Third Quarter 2010 Real Estate Report - Greenwich

Real Estate Retrospective

10 years of Greenwich Real Estate - 2000-2010

THIRD QUARTER 2010

prepared by Linda Davison Michonski

Sotheby’s International Realty

Summer 2010 Dear Friends: This report is intended to provide more than just the factual data behind the Greenwich real estate market. It puts that data into perspective. It shows not just the Third Quarter of 2010 and YTD 2010, but how this period compares to the last decade. It provides the long term viewpoint required of non-speculative owners and buyers who want to look beyond the monthly and quarterly numbers to understand better what they all mean. To estimate a specific home’s value within the context of this report requires a detailed Broker’s Opinion of Value (“BPO”), whether it is for estate planning purposes, family planning, refinancing or potential sale. I am pleased to provide it. Just call 203-561-0694 or e-mail me: [email protected]. To discuss any aspect of the Greenwich market, contact me. We can speak in confidence and you can be assured of feeling fully informed.

Sincerely,

Linda Davison Michonski Sotheby’s International Realty

about Linda Davison Michonski

Linda provides clients three things:

• Trust: integrity, confidence, honesty (see my references). • Market Knowledge: easy to understand, objective, with a sense of perspective

(read this report). • Marketing Expertise: strategies and techniques that result in marketing

performance far above the norm (see below).

Marketing Expertise:

53 Pecksland Road: Fact: on the market for one year with another agent. No offers in a year.

Fact: produced two offers in the first month. Contract in fifth month for

$4,140,000.

71 Dearfield Drive: Fact: three offers first week. Accepted offer third week for $2,075,000.

50 Lafayette Place: Fact: three offers and went to contract in fourth month in middle of 2009

financial crises for $450,000.

9 Widgeon Way: Fact: Listed in July 2009 (worst market in 50 years); three offers the first day. Sold for full price at $859,000.

10 Valleywood Rd: Fact: Listed 8-19-10. Accepted offer in 3 weeks. Closing soon.

Good luck? Accident? No, Marketing Expertise. She uses power marketing strategies and techniques developed over 30 years that work in every market, every time. They are chronicled in a new book Unlocking the Gate: power marketing for luxury real estate at www.UnlockingTheGate.com.

Call her to put this marketing expertise to work for you. (203-561-0694).

Single Family Homes Market Data

Year Median* Price

2000 $1,075,000

2001 $1,120,000

2002 $1,130,000

2003 $1,240,000

2004 $1,650,000

2005 $1,800,000

2006 $1,900,000

2007 $2,295,000

2008 $1,900,000

2009 $1,675,000

2010** $1,743,000

* Median Price: that price above and below which 50% of the single family sales occurred during this year. It is a price estimated yearly by the Greenwich

Multiple Listing Service.

** 2010 figures are through September 30, 2010All data courtesy of the Greenwich Multiple Listing Service.

Single Family Homes: Greenwich, CT Median* Price

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

**

Years

Pri

ces

(in

Mill

ion

s $)

Year Average* Price

2000 1,729,157

2001 1,642,651

2002 1,840,554

2003 1,831,552

2004 2,340,120

2005 2,577,872

2006 2,687,400

2007 3,012,134

2008 2,818,934

2009 2,689,619

2010** 2,474,535

* Average Price: the selling price of all single family homes divided by the number of sales in that years.

** 2010 data is through September 30, 2010.All data courtesy of the Greenwich Multiple Listing Service.

Single Family Homes: Greenwich, CT Average* Price

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

**

Years

Pri

ces

(in

Mill

ion

s $)

Year Number of Units

2000 774

2001 649

2002 747

2003 737

2004 832

2005 738

2006 600

2007 629

2008 399

2009 329

2010** 500

* Unit: one single family home sale

** 2010 data is through September 30, 2010 and then annualized.All data courtesy of Greenwich Multiple Listing Service.

Single Family Homes: Greenwich, CT Unit* Sales

0

100

200

300

400

500

600

700

800

900

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

**

Years

Un

its

Year Volume of Sales

2000 $1,338,367,642

2001 $1,066,081,049

2002 $1,374,894,259

2003 $1,349,853,499

2004 $1,946,979,758

2005 $1,902,469,658

2006 $1,612,440,198

2007 $1,894,631,985

2008 $1,124,754,665

2009 $884,884,711

2010** $1,237,767,411

* Sales: closing for only single family homes, no condos and coops.

** 2010 data is through September 30, 2010 and then annualized.All data courtesy of the Greenwich Multiple Listing Service.

Single Family Home: Greenwich, CTVolume of Sales*

$0

$500

$1,000

$1,500

$2,000

$2,500

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

**

Years

Sal

es V

olu

me

(in

Mill

ion

s)

Year # of New Listings

2000 1,084

2001 1,083

2002 1,095

2003 1,033

2004 1,090

2005 1,105

2006 1,065

2007 1,010

2008 877

2009 8972010** 1,158

* Listings: only single family homes, no condos and coops.

** 2010 data is as of September 30, 2010 and then annualized.

All data courtesy of the Greenwich Multiple Listing Service.

Single Family Homes: Greenwich, CTNew Listings*

0

200

400

600

800

1,000

1,200

1,400

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

**

Years

New

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gs

Condo and Coop Market Data

Year Median* price

2000 $381,000

2001 $475,000

2002 $477,000

2003 $550,000

2004 $592,500

2005 $606,250

2006 $700,000

2007 $740,000

2008 $725,000

2009 $594,500

2010** $592,500

* Median price: that price above and below which 50% of unit sales occur in any one year.

**2010 figures are through September 30, 2010.

All data courtesy of the Greenwich Multiple Listing Service

Condos and Coops: Greenwich, CTMedian* price

$0

$100

$200

$300

$400

$500

$600

$700

$800

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

**

Years

Med

ian

Pri

ce (

in T

ho

usa

nd

s)

Year Average price

2000 $441,101

2001 $511,598

2002 $582,410

2003 $611,140

2004 $714,372

2005 $817,620

2006 $919,820

2007 $1,020,951

2008 $919,786

2009 $812,701

2010** $742,167

* Average: volume of all sales volume for coops/condos divided by the number of unit sales

** 2010 figures are through September 30, 2010. All data courtesy Greenwich Multiple Listing Service

Condos and Coops: Greenwich, CTAverage* price

$0

$200

$400

$600

$800

$1,000

$1,200

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

**

Years

Ave

rag

e P

rice

s (i

n T

ho

usa

nd

s)


2000 218

2001 180

2002 239

2003 236

2004 231

2005 261

2006 213

2007 184

2008 123

2009 91

2010** 153

* Unit: one condo or coop home sale

** 2010 figures are through September 30, 2010 and then annualized.

All data courtesy the Greenwich Multiple Listing Service

Condos and Coops: Greenwich, CT Unit* Sales

0

50

100

150

200

250

300

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

**

Years

Un

its

Year Sales Volume

2000 $96,160,050

2001 $92,087,819

2002 $139,196,087

2003 $144,229,035

2004 $165,019,890

2005 $213,398,717

2006 $195,921,658

2007 $187,855,037

2008 $113,133,624

2009 $73,955,833

2010** $113,798,922

* Sales: closing for only condos and coops, no single family homes

** 2010 data is through September 30, 2010 and then annualized for comparison purposes.

All data courtesy of the Greenwich Multiple Listing Service.

Condos and Coops: Greenwich, CT Volume of Sales*

$0

$50

$100

$150

$200

$250

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

**

Years

Sal

es V

olu

me

(in

Mill

ion

s)

Year # of New Listings

2000 236

2001 254

2002 291

2003 264

2004 326

2005 342

2006 346

2007 323

2008 301

2009 261

2010** 313

* Listings: includes no single family homes, only condos and coops.

** 2010 data is through September 30, 2010 and then annualized for comparison purposes.All data courtesy of the Greenwich Multiple Listing Service.

Condo/Coops: Greenwich, CT New Listings*

0

50

100

150

200

250

300

350

400

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

**

Years

New

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Overall Greenwich Market Summary

Single family, Condo and Coop: Market Data


2000 992

2001 829

2002 986

2003 973

2004 1063

2005 999

2006 813

2007 813

2008 522

2009 420

2010** 653

* Unit: one single family, condo or coop home sale

** 2010 figures are through September 30, 2010 and then annualized

All date is courtesy the Greenwich Multiple Listing Service

Combined Single family, Condos, Coops: Greenwich, CT

Unit* Sales

0

200

400

600

800

1000

1200

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

**

Years

Un

its

Year Volume of Sales

2000 $1,434,527,6922001 $1,158,168,8682002 $1,514,090,3462003 $1,494,082,5342004 $2,111,999,6482005 $2,115,868,3752006 $1,808,361,856

2007 $2,082,487,0222008 $1,237,888,2892009 $958,840,5442010** $1,351,566,344

*Volume of Sales: closing price for single family, condos and coops combined

**NOTE: 2010 data is through September 30, 2010 and then annualized for comparison purposes.All data courtesy of the Greenwich Multiple Listing Service.

Combined Single Family, Condos, Coops: Greenwich, CT

Volume of Sales*

$0

$500

$1,000

$1,500

$2,000

$2,500

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

**

Years

Pri

ces

(in

Mill

ion

s)

Year # of New Listings2000 1,3202001 1,3372002 1,3862003 1,2972004 1,4162005 1,4472006 1,4112007 1,3332008 1,1782009 1,1582010** 1,472

* Listings: includes single family homes, condos and coops.

** 2010 data is through September 30, 2010 and then annualized for comparison purposes.All data courtesy of the Greenwich Multiple Listing Service.

Combined Single family, Condos, Coops: Greenwich, CT

New Listings*

0

200

400

600

800

1,000

1,200

1,400

1,600

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

**

Years

New

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Greenwich Market Data

Year by year market summaries

Greenwich Real Estate Market ReportJanuary - September 30, 2010

Listings % Change2009 2010

# of New Listings# New Single Family Listings 736 869 Up 18%# New Condo/Coop Listings 193 235 Up 22%Combined Total New Listings 929 1104 Up 19%

Sales# of Units Sold# of Single Family Listings Sold 221 375 Up 70%# of Condo/Coop Listings Sold 65 115 Up 77%Combined # of Units Sold 286 490 Up 71%

Volume of Sold UnitsSingle Family Sales Volume 576,975,462.00$ 928,325,559.00$ Up 61%Condo/Coop Sales Volume 52,290,800.00$ 85,349,192.00$ Up 63%Combined Sales Volume 629,266,262.00$ 1,013,674,751.00$ Up 61%

Average Sales PricesAverage Single Family Sales Price $2,610,749 $2,475,535 Down -5%Average Condo/Coop Sales Price $804,474 $742,167 Down -8%

Median Sales PriceSingle Family $1,675,000 $1,743,000 Up 4%Condo/Coop $575,000 $625,000 Up 9%

All 2009 data is for the first nine months of 2009 so as to create proper comparisons to the 2010 data.We have plenty more information to share with you. Call me at 203-637-9333 x 6427All information from Greenwich MLS

Listings % Change

2008 2009

# of New Listings

# New Single Family Listings 877 897 Up 2%

# New Condo/Coop Listings 301 261 Down -13%

Combined Total New Listings 1178 1158 Down -2%

Sales

# of Units Sold

# of Single Family Listings Sold 399 329 Down -18%

# of Condo/Coop Listings Sold 123 91 Down -26%

Combined # of Units Sold 522 420 Down -20%

Volume of Sold Units

Single Family Sales Volume $1,124,754,665 $884,884,711 Down -21%

Condo/Coop Sales Volume $113,133,624 $73,955,833 Down -35%

Combined Sales Volume $1,237,888,289 $958,840,544 Down -23%

Average Sales Prices

Average Single Family Sales Price $2,818,934 $2,689,619 Down -5%

Average Condo/Coop Sales Price $919,786 $812,701 Down -12%

Median Sales Price

Single Family $1,900,000 $1,675,000 Down -12%

Condo/Coop $725,000 $594,500 Down -18%

We have plenty more information to share with you. Please call me at 203.637.9333 x 6427

All information from Greenwich MLS

Greenwich Real Estate Market Report Year Ending 2009

2008 vs 2009

Listings

2007 2008 % Change

# of New Listings

# New Single Family Listings 1010 877 Down -13%

# New Condo/Coop Listings 323 301 Up -7%


Sales

# of Units Sold





Single Family Sales Volume $1,894,631,985 $1,124,754,665 Down -41%


Combined Sales Volume $2,082,487,022 $1,237,888,289 Down -41%



Average Condo/Coop Sales Price $1,020,951 $919,786 Down -10%

Median Sales Price

Single Family $2,295,000 $1,900,000 Down -17%

Condo/Coop $740,000 $725,000 Down -2%

We have plenty more information to share with you. Please call me at 203-637-9333 x 6427.



Summary Report 2007 vs 2008

Listings % Change

2006 2007

# of New Listings

# New Single Family Listings 1065 1010 Down -5%



Sales

# of Units Sold

# of Single Family Listings Sold 600 629 Up 5%


Combined # of Units Sold 813 813 0%


Single Family Sales Volume $1,612,440,198 $1,894,631,985 Up 18%


Combined Sales Volume $1,808,361,856 $2,082,487,022 Up 15%


Average Single Family Sales Price $2,687,400 $3,012,134 Up 12%

Average Condo/Coop Sales Price $919,820 $1,020,951 Up 11%

Median Sales Price

Single Family $1,900,000 $2,295,000 Up 21%

Condo/Coop $700,000 $740,000 Up 6%





Listings % Change

2005 2006

# of New Listings

# New Single Family Listings 1,105 1,065 Down -4%

# New Condo/Coop Listings 342 346 Up 1%

Combined Total New Listings 1,447 1,411 Down -2%

Sales

# of Units Sold





Single Family Sales Volume $1,902,469,658 1,612,440,198$ Down -15%

Condo/Coop Sales Volume $213,398,717 195,921,658$ Down -8%

Combined Sales Volume $2,115,868,375 1,808,361,856$ Down -15%



Average Condo/Coop Sales Price $817,620 $919,820 Up 12%

Median Sales Price

Single Family $1,800,000 $1,900,000 Up 6%

Condo/Coop $606,250 $700,000 Up 15%





Listings % Change

2004 2005

# of New Listings

# New Single Family Listings 1,090 1,105 Up 1%


Combined Total New Listings 1,416 1,447 Up 2%

Sales

# of Units Sold


# of Condo/Coop Listings Sold 231 261 Up 13%

Combined # of Units Sold 1,063 999 Down -6%



Condo/Coop Sales Volume $165,019,890 $213,398,717 Up 29%

Combined Sales Volume $2,111,999,648 $2,115,868,375 0%




Median Sales Price

Single Family $1,650,000 $1,800,000 Up 9%

Condo/Coop $592,500 $606,250 Up 2%





Listings

2003 2004 % Change

# of New Listings




Sales

# of Units Sold



Combined # of Units Sold 973 1,063 Up 9%



CondoCoop Sales Volume $144,229,035 $165,019,890 Up 14%





Median Sales Price

Single Family $1,240,000 $1,650,000 Up 33%

Condo/Coop $550,000 $592,500 Up 8%

We have plenty more market data to share with you. Please call me at 203-637-9333 x 6427



2003 vs 2004

Listings % Change

2002 2003

# of New Listings




Sales

# of Units Sold









Average Single Family Sales Price $1,840,554 $1,831,552 0%


Median Sales Price

Single Family $1,130,000 $1,240,000 10%

Condo/Coop $477,000 $550,000 Up 15%




2002 vs 2003

Listings % Change

2001 2002

# of New Listings




Sales

# of Units Sold


# of Condo/Coop Listings Sold 180 239 Up 33%

Combined # of Units Sold 829 986 Up 19%








Median Sales Price

Single Family $1,120,000 $1,130,000 Up 1%

Condo/Coop $475,000 $477,000 0%




2001 vs 2002

Listings % Change

2000 2001

# of New Listings

# New Single Family Listings 1,084 1,083 0%



Sales

# of Units Sold











Median Sales Price

Single Family $1,075,000 $1,120,000 Up 4%

Condo/Coop $381,000 $475,000 Up 25%




2000 vs 2001

Listings % Change

1999 2000

# of New Listings




Sales

# of Units Sold



Combined # of Units Sold 1,069 992 Down -7%








Median Sales Price

Single Family $895,000 $1,075,000 Up 20%

Condo/Coop $340,000 $381,000 Up 12%




1999 vs 2000

about Linda Davison Michonski

Buyers say Linda senses their needs and hears everyone in the buying process. Sellers speak about her due diligence, daily feedback and sensitivity. Staff knows her for kind deeds and self-effacing sincerity. Buyers

and sellers appreciate her comprehensive market knowledge, authenticity, easygoing and relaxed style, energy, empathy and enthusiasm. Comfort comes from her quiet understatement and lack of bravado.

Past clients and customers have been referring neighbors, relatives, friends and even their children to her

for 30 years. Several have asked her to be the god parent to their children. All benefit from her fairness,

hard work, professionalism and good cheer.

She is on top of everything, from proper pricing and staging to following up with agents after a showing. She provides feedback daily, understands and responds to the privacy of owners, the sleep and play habits of

children, pets of all kinds. Whether working with contractors to spruce up the house or mortgage brokers to pre-qualify showings, she is there, in person, with sound advice and a warm smile.

Recommendations come even from other agents who say she is honest, straight-forward, a tough but fair negotiator and someone who has the answers or finds them. She gets back to everyone promptly and

always makes sure the deal happens. She understands that when other agents enjoy working with someone, sellers receive more showings and buyers' are more satisfied.

Linda makes real estate brokerage enjoyable. Join her loyal and enthusiastic clientele.

Call 203-561-0694 or email [email protected]

Documents

Third Quarter 2010 Real Estate Report - Greenwich