Business & Tech
Greenwich Real Estate Values up 11% in Two Years; 64 Open Houses Today
High-end sales continue improvement; Condos, co-ops up from 2011.
Another busy weekend as the fall market is in full swing. We have 64 open houses this Sunday ranging from a condo on Pemberwick Road for $335,000 to a large multi-acre property on North Street for $16 million. We have 19 houses and condos under $1 million and 15 open houses between $1 and $2 million.
As you can see in the report below, high end sales are continuing to pick up and we have 25 open houses over $2 million. You can see the live interactive map here and the open house list below. If you want to get directions to any open house just click on the pin and then “Get Directions” in the pop-up balloon.
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SEPTEMBER 2012 GREENWICH REAL ESTATE MARKET REPORT
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Single Family Homes Sales in Greenwich Up Above $2 million
The market continues to chug along. As reported last week we exceeded last year's sales for the first time this year. So far 420 houses have been sold this year and we presently have 578 single family homes listed on the Greenwich MLS. We have sold 34 homes in September through Sept. 21 and presently have 79 accepted offers and houses under contract. All of the good news that has been coming out about how house prices are up nationally and inventory is down in many areas seems to be encouraging buyers.
Once again we have had some notable sales at the high end with 26 Pilot Rock Lane selling for $13.3 million in a private sale. 190 North St. sold for $11,500,000 after being on for as much as $15.7 million in 2009. In fact, 17 of the 34 sales recorded by the GMLS in September have been for more than $2 million a very nice change from the first half of the year.
Pricing is very important in today's market
Under $1 million supply is constrained in a market that continues very active. Houses that are priced right continue to move. We are even seeing houses in this price range that have been on 495, 438 and even 680 days selling. At the other end we have had houses close in 28, 37 and 56 days of listing.
Buyers who are at all active in the market know value there is just so much information floating around on the Internet. To illustrate this two of the long market houses went to contract within a month of taking a pricing reduction to what at least one buyer thought was market price.
The first three sales with long days on market sold for an average of 87.3% of their original list price, while the second group of three sales with short days on market sold for an average of 97.7% of their original list price. The long days on market properties also had to pay taxes, insurance and likely mortgage payments for the year and more that they were on the market further reducing the seller's return. You can't sell a house that people won't come see.
Are House Price Up or Down in Greenwich?
Bloomberg/Businessweek reported on the National Association of Realtors' survey showing that the Stamford SMSA (which includes Greenwich) had the biggest 2nd quarter drop in house prices in nation ranking 147th out of 147 metropolitan areas. Our average price was down 12.9% according to the NAR. As I stated in the article, "What we’re seeing is a change in the market mix,” Pruner said. “The upper end of the market was been significantly slower. When you have a whole bunch of lower-end sales and fewer higher-end sales, the price has to drop.” Ironically, as the article was being written this trend was starting to correct itself with better high end sales in June, July and August.
So are housing prices up or down? What I look to is the ratio of sales price to the 2010 tax assessment. As you can see from the chart this ratio varies greatly from month to month, but for 2012 the average is up 11% from the 10/1/10 Greenwich Tax Assessor’s valuation or a little over 5% per year. Also the trend has been up every month since April. July was amazing with houses selling for an average of 30% more than their assessments, but even the August sales were up over 7% from their assessment. In addition sales volume has exceeded 2011 numbers.
As to an individual house it can be hard to say whether it is worth more this year or last year since the trends are not strong and vary for any given month, since we are not dealing with large numbers. It also depends on where you are in town. Parts of the town are seeing very good demand and other parts are not.
Many people won't feel confident until they see the median and average house price rise, but for me I think we are seeing a real return in real estate investment particularly in this low inflation environment.
Greenwich Condos and Co-ops
The condo market is really turning around. For the last couple of years it has lagged the single family housing market, but the average price for condos is actually up in 2012 compared to 2011. Sales are also up in 2012 compared to 2011. This week we have 7 condo open houses.
Thanks again to Rob Pulitano for preparing the open house list and interactive map.
GREENWICH, CT OPEN HOUSE LIST FOR SUNDAY, 9/23/12
Address
Town
List Price
Open House Time
Broker
41 Windsor Ln
Cos Cob
$ 4,700
2-4 PM
Raveis
8 Fox Hollow Ln
Cos Cob
$ 7,900
1-3 PM
Coldwell Bnkr
21 Cat Rock Rd
Cos Cob
$ 8,000
2-4 PM
Coldwell Bnkr
39 Willow Rd
Riverside
$ 9,975
1-3 PM
Coldwell Bnkr
55 Will Merry Ln
Greenwich
$ 14,000
2-4 PM
Coldwell Bnkr
351 Pemberwick Rd #110
Greenwich
$ 335,000
1-3 PM
Raveis
21 Byram Rd
Greenwich
$ 399,000
1-3 PM
Mary & Caruso
292 Hamilton Av
Greenwich
$ 409,000
2-4 PM
Coldwell Bnkr
13 Fletcher Av
Greenwich
$ 449,000
1-3 PM
Coldwell Bnkr
184 Peck Av #2
Greenwich
$ 455,000
2-4 PM
Coldwell Bnkr
9 River Rd #405
Cos Cob
$ 469,000
2-4 PM
Raveis
1 Ocean View
Greenwich
$ 519,000
1-3 PM
Shore & Cntry
60 Valley Rd #A
Cos Cob
$ 645,000
2-4 PM
Raveis
45 Glenville St
Greenwich
$ 649,000
2-4 PM
Prudential
51 Forest Ave
Old Greenwich
$ 680,000
1-4 PM
FF Realty
98 Putnam Park #98
Greenwich
$ 695,000
1-4 PM
Raveis
60 Valley Rd #B
Cos Cob
$ 699,500
2-4 PM
Raveis
11 River Rd #122
Cos Cob
$ 725,000
2-4 PM
Greenwich Fine Prop
133 Lake Av
Greenwich
$ 749,000
1-4 PM
Prudential
5 Christiano St
Greenwich
$ 749,000
1-3 PM
Sothebys
89 Prospect St
Greenwich
$ 799,000
1-3 PM
Sothebys
297 Guinea Rd
Greenwich
$ 849,000
1-4 PM
Sothebys
349 Riversville Rd
Greenwich
$ 995,000
1-4 PM
Raveis
73 Weaver St #16
Greenwich
$ 999,500
2-4 PM
Halstead
38 Breezemont Av
Riverside
$ 1,125,000
1-4 PM
Sothebys
37 Davenport Ave #4
Greenwich
$ 1,199,000
2-4 PM
Greenwich Fine Prop
108 Hillcrest Park
Old Greenwich
$ 1,239,000
2-4 PM
Shore & Cntry
21 Mallard Dr
Greenwich
$ 1,250,000
12-3 PM
Coldwell Bnkr
116 Lockwood Rd
Riverside
$ ,275,000
2-4 PM
Raveis
23 Dorchester Rd
Riverside
$ 1,295,000
2-4 PM
Greenwich Fine Prop
60 Valley Rd A & B
Cos Cob
$ 1,295,000
2-4 PM
Raveis
631 Long Ridge Rd #12
Stamford
$ 1,495,000
1-4 PM
Prudential
16 Norton Ln
Old Greenwich
$ 1,495,000
1-4 PM
Raveis
8 Fox Hollow Ln
Cos Cob
$ 1,499,000
2-4 PM
Coldwell Bnkr
21 Cat Rock Rd
Cos Cob
$ 1,649,000
2-4 PM
Coldwell Bnkr
30 Stonebrook Ln
Cos Cob
$ 1,775,000
1-4 PM
Raveis
127 Havemeyer Pl
Greenwich
$ 1,797,000
1-4 PM
Raveis
10 Stepping Stone Ln
Greenwich
$ 1,825,000
1-4 PM
Prudential
2 Stanwich Ln
Greenwich
$ 1,995,000
1-4 PM
Round Hill Prtners
18 Ravenglass Dr
Stamford
$ 2,195,000
1-4 PM
Prudential
120 Milbank Ave
Greenwich
$ 2,275,000
2-4 PM
Greenwich Fine Prop
20 Cherry Valley Rd
Greenwich
$ 2,350,000
1-5 PM
Raveis
23 Brown House Rd
Old Greenwich
$ 2,395,000
1-4 PM
Blue Chip Prop
182 Dolphin Cove Quay
Stamford
$ 2,595,000
1-4 PM
Prudential
19 Crescent Rd
Riverside
$ 2,695,000
2-4 PM
Raveis
5 Dawn Harbor Ln
Riverside
$ 2,785,000
2-4 PM
Coldwell Bnkr
39 Willow Rd
Riverside
$ 2,800,000
1-3 PM
Coldwell Bnkr
20 Stoney Ridge Ln
Riverside
$ 2,849,000
2-4 PM
Shore & Cntry
35 Shore Rd
Old Greenwich
$ 2,850,000
2-4 PM
Greenwich Fine Prop
39 Shore Rd
Old Greenwich
$ 2,850,000
2-4 PM
Greenwich Fine Prop
196 Dolphin Cove Quay
Stamford
$ 2,995,000
1-4 PM
Prudential
8 Indian Point Ln
Riverside
$ 3,195,000
2-4 PM
Prudential
530 North St
Greenwich
$ 3,195,000
1-4 PM
Raveis
55 Will Merry Ln
Greenwich
$ 3,250,000
2-4 PM
Coldwell Bnkr
27 Chieftans Rd
Greenwich
$ 3,595,000
2-4 PM
Greenwich Fine Prop
35 Locust Rd
Greenwich
$ 3,650,000
2-4 PM
Greenwich Fine Prop
125 Cat Rock Rd
Cos Cob
$ 4,175,000
1-4 PM
Higgins Grp
1 Little Cove Ln
Old Greenwich
$ 4,195,000
1-4 PM
Raveis
38 Keofferam Rd
Old Greenwich
$ 4,495,000
1-4 PM
Raveis
487 North St, Lots 2&3
Greenwich
$ 5,000,000
2-4 PM
Coldwell Bnkr
29 Cliffdale Rd
Greenwich
$ 5,495,000
2-4 PM
Greenwich Fine Prop
487 North St Lot #5&6
Greenwich
$ 6,000,000
2-4 PM
Coldwell Bnkr
487 North St Lot 1
Greenwich
$ 6,995,000
2-4 PM
Coldwell Bnkr
487 North St
Greenwich
$16,000,000
2-4 PM
Coldwell Bnkr
For detailed instructions for the interactive map see GreenwichStreets.com.
