Sunday
May202018
Greenwich Real Estate Guy's Blog: Q1 Market Report and May 13th Open House Lis
Jared Randall
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Happy Mother's Day to all the mothers. The open house is below I am keeping the 1st Quarter market report up for your review. I will be at 10 Susan Lane tomorrow from 1-4 p.m.
Above is the first quarter market report. I hope you find it adds value. I believe the Executive Summary is a great synopsis where the market is.
Let's start with Thank You.
EXECUTIVE SUMMARY
FIRST QUARTER 2018
Houlihan Lawrence remains the #1 brokerage in Greenwich, Connecticut. We love our community and we appreciate all the support we receive from our agents, clients, friends and neighbors. Real estate is personal. We enjoy creating personal strategies for each client based on their needs. We watch the big picture trends, and then make sure we integrate what matters into our plans.
Right now, there is a lot to watch.
One is the weather forecast. Fortunately, the worst of the cold weather seems to have passed. Mother Nature played a bigger role than usual in the past three months, and the Nor'easters did impact buyers interest in seeing homes during storms. Part of the calm after those storms will likely be pent up demand to get out and see the properties that are on the market. Buyers have been waiting, and will be ready if they see what they want.
The financial markets and the politics that are at times the drivers of market activity remain a focus. There is a lack of clarity and a high degree of uncertainty in our nation's capital. That is keeping the financial markets on edge, resulting in extreme volatility in the first quarter of the year. The S&P 500 recorded its first quarterly loss since 2015. Market performance, and the impact on buyer's confidence, is something we will continue to monitor closely.
Changes in the tax law will also likely impact our markets. While interest rates have remained low for longer than many had expected, buyers will be able to deduct interest on only $750,000 of a mortgage loan, down from $1 million. The more limited property, state and local tax deductions also add to the cost of home ownership for many potential buyers.
For our business, we are proud to have been involved in the majority of the biggest sales in the first quarter of 2018. Prices rose overall in the area, in large part because of the sale of well-priced luxury homes. Buyers responded to value, and the success of that strategy is universal. While sales were down compared to 2017, they were better than in the previous 8 years. Looking forward, we do see improvement in pending deal activity. That is a sign of good things, and good sales, to come.
Here are some trends that we are seeing for the spring season:
We are mindful of the headwinds we are facing. Of course, the literal ones we referenced above with respect to the weather. But also the reality that home sales did decline in the first quarter in Greenwich. Buyers are taking their time and waiting for not just the right property, but the right property presented in the best light, and at the right price.
Think like a buyer. Strategic, realistic and value driven initial pricing is the absolute best way a seller can gain an advantage over similar properties in this competitive market. If buyers don't get the right first impression, they don't come back. There is rarely a second time at bat.
Social media trends and influencers impact our markets and reveal opportunities. A Bank of America study showed that as Millennials are seeing more photos of homes of their friends on Instagram and Facebook, they are becoming more interested in also becoming buyers. They found that twenty-five percent of the Millennials surveyed had #FOMO, short for fear of missing out. Twenty-three percent were jealous of the homes bought by their friends and acquaintances. According to the National Association of Realtors (NAR), Millennials make up sixty-five percent of all first-time home buyers.
Some regional statistics we'd like to share:
Greenwich North of the Parkway is well positioned for a rising-sales spring selling season, with pending sales up by 25 percent. The momentum is welcome after a sluggish quarter. Weekend home buyers are attracted to the proximity to New York City and to the Merritt Parkway.
Pending sales activity soared in Greenwich South of Post Road surging an impressive 120 percent in the first quarter. That news provides encouragement for sellers, who faced a rough quarter with a decline in sales.
Sales in Old Greenwich held steady, a good sign in a challenging market. Transactions were happening faster with days on market falling 46 percent. The key driver was smarter initial pricing by sellers.
Sellers in Riverside who want to be successful will need to double down on their commitment to initial strategic pricing. 2017 was strong but the beginning of 2018 suffered, with a decline in sales and an increase in days on market.
Cos Cob is seeing better times ahead, with a 152 percent jump in pending deal activity. But the area was not immune to the winter chill in the market. Sales in the area declined in the first quarter of 2018.
Condominium sales were on trend with a decline, but the market segment had one bright spot. Condos in the $1 million-$2 million range saw a sales jump of nearly 17 percent.
This is a busy time for all of us as a community. The market is there for sellers who are able to meet the rising expectations of buyers. We look forward to a warmer market, and frankly warmer weather, as we move into the spring and summer selling seasons.
Stephen Meyers Chris Meyers
CEO President
Please feel free to email me at jrandall@houlihanlawrence.com or call at 203-273-1034 for anymore information.
Below are the 119 Open Homes for Sunday.
| Street Name | Area | List Price | Time | Listing Office |
| 190 Putnam Park | Greenwich | $2.95K | 11:30-1 p.m. | Davenport |
| 11 River Road #116 | Cos Cob | $768K | 1-4 p.m. | Houlihan Lawrence |
| 49 Indian Harbor #6 | Greenwich | $924.38K | 2-4 p.m. | Davenport |
| 80 Sound Beach | Riverside | $1.035M | 1-5 p.m. | Raveis |
| 8 View Street #6 | Greenwich | $1.05M | 2-4 p.m. | Douglas Elliman |
| 10 Susan Lane | Riverside | $1.145M | 1-4 p.m. | Houlihan Lawrence |
| 16 Hawthorne Street #D | Greenwich | $1.15M | 1-4 p.m. | BHHS |
| 16 Hawthorne Street #A | Greenwich | $1.15M | 1-4 p.m. | BHHS |
| 16 Hawthorne Street #C | Greenwich | $1.15M | 1-4 p.m. | BHHS |
| 7 Richmond Drive | Old Greenwich | $1.195M | 2-4 p.m. | The Higgins Group |
| 11 Pin Oak Lane | Cos Cob | $1.495M | 2-4 p.m. | David Ogilvy |
| 80 E. Elm Street #A | Greenwich | $1.65M | 1-4 p.m. | Houlihan Lawrence |
| 2 Halsey Drive | Old Greenwich | $1.675M | 2-4 p.m. | Sotheby's |
| 28 Lockwood Drive | Old Greenwich | $1.995M | 2-4 p.m. | New England Land |
| 199 Valley Road | Cos Cob | $2.675M | 1-3 p.m. | Van Hoesen |
| 43 Sawmill Lane | Greenwich | $3.195M | 2-4 p.m. | Houlihan Lawrence |
| 54 Mallard Drive | Greenwich | $3.495M | 2-4 p.m. | Dougal Elliman |
I have paid to open the MLS to you, so feel free to search properties based on your own parameters or set up a portal to get notifications on a customized search. For readers that just follow on the Greenwich Patch I will not be posting all entries on the patch. You can read all postings at www.greenwichrealestateguy.com/blog.
If easier, please subscribe here to receive each post. Please do not hesitate to email (jrandall@houlihanlawrence.com) or call (203-273-1034) if I can assist in any way.
Best,
Jared Randall Join my Mailing List
Houlihan Lawrence Greenwich Search Properties
cell: 203-273-1034 View My Website
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