Talking with Bryan Tunney
The newly appointed executive vice president at Brown Harris Stevens and current president of the Greenwich Association of Realtors reflects on the local market
Bryan Tunney took on a new role as executive vice president, managing director of sales for the Greenwich arm of Brown Harris Stevens. He’ll work hand-in-hand with the Greenwich brokerage’s current managing director of sales, Joann P. Erb. Tunney also serves as the current president of the Greenwich Association of Realtors (GAR) and serves on the boards of both the Connecticut Association of Realtors and National Association of Realtors. Greenwich Time reached out to Tunney to ask about the current Greenwich market — how it may be evolving and what the market metrics signal.
“The number of sales in Greenwich is lower this year than last, though that is mostly due to a lack of inventory,” Tunney explained. “The houses on the market are moving quickly if they are priced correctly to the current market conditions. There is very strong buyer demand for competitively priced properties.
“The average days on market for Greenwich house closings in October was just 35 days, 74% fewer days than in October of 2021,” he continued. “The average days on market for closings in the past three months (August to October) is not much higher at 59 days. Each is a record low for their respective time periods. So, houses are not lingering on the market in any way.”
The same quick-to-contract scenario is happening in the condominium segment of the Greenwich market.
“Condos are also moving quickly, with the average cumulative days on market for condo closings for the past three months (August to October) at 58 days, down 54% from last year, and — like [single-family] houses, well below the historical average,” Tunney reported.
One of the metrics that’s been telling about the real estate market — in Connecticut and beyond — is the “List to Sale Price Ratio.” In other words, how much above the list/ ask price the property ultimately sells for. The COVID-19 pandemic saw these percentage differentials increase, with homes selling for premiums, and buyers cleverly crafting their offers well above asking price in order to be competitive for sellers’ favor. In other parts of the state, this trend has calmed a little, but Greenwich homes are still inspiring high-bidding competition among buyers.
“Competition for houses hasn’t receded a great deal in Greenwich,” Tunney observed. “For instance, for closings during the month of October, buyers on average paid 103.1% of the list price for houses, up 4% from October 2021. For the most recent three-month period (August to October), the ratio was 101.2%, up 2.1% from the same period last year. The past three months saw 39% of houses go for over the asking price. That’s pretty much the same percentage that we saw for closings in the spring of 2022. In 2021 over this August to October time period, only 29% of houses sold for over asking price.”
The number of homes on the market, relative to the predictive demand — inventory — remains low, keeping competition stiff and prices stable for the foreseeable future.
Tunney cited just 306 active listings at the end of October 2022, representing an 11% decrease from the same time last year.
“Inventory in Greenwich is particularly low for houses in the price point under $2.5 million,”
Tunney noted. “At the end of October, there were just 71 active houses with a list price under $2.5 million — down 31% year-over-year and down 70% from what we had at the end of October 2020. In contrast, there were 166 active houses priced over $2.5 million — the same number as we had in October 2021.”
Navigating the market is only part of the challenge for the Greenwich Realtor community. Evolving market conditions come at a time when Realtors are also experiencing technological changes in the business, particularly tools and platforms for marketing and communications. Continued professional development is paramount, and that’s one of the ways the GAR supports the local Realtor community.
“GAR offers a variety of programs for agents, including continuing education classes, which are required by the National Association of Realtors,” Tunney explained. “GAR also offers educational events throughout the year, which help our members stay current, as well as attorney panels and social media classes. In addition, GAR provides training on using the many tools that our members have access to and are always looking to keep agents informed on the changing environment.”
Tunney reported that there are approximately 1,300 licensed Greenwich Realtors among the community today. “More agents than the area has ever seen,” he said. “I think the perception of the industry has shifted for the better; real estate is an opportunity for entrepreneurs to grow a business, and as a result, we are still seeing more people enter the industry in sales.”
Asked if he had any advice to share for readers who may be considering buying or selling a Greenwich home right now, Tunney suggested, “Greenwich is still a very competitive market, and we have more buyers and sellers town wide. Currently, we have about four months of supply, and when you have less than six months of supply, it’s a seller’s market. Sellers should price to sell, considering the changes in the market and the rising interest rates. The last thing you want to do is come on too high and then chase the market. Buyers, if they find a home they really love, should put in a competitive bid.”