Greenwich Real Estate Guy's Blog: Greewich Q3 Housing Market Report and Open House List November 11th
Sunday, November 11, 2018 at 11:48AM
Jared Randall
The Greenwich Real Estate Guy's Blog: Greenwich Q3 Market Report and OpenHouse List November 11th
A weekly analysis brought to you by Greenwich Real Estate Guy.
 
 

 

Pictured above is our third quarter market report.
A message from our CEO and President in regards to the 3rd Quarter:
Teamwork is everything and we are honored to remain the leading brokerage in Greenwich, thanks to our world-class agents, innovative marketing strategies, and having you, our community, as part of the team as well. 

Home sales in Greenwich rose an impressive 26% in the third quarter as sellers adjusted to market conditions prompting value oriented buyers to make their moves.

The good news is that there are many potential home buyers that would like to buy homes in our community, including those looking to move out of New York City. But the market in NYC has been soft, and those that own co-ops and condos are having trouble selling their properties for the prices they expect. The softness in the New York City market is causing buyers to delay buying homes in Greenwich. 

Higher interest rates are also a factor that creates a need for a more strategic approach. The average rate on a 30-year mortgage recently crossed the 5 percent mark. Buying a home is getting more expensive as rates rise. 

For first time home buyers, a slight increase in rates, even as they remain at historically low levels, often creates hesitation and doubt. But smart buyers also realize that waiting to buy a home could make that interest rate impact even more costly, because the trend remains upward. 

In the past, sellers could throw out a high price initially to test the upside potential of the market. The risk was only that the price would have to be lowered. But given the unique challenges of this market, it is not advisable to 'fish' for an unrealistic price. Missing the opportunities tied to the initial listing price could have long term consequences. 

Our team approach, which includes thoughtful value-driven pricing is working. Buyers do make deals when they see the homes they want, in the new or the like new condition they require. Sellers that understand that, and get their properties priced right and in the right condition are positioned to win. 

Despite all the challenges out there, Greater Greenwich home sales rose in the third quarter, while average prices declined. We are also feeling an uptick of new energy in the marketplace as we enter the final quarter of 2018. 

Some regional statistics we'd like to share: 

Greenwich North of the Parkway presented opportunity for savvy buyers. Declining prices lifted sales. This year, sales in the $3M-$4M range here have surged an impressive 133%. 

Buyers are prioritizing being close to schools, Greenwich Avenue, and the train to New York City. That helped drive impressive gains in home sales South of the Parkway. More affordable homes encouraged deals, as both average and median prices declined. 
Greenwich South of Post Road, despite its proximity to the water, saw a decline in overall home sales with properties taking longer to sell. One bright spot, when homes did sell, the price was closer to the asking price than last year. 

Affordability drove the biggest uptick in home sales in the Cos Cob section of town. The strong demand resulted in higher prices, presenting a winning combination for sellers who got on board with value pricing. 

EXECUTIVE SUMMARY 
THIRD QUARTER 2018 

Riverside, which offers a prime commuting location near the train to New York City and to schools, was the only other neighborhood to experience the sellers win-win scenario of rising home sales and prices. Homes sold quickly, with the shortest days on market in town. On average smart sellers waited only 113 days for a deal this past quarter. 

For residents of Old Greenwich, buyers very much want to be part of the community and sales picked up last quarter. The area's 148-acre waterfront park, its beaches, yacht club, along with shopping and dining, draw in buyers. But the market remains challenging in terms of prices, and to get the higher sales, prices dropped compared to last year. 

The condo market is also facing challenges. But when properties do sell, deals are being made closer to the asking price. That is a sign that sellers are coming to an understanding that pricing a property correctly will lead to sales. 

The conversation is becoming increasingly focused on the continued rise in interest rates and the impact it is having on affordability. While this is not something that can be controlled, we can work together to manage the best approach. 

Buyers must be aware that time is no longer on their side. Sitting on the sidelines is getting more and more expensive. A slight increase in a mortgage rate can have a meaningful impact on monthly payments, and could place a desired property out of their budget. 
Sellers are facing a challenging situation. Holding on to unrealistic prices is a risk that could result in an unsold home. Buyers that would be looking at their home may have to adjust their search to more value priced properties, leaving sellers with few options. 
We hope, and expect, the result will be a balanced and more active market. Smart sellers will become more comfortable with value pricing and get deals done. Buyers will realize that with rates moving higher, they must move forward to lock in their new homes, and the still-historically low mortgage rates. 

This is a challenging but potentially an exciting time. We're glad to be on your team. 

Stephen Meyers Chris Meyers 
CEO                    President

There are 90 Open Homes this Sunday.
Street Name Area List Price Time Listing Office
929 King Street Greenwich $3.6K 2:30-4:30 p.m. William Pitt Sotheby's
6 Knoll Street Riverside $9.2K 1-3 p.m. Coldwell Banker
86 Lower Cross Greenwich $9.5K 1-4 p.m. BHHS
210 Sheephill Road Riverside $12K 1-3 p.m. Raveis
123 Maple Avenue Greenwich $14K 1-3 p.m. Houlihan Lawrence
69 View Street Greenwich $539K 1-4 p.m. Raveis
333 Palmer Hill #2F Riverside $609.9K 1-3 p.m. Sotheby's
205 River West Greenwich $649K 1-3 p.m. BHHS
25 Hollow Wood Greenwich $675K 1-3 p.m. Coldwell Banker
351 Pemberwick #505 Greenwich $690K 1-3 p.m. Coldwell Banker
50 Almira Drive #B Greenwich $699K 12-2 p.m. Houlihan Lawrence
929 King Street Greenwich $715K 2:30-4:30 p.m. William Pitt Sotheby's
20 Hervey Street Greenwich $725K 1-4 p.m. Coldwell Banker
60 Prospect Street #B Greenwich $785K 1-3 p.m. Coldwell Banker
29 Talbot Lane Greenwich $818K 12-3 p.m. Halstead
60 Valley Road #B Cos Cob $850K 1-3 p.m. Coldwell Banker
31 N. Ridge Road Old Greenwich $965K 2-4 p.m. Houlihan Lawrence
23 Ettl Lane Greenwich $995K 2-4 p.m. Raveis
81 Indian Field Road Greenwich $998K 1-4 p.m. BHHS
43 Sundance Drive Cos Cob $1.045M 1-3 p.m. Sotheby's
16 Hawthorne Street #D Greenwich $1.095M 1-3 p.m. BHHS
16 Hawthorne Street #A Greenwich $1.095M 1-3 p.m. BHHS
56 River Road Cos Cob $1.1M 1-3 p.m. BHHS
9 Mavis Lane Greenwich $1.19M 2-4 p.m. David Ogilvy
45 William Street #A Greenwich $1.195M 1-3 p.m. BHHS
6 Ferris Drive Old Greenwich $1.199M 12-1:45 p.m. Houlihan Lawrence
360 Cognewaugh Cos Cob $1.275M 1:30-3:30 p.m. White Oak
4 Banksville Road Greenwich $1.449M 1-3 p.m. Coldwell Banker
62 Long Meadow Riverside $1.499M 1-3 p.m. Houlihan Lawrence
5 Lockwood Drive Old Greenwich $1.595M 1-3 p.m. David Ogilvy
17 Connecticut Avenue Greenwich $1.595M 1-3 p.m. Raveis
85 Bedford Road Greenwich $1.64M 12-2 p.m. William Pitt Sotheby's
34 Hettiefred Road Greenwich $1.649M 1-3 p.m. Coldwell Banker
45 William Street #B Greenwich $1.65M 1-3:30 p.m. Kinard Realty
28 Wesskum Wood Riverside $1.775M 1-3 p.m. Sotheby's
19 Lafrentz Road Greenwich $1.795M 1-4 p.m. New England
14 Knoll Street Riverside $1.895M 1-3 p.m. Houlihan Lawrence
20 Mohawk Lane Greenwich $1.895M 1-3 p.m. BHHS
17 Hawkwood Lane Greenwich $1.975M 1-3 p.m. Coldwell Banker
70 Wesskum Wood Riverside $1.995M 1-3 p.m. Houlihan Lawrence
86 Lower Cross Greenwich $1.995M 1-4 p.m. BHHS
37 Crescent Road Riverside $2.095M 1-3 p.m. Raveis
15 Shady Lane Greenwich $2.165M 1-3 p.m. Coldwell Banker
6 Hemlock Drive Greenwich $2.195M 1-3 p.m. Houlihan Lawrence
2 Randolph Place Cos Cob $2.195M 2-4 p.m. Coldwell Banker
552 River Road Cos Cob $2.25M 1-3 p.m. Coldwell Banker
23 Laurel Lane Greenwich $2.295M 1-4 p.m. BHHS
167 Bedford Road Greenwich $2.295M 1-3 p.m. Raveis
77 Sawmill Lane Greenwich $2.375M 12-2 p.m. Raveis
6 Knoll Street Riverside $2.395M 1-3 p.m. Coldwell Banker
62-68 Sound View #2S Greenwich $2.449M 2:15-4:15 p.m. Houlihan Lawrence
340 Old Church Greenwich $2.48M 12-2 p.m. Coldwell Banker
340 Old Church Greenwich $2.48M 12-2 p.m. Coldwell Banker
62-68 Sound View #1S Greenwich $2.495M 2:15-4:15 p.m. Houlihan Lawrence
44 Orchard Drive Greenwich $2.495M 1-3 p.m. Sotheby's
150 Riverside Avenue Riverside $2.5M 2-4 p.m. BHHS
554 River Road Cos Cob $2.5M 1-3 p.m. Coldwell Banker
17 Dialstone Lane Riverside $2.55M 2-4 p.m. Coldwell Banker
24 Upland Drive Greenwich $2.575M 2-4 p.m. Coldwell Banker
293 Shore Road Greenwich $2.595M 1-3 p.m. Raveis
210 Sheephill Road Riverside $2.689M 1-3 p.m. Raveis
12 Ledge Road Old Greenwich $2.695M 1-3 p.m. Sotheby's
95 Stanwich Road Greenwich $2.75M 1-3 p.m. Raveis
28 Tomac Avenue Old Greenwich $2.8M 1-3 p.m. BHHS
100 Hendrie Avenue Riverside $2.825M 1-3 p.m. Centric
9 Stallion Trail Greenwich $2.87M 1-3 p.m. Keller Williams
34 Circle Drive Greenwich  $2.875M 1-3 p.m. Raveis
102 Hendrie Avenue Riverside $2.875M 1-3 p.m. Halstead
14 Bradbury Place Riverside $2.995M 1-3 p.m. Coldwell Banker
115 Bible Street Cos Cob $3.149M 1-3 p.m. Compass
550 River Road Cos Cob $3.2M 1-3 p.m. Coldwell Banker
5 Ledge Road Old Greenwich $3.275M 1-3 p.m. Coldwell Banker
19 S. End Court Old Greenwich $3.295M 12-2 p.m. Five Corners
106 Lockwood Road Riverside $3.298M 1-3 p.m. Coldwell Banker
282 Taconic Road Greenwich $3.35M 1-3 p.m. Coldwell Banker
123 Maple Avenue Greenwich $3.495M 1-3 p.m. Houlihan Lawrence
16 Greenbriar Lane Greenwich $3.65M 1-3 p.m. Houlihan Lawrence
141 Milbank Avenue Greenwich $3.975M 1-3 p.m. Coldwell Banker
18 Lake Drive Riverside $4.299M 1-3 p.m. Raveis
41 Overlook Drive Greenwich $4.35M 2-4 p.m. Houlihan Lawrence
432 Field Point Road Greenwich $4.499M 1-3 p.m. Halstead
15 Pilot Rock Lane Riverside $4.75M 1-3 p.m. Centric
25 Dublin Hill Road Greenwich $4.895M 2-4 p.m. Raveis
5 N. Crossway Old Greenwich $4.995M 1-3 p.m. Halstead
8 Buckthorne Lane Greenwich $4.995M 1-3 p.m. Houlihan Lawrence
75 Oneida Drive Greenwich $5.25M 2-4 p.m. Houlihan Lawrence
10 West Crossway Old Greenwich $5.485M 1-3 p.m. Raveis
96 Club Road Riverside $5.495M 1-3 p.m. Houlihan Lawrence
30 Club Road Riverside $5.499M 1-3 p.m. BHHS
2 Lauder Way Greenwich $5.8M 1-3 p.m. Houlihan Lawrence
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