EXECUTIVE SUMMARY 

THIRD QUARTER 2016 

Tis the season for sales in Greenwich and we are gearing up for what we expect to be an exciting holiday season. Buyers have been patient, and who can blame them? There has been a lot of home inventory to choose from. But buyers are here. And they are ready to pounce on the value opportunities they see in our community. 

Buyers tell us they like what they see when properties are at their best. It comes as no surprise that regardless of price point, homes sellers that have prioritized pre-listing upgrades including painting and improving various systems including HVAC, electric and smart home technology get the best results. 

First impressions are also made by the price tag. The initial listing price has become a key driver to bids. Get it right and the property can grab the spotlight. Get it wrong and sellers risk the worst consequence of all: silence. 

Here are some trends we are seeing as we move into the final months of 2016: 

U.S. financial markets had a terrific quarter. The major indexes all posted strong gains. The Nasdaq soared close to 10 percent, turning in its best quarter since 2013. Momentum is solid, and no rate hike is expected by the Fed until at least December. Even if that were to happen, most likely it would be a very small amount. That means interest rates should remain very low, and allow buyers better mortgage rates. 

We are also seeing new evidence households are feeling better about the U.S. economy this fall. In September, the University of Michigan's consumer sentiment index showed a rise in consumer confidence and the Conference Board's gauge of consumer confidence hit a post-recession high. 

Sellers of our most affordable properties are in the driver's seat this season. We are seeing bidding wars and lots of buyer activity for homes priced under $2 million. 

Being by the water yields more than a fantastic view: it attracts luxury buyers. Sales of the highest priced properties remain flat compared to 2015. But those on the waterfront stand out as being more in demand. 

Lower prices add to the value proposition for buyers. Prices of single family homes are down about 5 percent, giving buyers a modest discount, while still not taking too much away from sellers. 

Sellers will have to continue to sit tight. It takes an average of 168 days to sell a home in Greenwich. Buyers are patient because of the robust inventory. They will buy, but without a sense of urgency, and on their own schedule. 

Some regional statistics we'd like to share: 

The clock ticks very softly in Greenwich North of the Parkway. It takes an average of 359 days to get a deal done in the area, the highest in Greenwich. That means value for buyers who are taking notice in the $2-3 million price range. 

First home buyers are heading to Greenwich South of the Parkway where some of the best bargains can be had. 

Entry level home activity is picking up. Buyers are drawn to the conveniences of the schools, downtown Greenwich and transportation to New York City. 

EXECUTIVE SUMMARY 

THIRD QUARTER 2016 

We are putting a spotlight on Greenwich South of Post Road. Homes are selling faster and for higher median prices. The most in demand: those in the $1-$4 million range. Sellers have the advantage of high demand for the proximity to the waterfront, as well as the shopping and dining available in downtown Greenwich. 

Cos Cob sales skyrocketed more than 70 percent compared to the 3rd quarter of 2015. Buyers like the area's central location and its emergence as a hub for dining, shopping and services. Riverside is also seeing higher median price reflecting it's reputation as a tried-and-true neighborhood along the Mianus River. 

The quaint village of Old Greenwich continues to be a magnet for buyers who dream of walking to town or biking to the beach. Sales have been higher as slightly lower prices give buyers a lot to like. The proof ? Homes in Old Greenwich are going fast with nearly the lowest days on market in the area at just 103. Choosy buyers are snapping up homes that are in top condition in the $3-4 million range. 

Condo prices are on the rise, driven in part by the strong demand from 2015. The higher prices have resulted in fewer sales as the market normalizes in 2016. 

The world could look very different in the next few months. We will soon have a new President and all the uncertainty that will bring. But we are confident the Greenwich area will remain healthy and desirable regardless of who is in the White House. We are excited for the new opportunities on the horizon and look forward to partnering with you to achieve your goals. 

Stephen Meyers  President and CEO 

Chris Meyers Managing Principal