jaredrandall - Greenwich Market Trends

Greenwich, CT Residential Real Estate Blog and Analysis:

October 16th-18th

A weekly analysis brought to you by Greenwich Real Estate Guy.

www.greenwichrealestateguy.com

The above pictured stunning five bedroom colonial is located at 50 Cat Rock Road. The house is ready for today's buyers with an incredible kitchen that opens into the family room, perfect for entertaining. However, the amenities are what sets this house apart. There is a phenomenal home theatre in the lower level, a great master bedroom and bath, gym, a heated driveway for the winters, and great yard with patio and decks. I left feeling there was a lot of fun family days and entertaining at the home. It was built in 2007, listed at 7,000 s.f., sits on a private 1.47 acres, in the sought after North Street Elementary district, and is priced at $3.395M. There will be an open house at this property from 1-4 p.m. on Sunday. Also, I will be hosting an open house at 9 Cottage Place in Greenwich from 1-4 on Sunday.

The goal of this blog has always been to inform buyers and sellers alike. I feel the Q3 Greenwich Report that the owners of my company put out, best describe the current landscape and market. You can click on the whole report broken down by area below. Here is what their summary is:

This summer had us doing a lot of number crunching here in Greenwich. The local market varies dramatically depending

on the neighborhood. While Greenwich itself remains a highly desirable area, buyers are willing to wait on the sidelines for the

right property. Our team has become experts on the complicated and changing variables driving the current market, and what

makes a property sell.

Wall Street's volatility is increasingly evident in the real estate market. The summer was a roller coaster for investors, who

remain on edge. Those jitters have naturally spread to the housing market and have made buyers wary of making the wrong

move. They demand value to get off the sidelines. Recent evidence of some economic weakness has many believing rates will stay low for longer than expected, giving buyers even less reason to compromise, or buy into a property that isn't turnkey.

Here are some trends we see as the rest of 2015 plays out:

Get ready to play "Deal or No Deal". If your property is well renovated, in move-in condition, and priced right, you will be able

to make a deal. Bonus points if you are near transportation, restaurants, shopping and schools that buyers want. But be warned.

Miss on any of those and buyers may bypass your offering, and you will be scrambling to re-group. Buyers don't want to play

games. They don't want to lowball. They want value and quality.

Fishing is not the sport of choice this season. Sellers must be realistic when setting a price. Many properties are sitting on

the market for longer than we would like. The key to cutting down Days On Market is setting the right price from the start. Let's

take some advice from Marie Kondo, author of "The Life-Changing Magic of Tidying Up: The Japanese Art of Decluttering and

Organising". That means staging, painting and perhaps most importantly, de-cluttering. Sellers must take steps to limit the

creativity a buyer needs to imagine what their life would be like in the house.

Some regional statistics we'd like to share:

Buyers with the biggest budgets can take their pick in Greater Greenwich. There is a lot to choose from in the $10m plus

category with 53 homes to choose from. That said, the hottest price range in the area is the $5-6m, where sales are up 77 percent year-to-date. Overall though, the number of sales is down in the area, and they are taking longer to sell, but prices are higher.

Buyers will pay a premium for new or renovated properties.

Patience is a virtue North of the Parkway: Homes sat on the market the longest in the area, an average of 276 days. It's no

surprise that prices fell. But in the end that value pricing resonated with buyers, and units sold rose 66 percent.

Location paid off South of the Parkway: Buyers were willing to pay more to be close to town. The median price of a home went

up 27 percent in the third quarter. It still took a long time to make those sales, and the number of homes sold held steady, but

more expensive homes did show gains.

The laws of supply and demand worked in sellers favor South of Post Road. Homes got 97 percent of their last list price, and

median prices were up 11 percent in the third quarter. There were fewer homes to choose from. That meant fewer days on the

market, and a faster moving market working in favor of smart sellers.

Cos Cob took a break after a strong first half of the year. Inventory grew, and sat on the market longer. Prices fell, as did sales.

Old Greenwich also slowed down, moderating after a strong 18 months. Both prices and sales were lower, though there was some

improvement in the amount of time it took to sell a home.

Riverside was a mixed bag. More homes sold, but prices were down. Homes that sold were on the market a relatively short

amount of time, at an average of 89 days. The hottest category here was the $4m to $5m range. That is typically a new home or a

fully renovated home.

Condo sales remain solid, but value remains a high priority for buyers. Prices are down, as is inventory. Buyers are holding

out for renovated opportunities, but only at the right price.

Outlook for the rest of 2015: We are energized and excited about the continued appeal of the Greenwich area. We are thrilled to

report that Houlihan Lawrence was the sole brokerage behind the largest transaction of the third quarter. We have the data and

expertise to get the best results for our clients, and look forward to sharing more good news with you, as we get ready for 2016.

THIRD QUARTER 2015

EXECUTIVE SUMMARY

Stephen Meyers

President and CEO

Chris Meyers

Managing Principal

There are currently 737 properties for sale in Greenwich up two from last week. The charts are updated as of August. I have invested in my own MLS portal for individuals to set up their own custom searches. This way people can follow their specific search by area, school, price point, lot size, s.f. etc. Feel free to search properties. For a customized search click the gray arrows and you can edit the fields. For example, it is currently populated with all properties clicked. You can just click Residential then click type, area, and price range, and you can see what is available in your specific price range. After you have narrowed the search to your liking you can click "save this search" and you can set up your own portal, and receive emails as new properties come available. You can even track your favorites, and add notes or messages about properties. Or, you can just email me our parameters and I can set up a portal for you.

Q3 Greenwich Market Report

Please let me know if you would like me to provide customized information or statistics for you based on your criteria.

**The information on the featured property and all statistical information is from the Greenwich MLS.

**All opinions garnered from the statistics are my own

Properties Sold

We have sold 606 properties year to date. There were 88 properties sold in Greenwich last month which is on target vs the last few years.

New Listings

We had 61 new listings in Greenwich in August, which is also in line with the last few year's numbers.

Year to Date Sold

Looking at these two graphs as well as the months on average can really guide you on the markets in your price range. As you can see the markets are a lot more competitive under $2M than over.

Year to Date Available

In an effort to define the different markets as a good time to buy or sale I believe one needs to look at the months on average it would take to sell through the inventory we have. The first chart is the 2014 inventory vs. sold numbers. The second chart is inventory today vs. sold properties.

Price Range	1/31/14	2/28/14	3/28/14	4/25/14	5/16/14	7/31/14	12/31/14
0-$500K	10.2	6.0	7.0	6.1	5.5	5.6	3
$500K-$1M	9.7	8.6	9.0	8.7	8.6	5.2	3.7
$1M-$1.5M	5.5	9.5	8.9	10.3	7.8	6.4	4.4
$1.5M-$2M	8	14.5	13.6	18.4	17.8	11	6.7
$2M-$3M	4.7	9.2	11.6	14.3	14.2	11.1	7
$3M-$4M	11	13.1	11.8	14.2	14.5	10.4	9
$4M-$5M	11.9	8.9	13.1	14.4	22.1	17.7	18.4
$5M-$7.5M	20.7	32.0	39.5	59	56.6	32	25.1
$7.5M-$10M	n/a	n/a	71.5	51	31.5	59.5	21.6
$10M+	22.4	27.2	42.0	22.7	33.8	29.9	35.2

Price Range	2/28/15	3/30/15	4/30/15	5/31/15	6/30/15	7/31/15	9/21/15
0-$500K	4.5	4	9.6	9.6	5.4	5.3	4.1
$500K-$1M	6.3	4.2	7.5	8.6	7.4	6.8	5.3
$1M-$1.5M	4.8	4.5	6	5.5	4	3.3	4.5
$1.5M-$2M	6.9	7	8.8	8.1	6.5	5.8	8
$2M-$3M	10.1	8	14	15	11.6	11.6	11.1
$3M-$4M	31	20.5	25.5	25.3	16.2	13.1	24.3
$4M-$5M	54.3	26.6	30.3	27.3	17.2	15.5	23.6
$5M-$7.5M	49.1	30.2	34.6	31.7	23.8	20.9	30.2
$7.5M-$10M	20.4	36	31.3	36.4	49.6	47	37.7
$10M+	41.7	76.5	80.5	86	103.1	120.8	78

Open Houses for October 18th

Below are the 77 open houses for Sunday.

Street Name	Area	List Price	Time	Listing Office
7 Cottontail Road	Cos Cob	$4.995K	1-3 p.m.	Sotheby's
7 W Crossway	Old Greenwich	$7K	1-4 p.m.	Greenwich Custom
16 Manor Road	Old Greenwich	$7.25K	1-4 p.m.	BHHS
28 Wooddale Road	Greenwich	$9.5K	1-3 p.m.	Halstead
119 Spruce Street	Greenwich	$555K	1-3 p.m.	Douglas Elliman
302 River Run	Greenwich	$648K	1-4 p.m.	BHHS
9 COTTAGE PLACE	Greenwich	$699.9K	1-4 p.m.	Houlihan Lawrence
21 Upland Street	Greenwich	$784K	2-4 p.m.	Anderson Associates
8 Orchard Street	Cos Cob	$835K	1-4 p.m.	Raveis
3 Putnam Hil #3G	Greenwich	$995K	1-4 p.m.	BHHS
10 Mead Avenue	Cos Cob	$1.095M	1-3 p.m.	Coldwell Banker
49 Indian Harbor #9	Greenwich	$1.175M	1-3 p.m.	Halstead
10.5 Sound Beach Ext	Riverside	$1.275M	1-4 p.m.	Raveis
51 Glen Road	Greenwich	$1.325M	1-3 p.m.	BHHS
7 Cottontail Road	Cos Cob	$1.35M	1-3 p.m.	Sotheby's
31 Hawthorne	Greenwich	$1.395M	2-4 p.m.	Sotheby's
1 Strawbridge Lane	Greenwich	$1.495M	1-3 p.m.	Raveis
72 Sound Beach	Old Greenwich	$1.495M	1-4 p.m.	Raveis
8 Orchard Street	Cos Cob	$1.498M	1-4 p.m.	Raveis
107 Havemeyer Place	Greenwich	$1.6M	1-4 p.m.	BHHS
18 Oval Avenue	Riverside	$1.649M	2-4 p.m.	Raveis
87 Stonehedge Drive	Greenwich	$1.675M	1-3 p.m.	Coldwell Banker
108 Glenville Road	Greenwich	$1.745M	1:30-3 p.m.	DMK
4 Rainbow Drive	Riverside	$1.75M	1-4 p.m.	Raveis
16 Manor Road	Old Greenwich	$1.795M	1-4 p.m.	BHHS
12 Old Orchard	Riverside	$1.89M	1-4 p.m.	Higgins
7 Heusted Drive	Old Greenwich	$1.9M	1-4 p.m.	BHHS
1 White Birch Lane	Cos Cob	$1.945M	2:30-4:30 p.m.	Douglas Elliman
188 Bedford Road	Greenwich	$1.995M	2-4 p.m.	Coldwell Banker
172 Byram Shore Road	Greenwich	$1.995M	1-3 p.m.	Coldwell Banker
11 Pintail Lane	Greenwich	$2.15M	1-3 p.m.	Houlihan Lawrence
119 Hendrie Avenue	Riverside	$2.15M	1-3 p.m.	Coldwell Banker
311 Cognewaugh Road	Cos Cob	$2.175M	2-4 p.m.	Weichert
33 Pleasant Street	Riverside	$2.195M	1-4 p.m.	BHHS
21 Mohawk Lane	Greenwich	$2.195M	1-3 p.m.	Coldwell Banker
14 Meadow Road	Riverside	$2.195M	2-4 p.m.	Houlihan Lawrence
82 Butternut Hollow	Greenwich	$2.275M	2-4 p.m.	Coldwell Banker
7 W Crossway	Old Greenwich	$2.295M	1-4 p.m.	Greenwich Custom
17 Byfield Lane	Greenwich	$2.295M	1-4 p.m.	BHHS
116 Pecksland Road	Greenwich	$2.375M	1-4 p.m.	William Pitt Sotheby's
39 Midbrook Lane	Old Greenwich	$2.395M	1:30-3:30 p.m.	Raveis
16 Roosevelt Avenue	Old Greenwich	$2.395M	12-4 p.m.	Halstead
28 Loading Rock	Riverside	$2.4M	2-4 p.m.	Sotheby's
35 Indian Harbor #A	Greenwich	$2.45M	11-1 p.m.	Douglas Elliman
53 Lockwood Avenue	Old Greenwich	$2.45M	1-3 p.m.	Sotheby's
5 Lia Fail	Cos Cob	$2.495M	2-4 p.m.	Sotheby's
6 Elizabeth Lane	Riverside	$2.495M	2-4 p.m.	Coldwell Banker
443 North Street	Greenwich	$2.65M	2-4 p.m.	Centric Property
20 Steeple Chase	Greenwich	$2.695M	1-4 p.m.	Coldwell Banker
58 Connecticut Avenue	Greenwich	$2.75M	1-4 p.m.	Halstead
2 Binney Lane	Old Greenwich	$2.895M	2-4 p.m.	Houlihan Lawrence
8 Patricia Lane	Cos Cob	$2.975M	1-4 p.m.	BHHS
18 Grimes Road	Old Greenwich	$2.995M	1-4 p.m.	BHHS
17 Winterset Road	Greenwich	$3M	1-3 p.m.	Raveis
10 Edgewood #3B	Greenwich	$3.15M	1-3 p.m.	Sotheby's
1 Keofferam Road	Old Greenwich	$3.195M	12-3 p.m.	Houlihan Lawrence
50 Lockwood Avenue	Old Greenwich	$3.25M	11-1 p.m.	Raveis
8 Dearfield Drive	Greenwich	$3.395M	1-3 p.m.	Raveis
50 CAT ROCK ROAD	Cos Cob	$3.395M	1-4 p.m.	Houlihan Lawrence
6 Lita Drive	Greenwich	$3.65M	3-5 p.m.	Houlihan Lawrence
14 Sherwood Farm	Greenwich	$3.795M	1-4 p.m.	Halstead
56 Milbank Avenue #2	Greenwich	$3.895M	3-5 p.m.	Coldwell Banker
34 Lenox Drive	Greenwich	$3.9M	1-4 p.m.	BHHS
3 Gisborne Place	Old Greenwich	$4.095M	12- 2 p.m.	Coldwell Banker
28 Wooddale Road	Greenwich	$4.15M	1-3 p.m.	Halstead
524 North Street	Greenwich	$4.295M	1-4 p.m.	BHHS
1 Ashton Drive	Greenwich	$4.6M	12:30-2:30 p.m.	Douglas Elliman
477 Riversville Road	Greenwich	$4.825M	1-3 p.m.	Weichert
26 Jones Park	Riverside	$5.125M	1-4 p.m.	BHHS
185 Riverside Avenue	Riverside	$5.2M	1-4 p.m.	BHHS
1 Wyckham Hill Lane	Greenwich	$5.5M	2-4 p.m.	Raveis
24 Lower Cross	Greenwich	$5.75M	3:30-5:30 p.m.	Halstead
303 Milbank Avenue	Greenwich	$6.4M	12- 2 p.m.	Coldwell Banker
291 Stanwich Road	Greenwich	$6.695M	1-3 p.m.	Coldwell Banker
35 Winding Lane	Greenwich	$6.995M	2-4 p.m.	Coldwell Banker
15 Andrews Road	Greenwich	$8.77M	1-3 p.m.	Coldwell Banker
38 Parsonage Road	Greenwich	$9.9M	2-4 p.m.	Halstead

Best,

Jared Randall Join my Mailing List

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