Greenwich Residential Real Estate Blog and Analysis: September 11th

Dear Greenwich,

Now that summer is coming to an end, we can see the start of the Fall Market in full effect. Scroll down to the open house list with links and you will find 74 open houses this weekend in Greenwich, more than we have had since the spring market. I will update the charts and graphs to include August next week.

The above featured home is located at 9 Mackenzie Glen. The home was built in 2006 and feels brand new. One can tell it has been well cared for. The home boasts six bedrooms with seven full baths and one half bath, and is listed as 6,483 s.f. The entrance to the home has soaring ceilings, and throughout the house the ceiling height is great. The flow transitions from room to room easily, with great outdoor stone terraces. There are five fireplaces throughout with a great lower level as well. The master bedroom is one of the highlights with his and her dressing rooms. The location is phenomenal as well as it is off of North Street, so you can easily navigate to town and everything Greenwich offers is right there. The price is $5.65M.

I believe if you scroll down to the pie charts you will see the market in a snapshot. There are still two different markets the under $2M or $3M and the over $2M or $3M market. “Looking at these two graphs, I believe really sum up the market. The below $2M market equates to 64% of the sold properties this year. However, looking below the inventory in that market equates to 37% of the available inventory. If you add in the $2M-$3M market then you are looking at 79% of sold properties to 56% of the market. Conversely the over $2M market is 63% of our total inventory and only makes up 36% of the sold properties this year.”

To further illustrate the point if you look down to the months on average graph you will see it in better detail. “This really shows the difference between the markets. Every price point under $2M is less than 7 months. While, $2M-$5M ranges between 11 months and 15 months. $5M-$10M ranges from 21 months to 47 months and over $10M it would take 120 months to sell through the inventory at the current pace.”

Market reports

North Mianus School

The amount of sold properties year to date have increased by one unit. However, if you look at the year over year the units is down 25% from last year. If you look at the supply and demand ratio it is even higher than last year. Thus telling us the units are down due to the lack of inventory. We are down 13% in listings from this time last year.

Mid Country Report

This is an interesting report. As one dives into it, the market is pretty similar to last year. However, the main takeaway is that units are down 8.8% but the prices are up 5.7%. This is due to the $4M to $6M market. You will notice that market is up 64% with 21 sold properties this year to date vs. 13 last year to date. The $2M-$3M range is down 31% in sold properties, but you will notice the listings are down 22% leading me to believe it is the lack on inventory in that price range that is hurting the market.

This is a great article that was in Bloomberg a couple of weeks ago, written by Oshrat Armiel:

Greenwich Mansions Linger on Market as Condos Sale Fast

2nd Quarter Analysis

There are currently 676 properties for sale in Greenwich. Last year at this time there were 690 properties. When you look at the charts below you will see that we had an incredible June ending a great 2nd Quarter for the market. With the long winter we had this year, it seems a lot got pushed back and we had 131 closed properties in June. We have had 135 new listings come on in June, so will be interesting to see if this new inventory helps or hurts the market. The single family homes sold grew by 15% in the 2nd quarter over the last year, and the median price grew 9%. To see how much of an impact June had on the market scroll down to the months on average chart below. Please click on the below reports for more specific information. The Q2 report is exceptional and really dives into different sections of the community.

Q2 Report

Q2 Greater Greenwich Report

I have invested in my own MLS Search for my readers. This will give access to a lot of the listing information I have. Also, if I have already set you up with your personal portal, you will now be able to search your own searches outside of what I set up for you. Feel free to test out and search properties. I feel the best attribute is that you can save your own search and choose to get alerts as new properties come on to the market, properties are sold, or change in price. All specific to your customized search. Hence, you will speed up your learning curve, becoming an expert in the specific market you care about.

Please let me know if you would like me to provide customized information or statistics for you based on your criteria.

**The information on the featured property and all statistical information is from the Greenwich MLS.

**All opinions garnered from the statistics are my own

Properties Sold

We have 652 available properties in Greenwich today. We have sold 512 properties. You can see July has been comparable to the past few years, only less than 2013.

New Listings

We had 98 new listings in the month of July, which is less than last year, but still a healthy number.

Year to Date Sold

Looking at these two graphs, I believe really sum up the market. The below $2M market equates to 64% of the sold properties this year. However, looking below the inventory in that market equates to 37% of the available inventory. If you add in the $2M-$3M market then you are looking at 79% of sold properties to 56% of the market. Conversely the over $2M market is 63% of our total inventory and only makes up 36% of the sold properties this year.

Year to Date Available

In an effort to define the different markets as a good time to buy or sale I believe one needs to look at the months on average it would take to sell through the inventory we have. The first chart is the 2014 inventory vs. sold numbers. The second chart is inventory today vs. sold properties.

Price Range 1/31/14 2/28/14 3/28/14 4/25/14 5/16/14 7/31/14 12/31/14
0-$500K 10.2 6.0 7.0 6.1 5.5 5.6 3
$500K-$1M 9.7 8.6 9.0 8.7 8.6 5.2 3.7
$1M-$1.5M 5.5 9.5 8.9 10.3 7.8 6.4 4.4
$1.5M-$2M 8 14.5 13.6 18.4 17.8 11 6.7
$2M-$3M 4.7 9.2 11.6 14.3 14.2 11.1 7
$3M-$4M 11 13.1 11.8 14.2 14.5 10.4 9
$4M-$5M 11.9 8.9 13.1 14.4 22.1 17.7 18.4
$5M-$7.5M 20.7 32.0 39.5 59 56.6 32 25.1
$7.5M-$10M n/a n/a 71.5 51 31.5 59.5 21.6
$10M+ 22.4 27.2 42.0 22.7 33.8 29.9 35.2

Price Range 2/28/15 3/30/15 4/30/15 5/31/15 6/30/15 7/31/15
0-$500K 4.5 4 9.6 9.6 5.4 5.3
$500K-$1M 6.3 4.2 7.5 8.6 7.4 6.8
$1M-$1.5M 4.8 4.5 6 5.5 4 3.3
$1.5M-$2M 6.9 7 8.8 8.1 6.5 5.8
$2M-$3M 10.1 8 14 15 11.6 11.6
$3M-$4M 31 20.5 25.5 25.3 16.2 13.1
$4M-$5M 54.3 26.6 30.3 27.3 17.2 15.5
$5M-$7.5M 49.1 30.2 34.6 31.7 23.8 20.9
$7.5M-$10M 20.4 36 31.3 36.4 49.6 47
$10M+ 41.7 76.5 80.5 86 103.1 120.8

This really shows the difference between the markets. Every price point under $2M is less than 7 months. While, $2M-$5M ranges between 11 months and 15 months. $5M-$10M ranges from 21 months to 47 months and over $10M it would take 120 months to sell through the inventory at the current pace.

Open Houses for September 13th

Below are the 74 open houses for Sunday.

Street Name/Area/List Price/Time/Listing Office

16 Manor Road Old Greenwich $7.5K 1-4 p.m. BHHS

47 Putnam Park #1 Greenwich $405K 1-3 p.m. Raveis

1465 Putnam #119 Old Greenwich $429.9K 1-3 p.m. Raveis

119 Spruce Street Greenwich $575K 2-4 p.m. Douglas Elliman

7 River Road #305 Cos Cob $625K 11-1 p.m. Douglas Elliman

79 Pemberwick #A Greenwich $629K 1-4 p.m. BHHS

302 River Run Greenwich $648K 2-4 p.m. BHHS

36 Silo Circle Riverside $648K 1-4 p.m. BHHS

4 Relay Court Cos Cob $660K 1-3 p.m. Raveis

21 Upland Street Greenwich $789K 2-4 p.m. Anderson Asoociates

16 Lia Fail Cos Cob $799K 1-3 p.m. Raveis

17 Salem Street Cos Cob $849K 11-1 p.m. Coldwell Banker

1 Cary Road Riverside $865K Sat.2-5 p.m. Davenport

42 Orchard Street Cos Cob $875K 1-3 p.m. Raveis

265 Pemberwick Greenwich $925K 1-4 p.m. Raveis

84 Cognewaugh Cos Cob $1.049M 12-3 p.m. BHHS

6 Riverview Court Greenwich $1.095M 12-4 p.m. BHHS

3 Wyndover Lane Cos Cob $1.195M 10-12 p.m. Keller Williams

30 Buxton Landing Riverside $1.199M 1-3 p.m. Coldwell Banker

6 North Street Cos Cob $1.199M 1-3 p.m. Raveis

7 Alec Templeton Greenwich $1.25M 1-3 p.m. Higgins

10 Rainbow Drive Riverside $1.275M 1-4 p.m. Houlihan Lawrence

7 Chapel Lane Riverside $1.295M 2-4 p.m. Houlihan Lawrence

7 Cottontail Road Cos Cob $1.35M 1-3 p.m. Sotheby’s

29 Windsor Lane Cos Cob $1.385M 2-4 p.m. Raveis

26 Lancer Road Riverside $1.399M 1-4 p.m. Raveis

4 North Street Cos Cob $1.399M 1-3 p.m. Greenwich Realty

44 Summit Road Riverside $1.435M 1-4 p.m. BHHS

48 Davenport Ave Greenwich $1.5M 1-4 p.m. Coldwell Banker

65 Fairfield Road Greenwich $1.595M 1-4 p.m. Raveis

21 Lia Fail Cos Cob $1.695M 1-3 p.m. Raveis

10 Hilton Heath Cos Cob $1.695M 1-4 p.m. BHHS

18 Oval Avenue Riverside $1.699M 1-4 p.m. Raveis

70a Sinawoy Cos Cob $1.725M 1-4 p.m. Coldwell Banker

16 Manor Road Old Greenwich $1.795M 1-4 p.m. BHHS

225 Milbank #A Greenwich $1.825M 2-4 p.m. Houlihan Lawrence

155 Stanwich Road Greenwich $1.845M 11-2 p.m. BHHS

55 Summit Road Riverside $1.85M 1-4 p.m. Sotheby’s

2 Spruce Street Riverside $1.865M 1-4 p.m. Coldwell Banker

7 Heusted Drive Old Greenwich $1.9M 1-4 p.m. BHHS

315 Field Point Greenwich $1.939M 1-4 p.m. BHHS

10 West End Old Greenwich $1.995M 2-4 p.m. Houlihan Lawrence

24 Nutmeg Drive Greenwich $1.995M 1-4 p.m. BHHS

2 Grimes Road Old Greenwich $1.99985M 1-3 p.m. Houlihan Lawrence

10 Park Avenue Old Greenwich $1.99999M 2-4 p.m. Coldwell Banker

11 Pintail Lane Greenwich $2.15M 2-4 p.m. Houlihan Lawrence

33 Pleasant Street Riverside $2.349M 1-4 p.m. BHHS

39 Indian Harbor A Greenwich $2.45M 1-3 p.m. Douglas Elliman

Visit www.greenwichrealestateguy.com/blog for full list of this weeks open houses with viewable links.