Greenwich Real Estate Guy's Blog: Greewich Q3 Housing Market Report and Open House List November 4th
Sunday, November 11, 2018 at 11:46AM
Jared Randall
The Greenwich Real Estate Guy's Blog: Greenwich Q3 Market Report and Open House List November 4th
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 108 Open Homes this Sunday.
Street Name Area List Price Time Listing Office
929 King Street Greenwich $3.6K 2:30-430 p.m. William Pitt Sotheby's
3 Orchard Place #B Greenwich $9.9K 2-4 p.m. Coldwell Banker
3 Orchard Place #A Greenwich $9.9K 2-4 p.m. Coldwell Banker
184 Parsonage Road Greenwich $13.5K 1-3 p.m. BHHS
123 Maple Avenue Greenwich $14K 1-3 p.m. Houlihan Lawrence
434 Cognewaugh Road Cos Cob $14.6K 1-3 p.m. Coldwell Banker
3 Tomac Lane Old Greenwich $16.5K 1-3 p.m. Coldwell Banker
28 Edgewood Avenue Greenwich $585K 1-3 p.m. BHHS
333 Palmer Hill #2F Riverside $609.9K 1-3 p.m. Sotheby's
51 Forest Avenue #72 Old Greenwich $615K 2-4 p.m. Anderson Associates
351 Pemberwick Road #508 Greenwich $650K 1-3 p.m. BHHS
3 W. End Court Old Greenwich $699K 1-3 p.m. Coldwell Banker
351 Pemberwick Road #505 Greenwich $699K 1-3 p.m. Coldwell Banker
929 King Street Greenwich $720K 2:30-430 p.m. William Pitt Sotheby's
11 River Road #116 Cos Cob $748K 1-3 p.m. Houlihan Lawrence
70 Riverdale Avenue #901 Greenwich $875K 2-4 p.m. Houlihan Lawrence
11 Gard Court Greenwich $889K 2-4 p.m. Coats International
31 Moshier Street #A Greenwich $909K 1-3 p.m. Raveis
35 Sachem Road Greenwich $975K 1-3 p.m. Coldwell Banker
24 Harold Street #B Cos Cob $987.5K 1-3 p.m. Coldwell Banker
24 Harold Street #A Cos Cob $987.5K 1-3 p.m. Coldwell Banker
27 Hettiefred Road Greenwich $999K 2-4 p.m. David Ogilvy
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
41 Sound Beach Avenue Old Greenwich $1.095M 11:30-1:30 p.m. Coldwell Banker
77 Gregory Road Cos Cob $1.199M 1-3 p.m. Raveis
14 Neil Lane Riverside $1.195M 12-2 p.m. Coldwell Banker
37 Fairway Lane Greenwich $1.335M 1-3 p.m. Coldwell Banker
224 Stanwich Road Greenwich $1.349M 1-3 p.m. Coldwell Banker
224 Stanwich Road Greenwich $1.349M 1-3 p.m. Coldwell Banker
4 Chestnut Street Cos Cob $1.395M 11-1 p.m. Five Corners
33 Pleasant Street Riverside $1.399M 1-3 p.m. BHHS
62 Long Meadow Riverside $1.549M 1-3 p.m. Houlihan Lawrence
9 Comly Terrace Greenwich $1.575M 1-3 p.m. Coldwell Banker
53 Ridge Street Greenwich $1.595M 1:30-3:30 p.m. Houlihan Lawrence
17 Connecticut Avenue Greenwich $1.595M 1:30-3:30 p.m. Raveis
1 Lia Fail Way Cos Cob $1.649M 2-4 p.m. Coldwell Banker
4 Shelter Drive Cos Cob $1.65M 2-4 p.m. Raveis
125 Hendrie Avenue Riverside $1.675M 1-3 p.m. Coldwell Banker
63 Wildwood Drive Greenwich $1.695M 1-4 p.m. Charles Paternina
31 Guinea Road Greenwich $1.775M 1-3 p.m. Houlihan Lawrence
67 Stonehedge Drive Greenwich $1.785M 1-4 p.m. New England Land
14 Hoover Road Riverside $1.795M 1-3 p.m. Coldwell Banker
21 Mohawk Lane Greenwich $1.795M 1-3 p.m. Sotheby's
19 Lafrentz Road Greenwich $1.795M 1-3 p.m. New England Land
20 Mohawk Lane Greenwich $1.895M 1-3 p.m. BHHS
120 Hendrie Avenue Riverside $1.925M 1-3 p.m. Coldwell Banker
70 Wesskum Wood Riverside $1.995M 1-3 p.m. Houlihan Lawrence
37 Crescent Road Riverside $2.095M 1-3 p.m. Raveis
9A Benders Drive Greenwich $2.098M 11-2 p.m. Houlihan Lawrence
34 Wescott Street Riverside $2.099M 1-3 p.m. Keller Williams
30 Sawmill Lane Greenwich $2.15M 2-4 p.m. BHHS
30 Sawmill Lane Greenwich $2.15M 2-4 p.m. BHHS
19 Home Place Greenwich $2.195M 1-4 p.m. Sotheby's
19 Crescent Road Riverside $2.195M 2:15-4 p.m. Sotheby's
2 Randolph Place Cos Cob $2.195M 2-4 p.m. Coldwell Banker
481 Round Hill Road Greenwich $2.295M 2-4 p.m. David Ogilvy
3 Orchard Place #B Greenwich $2.299M 2-4 p.m. Coldwell Banker
3 Orchard Place #A Greenwich $2.299M 2-4 p.m. Coldwell Banker
552 River Road Cos Cob $2.3M 1-3 p.m. Coldwell Banker
77 Sawmill Lane Greenwich $2.375M 1-3 p.m. Raveis
215 Riverside Avenue Riverside $2.495M 1-3 p.m. BHHS
23 Annjim Drive Greenwich $2.495M 12-1:30 p.m. Douglas Elliman
39 Bedford Road Greenwich $2.5M 1-3 p.m. Coldwell Banker
17 Dialstone Lane Riverside $2.55M 1-3 p.m. Coldwell Banker
119 Lockwood Road Riverside $2.65M 1-3 p.m. Halstead
51 Sheephill Road Riverside $2.695M 1-3 p.m. Raveis
17 Carriglea Drive Riverside $2.699M 1-3 p.m. Houlihan Lawrence
17 Carriglea Drive Riverside $2.699M 1-3 p.m. Houlihan Lawrence
95 Stanwich Road Greenwich $2.75M 1-3 p.m. Raveis
554 River Road Cos Cob $2.75M 1-3 p.m. Coldwell Banker
43 Sawmill Lane Greenwich $2.795M 1-3 p.m. Houlihan Lawrence
100 Hendrie Avenue Riverside $2.825M 1-4 p.m. Centric 
34 Circle Drive Greenwich $2.875M 1-3 p.m. Raveis
102 Hendrie Avenue Riverside $2.875M 1-4 p.m. Halstead
3 Juniper Lane Riverside $2.895M 1-3 p.m. Houlihan Lawrence
88 Meadow Road Riverside $2.995M 2-5 p.m. Halstead
8 Sherwood Farm Lane Greenwich $2.995M 2-4 p.m. Sotheby's
13 Chieftans Road Greenwich $3.195M 1-3 p.m. Coldwell Banker
550 River Road Cos Cob $3.2M 1-3 p.m. Coldwell Banker
19 S. End Court Old Greenwich $3.295M 11-1 p.m. Five Corners
184 Parsonage Road Greenwich $3.295M 1-3 p.m. BHHS
106 Lockwood Road Riverside $3.298M 1-3 p.m. Coldwell Banker
11 Dialstone Lane Riverside $3.35M 11-1 p.m. Five Corners
434 Cognewaugh Road Cos Cob $3.399M 1-3 p.m. Coldwell Banker
398 Field Point Road Greenwich $3.421M 2:30-430 p.m. Coldwell Banker
123 Maple Avenue Greenwich $3.495M 1-3 p.m. Houlihan Lawrence
3 Tomac Lane Old Greenwich $3.65M 1-3 p.m. Coldwell Banker
6 Chieftans Road Greenwich $3.695M 1-3 p.m. Coldwell Banker
636 Riversville Road Greenwich $3.85M 2-4 p.m. Sotheby's
5 Parsonage Road Greenwich $3.875M 1-3 p.m. Houlihan Lawrence
7 Dempsey Lane Greenwich $3.99M 1:30-4 p.m. BHHS
184 Shore Road Old Greenwich $4.195M 1-4 p.m. Coldwell Banker
54 Woodside Drive Greenwich $4.3M 1-4 p.m. Sotheby's
31 Sawmill Lane Greenwich $4.495M 1-3 p.m. BHHS
16 Boulder Brook Road Greenwich $4.7M 1-4 p.m. Coldwell Banker
8 Buckthorne Lane Greenwich $4.995M 1-3 p.m. Houlihan Lawrence
918 North Street Greenwich $4.999M 1-3 p.m. Houlihan Lawrence
25 Tomac Avenue Old Greenwich $5.2M 1-3 p.m. BHHS
75 Oneida Drive Greenwich $5.25M 1-4 p.m. Houlihan Lawrence
10 West Crossway Old Greenwich $5.485M 1-3 p.m. Raveis
248 Overlook Drive Greenwich $5.495M 1-3 p.m. Sotheby's
30 Club Road Riverside $5.499M 1-3 p.m. BHHS
2 Lauder Way Greenwich $5.8M 1-3 p.m. Houlihan Lawrence
2 Round Hill Road Greenwich $5.95M 1-4 p.m. David Ogilvy
29 Glen Avon Drive Riverside $6.5M 1-3 p.m. Halstead
11 Round Hill Club Greenwich $9.975M 2-4 p.m. Halstead
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