GREENWICH, CT MARKET REPORT FOR 2/24/13
February has been a busy month so far, not so much in sales which look they will be similar to last year, but in contracts and new listings. We have had 74 new single-family home listings but we also had 67 houses go off the market by sale or contract.
Under $1 million Market Continues to Tighten
We presently have 37 houses listed under $1 million. So far this month 5 new listings have come on the market, but we’ve had 21 go off the market; 4 were sold, 5 have executed contracts and 12 have either an accepted offer or a contingent contracts. The 12 accepted offers and contingent contracts in February represent a third of the inventory going off market in the first 22 days of February.
$1 – 2 million Stays Balanced
The market between $1 million and $2 million continues busy, but is more balanced with 22 new listings and 23 listings going off the market; 3 sold, 6 executed contracts and 14 accepted offers and contingent contracts. Inventory is 106 houses in this price range and it’s been about the same for most of the month. The demand in this price range means it is tilted to sellers.
$2 -5 million Inventory Grows with Spring Market
Between $2 million and $5 million, we have 174 listings, the biggest part of our market. So far in February we have had 6 sales, 6 executed contracts and 11 accepted offers and contingent contracts or 23 properties going off market. Annualized this is about a one-year supply (assuming that the contracts will close in an average of 45 days). The problem for this market segment is that 36 new listings came on the market for a net gain of 13 listings in what is already a slow segment. Here the market is tilting towards the buyers unless you are in Old Greenwich or Riverside.
Over $5 Million Keeping Pace, but Needs to Pick Up
The one thing that sets Greenwich apart from just about any other town in Connecticut and all but a handful of places in the U.S. is the number of choices we have above $5 million. Right now, a buyer can pick from 127 homes in this price range. In February, 11 new options came on in this price range, but we also had 10 go off the market. With only 4 sales and 5 executed contracts and 127 houses, sales need to accelerate for this segment to come back in balance.
Where the Sales, Contracts and New Listings Are
February is traditionally the month with the lowest sales and it looks like February 2013 has a good chance of keeping up that tradition. Of the 17 house sales most are in Riverside and Old Greenwich (no surprise there), but we also have a 8 sales just north and south of the Merritt Parkway. Seven Larkspur Lane sold for $7,400,000 in 86 days for 96% of its original list price of $7,695,000. Even at this price range the buyers are out there actively looking and a house priced right sales fairly quickly.
When you look at the accepted offers, contingent contracts and executed contract what you see is almost a map of where the under $1 million houses are located and then you add in SOTRA, Riverside and Old Greenwich south of the tracks. Of the 104 listings under contract, 28 are under $1 million and 68 are under $2 million. That means that we have 36 listings that are under contract for over $2 million. Four of these properties are in backcountry and another 15 are in mid-country.
Condos & Co-ops
The condo and single-family home purchasers have often been thought of as being two separate groups. In the Great Recession, as house prices dropped, condo sales fell more than house sales as people often bought a lower priced house instead of condo. Now as the inventory of lower priced houses has dropped, sales of condos have picked up again. So far in February we have had 6 condo sales and 19 contracts and offer for a total of 25 condos and co-ops going off the market. During the same period we only had 20 new listings.
OPEN HOUSE LIST & MAP FOR SUNDAY, FEB. 24, 2013
This Sunday we have 32 open houses.
Address Town List Price Time Broker 50 Lafayette Place #3G GR $ 499,000 12-2 PM Sotheby's 24 Wessels Place GR $ 536,000 1-3 PM Raveis 14 Sound Beach Avenue OG $ 599,000 2-4 PM Raveis 230 Valley Road CC $ 629,000 2-4 PM Raveis 98 Putnam Park #98 GR $ 695,000 1-3 PM Raveis 2 Gerry Street GR $ 749,000 2-4 PM Raveis 16 Windy Knolls #A GR $ 782,000 1-4 PM Prudential 1 North Street CC $ 799,000 1-4 PM Shore & Country 20 Maplewood Drive CC $ 895,000 1-4 PM Prudential 38 Breezemont Avenue RV $ 1,075,000 1-4 PM Sotheby's 90 Buckfield Lane GR $ 1,395,000 1-4 PM Prudential 24 Sundance Drive CC $ 1,525,000 2-4 PM Raveis 3 Fairfield Avenue OG $ 1,599,000 1-3 PM Raveis 291 Stanwich Road GR $ 1,625,000 1-4 PM Raveis 16 Manor Road OG $ 1,799,000 1-4 PM Prudential 525 River Road CC $ 1,840,000 1-3 PM Coldwell Banker 112 Taconic Road GR $ 1,995,000 1-4 PM Prudential 3 Byfield Lane GR $ 2,195,000 2-4 PM Sotheby's 30 Montgomery Lane GR $ 2,350,000 1-4 PM Prudential 11 Grimes Road OG $ 2,495,000 2-4 PM Coldwell Banker 18 Welwyn Road RV $ 2,495,000 1-4 PM Prudential 530 North Street GR $ 2,995,000 1-4 PM Raveis 76 Cat Rock Road CC $ 3,295,000 2-4 PM Coldwell Banker 36 Montgomery Lane GR $ 3,295,000 1-3 PM New England Land 6 Ledge Road OG $ 3,350,000 1-3 PM Coldwell Banker 25 Windabout Drive GR $ 3,495,000 2-4 PM Coldwell Banker 1076 Lake Avenue GR $ 3,495,000 2-4 PM Coldwell Banker 16 Indian Head Road RV $ 3,999,000 1-3 PM Coldwell Banker 29 Byfield Lane GR $ 4,300,000 1-3 PM Raveis 212 Taconic Road GR $ 4,495,000 1-4 PM Prudential 487 North Street GR $ 5,495,000 2-4 PM Coldwell Banker