resources of the world’s premier real estate network — offering
you privileged access to the most qualified buyers. Let us show you.
Where curb appealmeets global appeal.
sothebyshomes.com/greenwich
Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc. Real estate agents affiliated with Sotheby’s International Realty, Inc. are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc.
GREENWICH BROKERAGE | 203.869.4343
One Pickwick Plaza | Greenwich, CT 06830
Andrews Farm | Bill Andruss | (see back cover)
LAKESIDE ESTATEWeb ID: 0065621 | $5,695,000
Lakefront Estate in Mid-Country Greenwich with elegant
Art Deco Manor house, classic pool, red clay tennis
court and greenhouse offers privacy and convenience.
Greenwich Brokerage
Helene Barre | 203.618.3123
Carol Clarke | 203.618.3174
ANDREWS FARMWeb ID: 0067416 | $6,295,000
Elegant and sophisticated home amid a pastoral
setting offering luxurious amenities, beautiful
gardens, heated pool and lighted tennis court.
Greenwich Brokerage
Bill Andruss | 203.618.3101
ELEGANT, FURNISHED GEORGIAN Web ID: 0067346 | $12,000,000
Amazing opportunity to move right in to this elegantly
furnished, distinguished brick Georgian privately set
on over 4 acres near Conyers Farm.
Greenwich Brokerage
Alice Duff | 203.618.3132
FEATURED LISTINGS