nd Quarter Greenwich Market Report

Transcription

1 nd Quarter Greenwich Market Report

2 Presented By TED THAXTER Associate Real Estate Broker Greenwich Brokerage Mobile: Office: Ext Fax: HOULIHANLAWRENCE.COM

3 YOUR HOME IN A BUYER S POCKET. THE INDUSTRY'S MOST INNOVATIVE REAL ESTATE APP, POWERING BUYERS SEARCHING IN NEW YORK CITY TO GREENWICH. Experience Our 5 Star App

4 EXECUTIVE SUMMARY SECOND QUARTER We are in a Greenwich state of mind this summer. There is no better place to be these days than in our one-of-a-kind community. In just the last few months, Greenwich, Connecticut has hosted world-class events like the Greenwich Town Party, the second annual Greenwich International Film Festival and the Greenwich Art Gala. So it comes as no surprise that the buyers are here. They are attracted to our short commute to New York City, low taxes and great schools. Add to that our incredible waterfront and our parks and we ve got that classic real estate top three most important rules list, location, location, location covered. Buyers are active but they have new priorities. The new trifecta: value, value value. We are listening and so are our successful sellers. Here are some trends we are seeing as we move into the second half of : U.S. financial markets are positioned for stability. While the financial markets experienced a jolt as the quarter closed and Britain decided to leave the European Union, the resulting swift comeback cemented the view that the U.S. financial markets are considered a safe-haven among investors. All signs point to upside momentum for the second half of the year. Interest rates will be low like never before, likely enticing more buyers to participate in the real estate market. As low as our rates are here in the U.S., many overseas rates are even lower. That has money flowing into our debt markets, pushing down yields. According to Bankrate.com on July 1, the average rate on a 30-year mortgage was just 3.53 percent. According to their rate trend index, more than twice as many panelists believe rates will fall even more in the short term compared to those who think they will rise. Buyers want to join our community, but on their own terms. That means sellers who are unrealistic will be ignored, and/or at risk for disappointing offers if they do come. While the historically low interest rates allow for more buying power, many first-time buyers have no memory of higher rates, and feel no urgency to lock in a property as previous generations have. Sellers are just starting to understand this new generation s thinking. Greenwich inventories remain high, so sellers need to stand out in the crowd. There are great options for buyers who have previously hesitated to make a move to our community because they simply didn t find their dream home. But the many choices put pressure on sellers to present their properties as both great homes, and great values right from the start. Time is ticking very slowly. Days on market in our community is averaging 194 in. That is the longest in at least a decade. Sellers need to think equally about the desired sales timeline as they do about the desired price. Miscalculating one will have a huge impact on the other.

5 EXECUTIVE SUMMARY SECOND QUARTER Some regional statistics that we d like to share.. In the Greater Greenwich area, single family homes at the lower end of the spectrum are seeing the highest sales. In the entry-level under $1m range, sales are up more than 18 percent year-to-date. In fact, they are the only category that has seen an increase in sales this year. Overall though sales are down close to 12 percent year-to-date in Greater Greenwich. The future looks very bright for the $2-3 million range, where pending deals have surged 58 percent compared to last year. Properties priced above this range will face a challenging climate, and sellers will have to continue to be strategic in the initial pricing and presentation of their properties. Buyers have this data as well, and are increasingly selective. For example, in the $4-5m range a 60 percent increase in listings has led to a huge 50 percent drop in pending sales, making it the price range with the lowest demand. Seller beware. While the median price of a home in Greenwich is down close to 8 percent compared to a year ago, there are bright spots. North of the Parkway, South of Post Road, Old Greenwich and Cos Cob are all seeing higher prices. North of the Parkway the median sales prices was almost 25 percent at $2.4 million, year-to-date compared to.it gets better South of Post Road, where for the same time period the median sale price surged about 58 percent. Old Greenwich has seen a 32 percent median sales price increase year-to-date. In fact, in Cos Cob not only are average sales prices on the rise, but the number of homes sold compared to a year ago has also gone up. Homes sold in Cos Cob rose 24 percent in the second quarter compared to the same quarter in. The formula is clear: location + value. New members of our community want to be there because of the area s emerging reputation as a destination for foodie s and interior design. That creates a value proposition that is driving demand. The pace of sales in the condo market is picking up. Days on market at 120 is the lowest in at least a decade. Sellers are also getting closer to their asking price, which has inched towards 97 percent, also the best in about a decade. We believe this reflects realistic pricing by sellers and delivering value to prospective buyers. The sunny days of summer are a great time for our region to shine. We look forward to sharing all that is wonderful about Greenwich with newcomers, and to serving our neighbors in this very special community. Stephen Meyers President and CEO Chris Meyers Managing Principal

6 TABLE OF CONTENTS SECOND QUARTER GREATER GREENWICH GREENWICH Single Family Home Overview South of the Post Road GREENWICH COS COB North of the Parkway GREENWICH OLD GREENWICH GREATER GREENWICH Condominium Overview RIVERSIDE South of the Parkway HOULIHANLAWRENCE.COM

7 GREATER GREENWICH QUARTERLY MARKET OVERVIEW HOMES SOLD AVERAGE SALE PRICE $2,241,799 $2,414, $2,273,846 $2,488, MEDIAN SALE PRICE $1,757,000 $1,900, $1,724,501 $1,875, AVERAGE PRICE PER SQUARE FOOT $565 $ $564 $ AVERAGE DAYS ON MARKET SALE PRICE TO LIST PRICE TEN-YEAR MARKET HISTORY Average Sale Price $3,009,807 $2,818,933 $2,664,991 $2,518,862 $2,429,922 $2,381,680 $2,245,168 $2,688,907 $2,421,486 $2,273,846 Average Sale Price Average Price/SqFt $665 $627 $545 $544 $539 $555 $555 $610 $591 $564 Average Price/SqFt Days On Market Days On Market Sale Price to List Price Sale Price to List Price * Homes sold for are annualized based on actual sales year-to-date.

8 GREATER GREENWICH SUPPLY ANALYSIS PRICE RANGE AS OF JUNE 30, AS OF JUNE 30, vs. : : IN IN S $0 - $999, $1,000,000 - $1,999, $2,000,000 - $2,999, $3,000,000 - $3,999, $4,000,000 - $4,999, $5,000,000 - $5,999, $6,000,000 - $7,999, $8,000,000 - $9,999, $10,000,000 and up 45 0 Not Valid Market Totals *Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand SOLD PROPERTIES YEAR-TO-DATE YEAR-OVER-YEAR 01/01/ - 06/30/ 01/01/ - / 07/01/ - 06/30/ 07/01/ /2014 $0 - $999, $1,000,000 - $1,999, $2,000,000 - $2,999, $3,000,000 - $3,999, $4,000,000 - $4,999, $5,000,000 - $5,999, $6,000,000 - $7,999, $8,000,000 - $9,999, $10,000,000 and up Market Totals Source: Greenwich Multiple Listing Service, Single-family homes

9 GREENWICH NORTH OF THE PARKWAY QUARTERLY MARKET OVERVIEW HOMES SOLD AVERAGE SALE PRICE $4,052,290 $3,150, $3,621,895 $2,815, MEDIAN SALE PRICE $2,400,000 $2,064, $2,600,000 $1,962, AVERAGE PRICE PER SQUARE FOOT $500 $ $497 $ AVERAGE DAYS ON MARKET SALE PRICE TO LIST PRICE TEN-YEAR MARKET HISTORY Average Sale Price $4,703,453 $5,046,500 $5,855,000 $4,552,510 $3,887,759 $3,548,310 $3,106,132 $4,136,921 $2,834,463 $3,621,895 Average Sale Price Average Price/SqFt $656 $578 $682 $609 $557 $504 $524 $558 $524 $497 Average Price/SqFt Days On Market Days On Market Sale Price to List Price Sale Price to List Price * Homes sold for are annualized based on actual sales year-to-date.

10 GREENWICH NORTH OF THE PARKWAY SUPPLY ANALYSIS PRICE RANGE AS OF JUNE 30, AS OF JUNE 30, vs. : : IN IN S $0 - $999, Not Valid $1,000,000 - $1,999, $2,000,000 - $2,999, $3,000,000 - $3,999, Not Valid $4,000,000 - $4,999, Not Valid 11 0 Not Valid $5,000,000 - $5,999, $6,000,000 - $7,999, Not Valid 8 0 Not Valid $8,000,000 - $9,999, Not Valid 11 0 Not Valid $10,000,000 and up 16 0 Not Valid 20 0 Not Valid Market Totals *Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand SOLD PROPERTIES YEAR-TO-DATE YEAR-OVER-YEAR 01/01/ - 06/30/ 01/01/ - / 07/01/ - 06/30/ 07/01/ /2014 $0 - $999, $1,000,000 - $1,999, $2,000,000 - $2,999, $3,000,000 - $3,999, $4,000,000 - $4,999, $5,000,000 - $5,999, $6,000,000 - $7,999, $8,000,000 - $9,999, Not Valid $10,000,000 and up 1 0 Not Valid Market Totals Source: Greenwich Multiple Listing Service, Single-family homes

11 GREENWICH SOUTH OF THE PARKWAY QUARTERLY MARKET OVERVIEW HOMES SOLD AVERAGE SALE PRICE $2,484,330 $2,975, $2,317,801 $3,108, MEDIAN SALE PRICE $2,112,500 $2,675, $1,665,000 $2,501, AVERAGE PRICE PER SQUARE FOOT $545 $ $534 $ AVERAGE DAYS ON MARKET SALE PRICE TO LIST PRICE TEN-YEAR MARKET HISTORY Average Sale Price $3,261,675 $3,389,186 $3,306,936 $3,098,527 $2,764,965 $2,788,964 $2,774,982 $2,698,854 $3,075,190 $2,317,801 Average Sale Price Average Price/SqFt $656 $653 $545 $552 $529 $569 $536 $566 $586 $534 Average Price/SqFt Days On Market Days On Market Sale Price to List Price Sale Price to List Price * Homes sold for are annualized based on actual sales year-to-date.

12 GREENWICH SOUTH OF THE PARKWAY SUPPLY ANALYSIS PRICE RANGE AS OF JUNE 30, AS OF JUNE 30, vs. : : IN IN S $0 - $999, $1,000,000 - $1,999, $2,000,000 - $2,999, $3,000,000 - $3,999, $4,000,000 - $4,999, $5,000,000 - $5,999, $6,000,000 - $7,999, $8,000,000 - $9,999, $10,000,000 and up 21 0 Not Valid Market Totals *Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand SOLD PROPERTIES YEAR-TO-DATE YEAR-OVER-YEAR 01/01/ - 06/30/ 01/01/ - / 07/01/ - 06/30/ 07/01/ /2014 $0 - $999, $1,000,000 - $1,999, $2,000,000 - $2,999, $3,000,000 - $3,999, $4,000,000 - $4,999, $5,000,000 - $5,999, $6,000,000 - $7,999, $8,000,000 - $9,999, $10,000,000 and up Market Totals Source: Greenwich Multiple Listing Service, Single-family homes

13 GREENWICH SOUTH OF THE POST ROAD QUARTERLY MARKET OVERVIEW HOMES SOLD AVERAGE SALE PRICE $1,943,904 $2,025, $2,704,484 $2,089, MEDIAN SALE PRICE $1,635,000 $1,160, $2,050,000 $1,342, AVERAGE PRICE PER SQUARE FOOT $566 $ $649 $ AVERAGE DAYS ON MARKET SALE PRICE TO LIST PRICE TEN-YEAR MARKET HISTORY Average Sale Price $3,957,126 $2,291,158 $2,658,088 $3,031,344 $3,239,191 $2,486,569 $2,219,081 $4,083,817 $2,043,325 $2,704,484 Average Sale Price Average Price/SqFt $856 $617 $558 $573 $570 $574 $577 $726 $597 $649 Average Price/SqFt Days On Market Days On Market Sale Price to List Price Sale Price to List Price * Homes sold for are annualized based on actual sales year-to-date.

14 GREENWICH SOUTH OF THE POST ROAD SUPPLY ANALYSIS PRICE RANGE AS OF JUNE 30, AS OF JUNE 30, vs. : : IN IN S $0 - $999, $1,000,000 - $1,999, $2,000,000 - $2,999, $3,000,000 - $3,999, Not Valid $4,000,000 - $4,999, Not Valid 3 0 Not Valid $5,000,000 - $5,999, Not Valid $6,000,000 - $7,999, $8,000,000 - $9,999, Not Valid $10,000,000 and up 5 0 Not Valid 6 0 Not Valid Market Totals *Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand SOLD PROPERTIES YEAR-TO-DATE YEAR-OVER-YEAR 01/01/ - 06/30/ 01/01/ - / 07/01/ - 06/30/ 07/01/ /2014 $0 - $999, $1,000,000 - $1,999, $2,000,000 - $2,999, $3,000,000 - $3,999, $4,000,000 - $4,999, Not Valid 2 0 Not Valid $5,000,000 - $5,999, $6,000,000 - $7,999, Not Valid $8,000,000 - $9,999, $10,000,000 and up 2 0 Not Valid Market Totals Source: Greenwich Multiple Listing Service, Single-family homes

15 COS COB QUARTERLY MARKET OVERVIEW HOMES SOLD AVERAGE SALE PRICE $1,463,224 $1,225, $1,408,522 $1,331, MEDIAN SALE PRICE $1,310,000 $1,200, $1,242,500 $1,257, AVERAGE PRICE PER SQUARE FOOT $500 $ $483 $ AVERAGE DAYS ON MARKET SALE PRICE TO LIST PRICE TEN-YEAR MARKET HISTORY Average Sale Price $1,573,462 $1,429,370 $1,254,122 $1,141,637 $1,116,709 $1,224,821 $1,241,224 $1,254,598 $1,365,294 $1,408,522 Average Sale Price Average Price/SqFt $520 $468 $418 $403 $431 $414 $471 $465 $506 $483 Average Price/SqFt Days On Market Days On Market Sale Price to List Price Sale Price to List Price * Homes sold for are annualized based on actual sales year-to-date.

16 COS COB SUPPLY ANALYSIS PRICE RANGE AS OF JUNE 30, AS OF JUNE 30, vs. : : IN IN S $0 - $999, $1,000,000 - $1,999, $2,000,000 - $2,999, $3,000,000 - $3,999, Not Valid 7 0 Not Valid $4,000,000 - $4,999, $5,000,000 - $5,999, Not Valid $6,000,000 - $7,999, $8,000,000 - $9,999, $10,000,000 and up Market Totals *Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand SOLD PROPERTIES YEAR-TO-DATE YEAR-OVER-YEAR 01/01/ - 06/30/ 01/01/ - / 07/01/ - 06/30/ 07/01/ /2014 $0 - $999, $1,000,000 - $1,999, $2,000,000 - $2,999, $3,000,000 - $3,999, Not Valid 2 0 Not Valid $4,000,000 - $4,999, Not Valid 0 0 Not Valid $5,000,000 - $5,999, Not Valid 0 0 Not Valid $6,000,000 - $7,999, Not Valid 0 0 Not Valid $8,000,000 - $9,999, Not Valid 0 0 Not Valid $10,000,000 and up 0 0 Not Valid 0 0 Not Valid Market Totals Source: Greenwich Multiple Listing Service, Single-family homes

17 RIVERSIDE QUARTERLY MARKET OVERVIEW HOMES SOLD AVERAGE SALE PRICE $2,099,194 $2,420, $2,068,371 $2,701, MEDIAN SALE PRICE $1,712,500 $2,181, $1,712,500 $2,162, AVERAGE PRICE PER SQUARE FOOT $627 $ $595 $ AVERAGE DAYS ON MARKET SALE PRICE TO LIST PRICE TEN-YEAR MARKET HISTORY Average Sale Price $2,268,258 $2,734,694 $2,049,817 $1,825,869 $1,856,569 $2,135,381 $1,962,380 $2,000,919 $2,275,811 $2,068,371 Average Sale Price Average Price/SqFt $636 $682 $573 $535 $539 $588 $582 $598 $634 $595 Average Price/SqFt Days On Market Days On Market Sale Price to List Price Sale Price to List Price * Homes sold for are annualized based on actual sales year-to-date.

18 RIVERSIDE SUPPLY ANALYSIS PRICE RANGE AS OF JUNE 30, AS OF JUNE 30, vs. : : IN IN S $0 - $999, $1,000,000 - $1,999, $2,000,000 - $2,999, $3,000,000 - $3,999, $4,000,000 - $4,999, Not Valid $5,000,000 - $5,999, Not Valid $6,000,000 - $7,999, Not Valid 4 0 Not Valid $8,000,000 - $9,999, Not Valid 1 0 Not Valid $10,000,000 and up 2 0 Not Valid 5 0 Not Valid Market Totals *Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand SOLD PROPERTIES YEAR-TO-DATE YEAR-OVER-YEAR 01/01/ - 06/30/ 01/01/ - / 07/01/ - 06/30/ 07/01/ /2014 $0 - $999, $1,000,000 - $1,999, $2,000,000 - $2,999, $3,000,000 - $3,999, $4,000,000 - $4,999, $5,000,000 - $5,999, $6,000,000 - $7,999, $8,000,000 - $9,999, Not Valid 1 0 Not Valid $10,000,000 and up Market Totals Source: Greenwich Multiple Listing Service, Single-family homes

19 OLD GREENWICH QUARTERLY MARKET OVERVIEW HOMES SOLD AVERAGE SALE PRICE $2,192,800 $2,122, $2,172,112 $2,012, MEDIAN SALE PRICE $2,285,000 $1,845, $2,021,250 $1,700, AVERAGE PRICE PER SQUARE FOOT $640 $ $629 $ AVERAGE DAYS ON MARKET SALE PRICE TO LIST PRICE TEN-YEAR MARKET HISTORY Average Sale Price $2,466,218 $2,041,162 $1,785,979 $1,736,841 $1,905,612 $2,271,283 $1,753,566 $2,564,436 $2,017,057 $2,172,112 Average Sale Price Average Price/SqFt $703 $664 $565 $575 $588 $617 $615 $749 $644 $629 Average Price/SqFt Days On Market Days On Market Sale Price to List Price Sale Price to List Price * Homes sold for are annualized based on actual sales year-to-date.

20 OLD GREENWICH SUPPLY ANALYSIS PRICE RANGE AS OF JUNE 30, AS OF JUNE 30, vs. : : IN IN S $0 - $999, $1,000,000 - $1,999, $2,000,000 - $2,999, $3,000,000 - $3,999, $4,000,000 - $4,999, Not Valid $5,000,000 - $5,999, Not Valid $6,000,000 - $7,999, Not Valid 6 0 Not Valid $8,000,000 - $9,999, Not Valid 2 0 Not Valid $10,000,000 and up 1 0 Not Valid Market Totals *Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand SOLD PROPERTIES YEAR-TO-DATE YEAR-OVER-YEAR 01/01/ - 06/30/ 01/01/ - / 07/01/ - 06/30/ 07/01/ /2014 $0 - $999, $1,000,000 - $1,999, $2,000,000 - $2,999, $3,000,000 - $3,999, $4,000,000 - $4,999, $5,000,000 - $5,999, $6,000,000 - $7,999, $8,000,000 - $9,999, Not Valid $10,000,000 and up 0 0 Not Valid Market Totals Source: Greenwich Multiple Listing Service, Single-family homes

21 GREATER GREENWICH CONDOMINIUMS QUARTERLY MARKET OVERVIEW UNITS SOLD AVERAGE SALE PRICE $743,326 $1,242, $822,466 $1,162, MEDIAN SALE PRICE $680,000 $940, $711,500 $905, AVERAGE PRICE PER SQUARE FOOT $471 $ $471 $ AVERAGE DAYS ON MARKET SALE PRICE TO LIST PRICE TEN-YEAR MARKET HISTORY Average Sale Price $1,054,207 $950,219 $888,920 $819,813 $878,893 $852,428 $842,525 $901,903 $1,028,489 $822,466 Average Sale Price Average Price/SqFt $530 $490 $440 $413 $436 $422 $436 $456 $495 $471 Average Price/SqFt Days On Market Days On Market Sale Price to List Price Sale Price to List Price * Homes sold for are annualized based on actual sales year-to-date.

22 GREATER GREENWICH CONDOMINIUMS SUPPLY ANALYSIS PRICE RANGE AS OF JUNE 30, AS OF JUNE 30, vs. : : IN IN S $0 - $999, $1,000,000 - $1,999, $2,000,000 - $2,999, $3,000,000 - $3,999, Not Valid $4,000,000 - $4,999, Not Valid $5,000,000 - $5,999, $6,000,000 - $7,999, Not Valid $8,000,000 - $9,999, $10,000,000 and up Market Totals *Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand SOLD PROPERTIES YEAR-TO-DATE YEAR-OVER-YEAR 01/01/ - 06/30/ 01/01/ - / 07/01/ - 06/30/ 07/01/ /2014 $0 - $999, $1,000,000 - $1,999, $2,000,000 - $2,999, $3,000,000 - $3,999, $4,000,000 - $4,999, $5,000,000 - $5,999, Not Valid $6,000,000 - $7,999, Not Valid 0 0 Not Valid $8,000,000 - $9,999, Not Valid 0 0 Not Valid $10,000,000 and up 0 0 Not Valid 0 0 Not Valid Market Totals Source: Greenwich Multiple Listing Service, Condominium

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