Some regional statistics we'd like to share.
Old Greenwich remains a popular choice for New York City buyers. The area is off to a strong start, with unit sales up
66 percent in the first quarter from a year ago. City-dwellers are attracted to the areas small-town convenience, along
with the beaches, schools, restaurants and shopping. The train to NYC just a short bike or walk away is always a big
selling point as well. That has helped lift average selling prices jump nearly 40 percent compared to the first quarter of
2015.
Riverside is also off to a steady start. Sales have moved higher by about 8 percent from a year ago. But we note that
those homes that sell are selling closer to their asking price. That tells us that when homes are thoughtfully priced,
buyers who would otherwise nibble, will bite. It is taking longer to sell homes in the area, and that is reflected in lower
prices.
Twice as many homes sold in the first quarter of this year as in 2015. Days on market are down more than 26 percent,
and prices rose in the first quarter by more than 60 percent compared to the year ago quarter.
Among the highlights: a $15 million waterfront home in Belle Haven. We are proud to have represented both the
buyer and seller. The common thread here is simple: beautiful homes in locations that are convenient to the restaurants
and shopping along Greenwich Avenue, as well as the train and highway for commuters.
First time home buyers and downsizers are attracted to Cos Cob. It has become a popular spot for food lovers with
an assortment of new dining options. It also offers the lowest median home prices in Greenwich. Demand is strongest
in the under $1 million range. We have seen activity level off after a busy half of 2015, and homes are taking longer to sell.
Sellers have seen prices rising North of the Parkway, with the median sale prices up 63 percent. Entry level homes
continue to get the most attention from buyers in "back country Greenwich, with the $1 million to $2 million range
leading the way. But time is not on a seller's side here. Days on market has climbed to 332. Yes, almost a year on average.
There have been fewer transactions, and inventory is up, especially in the under $2 million range.
The $3-$4 million range has also seen a surge in the number of homes for sale. Sellers must keep this in mind and be strategic in how they price and present their property right from the start.
South of the Parkway has seen an encouraging decrease in the time it takes to sell a home. Days on market has
fallen to 179, the best since 2013. But that is still about six months. Inventory has been on the rise, up about 33 percent
compared to a year ago, and we are seeing low demand, especially between $3 and $5 million.
The Condo market enjoyed a surge in sales in the first quarter. Buyers included first time buyers as well as downsizers.
Sales jumped nearly 10% while prices remained flat compared to 2015.
Greenwich continues to be a top choice for newly formed families looking to buy their first home. We believe
the more affordable prices, continued low interest rates and shifting demographics will be a benefit to our market.
The financial markets have proven the naysayers from the start of the year wrong, and have come back strong to push
towards new highs. The job market continues to improve, lifting consumer confidence, and creating new reasons for
buyers to come off the sidelines. Prepared sellers will benefit from their advance planning.
Jared Randall
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