Greenwich Real Estate Guy’s Blog: Q1 Market Report and May 6th

Dear Patch Reader,

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
1465 E. Putnam #202
Old Greenwich
$1.8K
1-3 p.m.
Raveis
246 Riverside Avenue
Riverside
$14.5K
2-4 p.m.
Raveis
14 Coventry Lane
Riverside
$17K
1-3 p.m.
BHHS
110 Valley Drive
Greenwich
$21K
1-4 p.m.
Coldwell Banker
1465 E. Putnam #202
Old Greenwich
$375K
1-3 p.m.
Raveis
1535 E. Putnam #110
Old Greenwich
$415K
1-3 p.m.
Weichert
98 Valley Road #15
Cos Cob
$469K
1-3 p.m.
Raveis
51 Rodwell Avenue #A
Greenwich
$539K
2-4 p.m.
Raveis
32 Pemberwick Road
Greenwich
$549.99K
2-4 p.m.
Coldwell Banker
4 Ocean View Avenue
Greenwich
$589K
2-4 p.m.
Coldwell Banker
20 Thomas Street
Cos Cob
$599K
10-1 p.m.
New England Land
45 Alexander Street #B
Greenwich
$645K
1-4 p.m.
New England Land
37 Sheephill Road #6
Riverside
$664K
1-3 p.m.
Douglas Elliman
51 Forest Avenue #72
Old Greenwich
$675K
2-4 p.m.
Anderson Associates
13 Fletcher Avenue
Greenwich
$699K
1-3 p.m.
Raveis
5 Glen Street #107
Greenwich
$700K
1-3 p.m.
Coldwell Banker
104 Greenwich Hills
Greenwich
$760K
1-4 p.m.
BHHS
11 River Road #116
Cos Cob
$768K
1-4 p.m.
Houlihan Lawrence
36 Greenwich Hills
Greenwich
$795K
1-3 p.m.
Douglas Elliman
56 Cambridge Drive
Greenwich
$869K
12-2 p.m.
Houlihan Lawrence
188 Henry Street #B
Greenwich
$899K
1-3 p.m.
Coldwell Banker
55 Sound Beach
Old Greenwich
$999K
1-3 p.m.
Kinard Realty
31 Moshier Street #A
Greenwich
$999K
11-1 p.m.
Raveis
80 Sound Beach
Riverside
$1.035M
1-4 p.m.
Raveis
55 Oval Avenue
Riverside
$1.055M
1-3 p.m.
BHHS
362 Davis Avenue #4
Greenwich
$1.095M
2-4 p.m.
David Ogilvy
47 Sachem Lane
Greenwich
$1.095M
2-4 p.m.
Sotheby’s
18 Bishop Drive
Greenwich
$1.095M
1-3 p.m.
Coldwell Banker
49 Morningside Drive
Greenwich
$1.095M
2-4 p.m.
Raveis
28 Indian Field Road
Greenwich
$1.1M
1-3 p.m.
Houlihan Lawrence
56 River Road
Cos Cob
$1.1M
1-3 p.m.
BHHS
45 Hickory Drive
Greenwich
$1.13M
2-4 p.m.
Coldwell Banker
172 Field Point #4
Greenwich
$1.149M
1-3 p.m.
Houlihan Lawrence
6 Mortimer Drive
Old Greenwich
$1.175M
1-3 p.m.
Sotheby’s
396 Valley Road
Cos Cob
$1.185M
1-3 p.m.
Houlihan Lawrence
31 Scott Lane
Greenwich
$1.225M
1-3 p.m.
Coldwell Banker
22 Carleton Street
Greenwich
$1.249M
1-4 p.m.
Halstead
7 Cherry Valley
Greenwich
$1.295M
1-3 p.m.
Coldwell Banker
70 Riverside Lane
Riverside
$1.3M
2-4 p.m.
Coldwell Banker
48 Frontier Road
Cos Cob
$1.345M
1-4 p.m.
Coldwell Banker
74 Valleywood Road
Cos Cob
$1.395M
1-3 p.m.
Houlihan Lawrence
7 Jackson Street
Cos Cob
$1.395M
2-4 p.m.
Sotheby’s
15 Macarthur Drive
Old Greenwich
$1.399M
1-3 p.m.
Raveis
17 Ridgebrook Road
Greenwich
$1.475M
2-4 p.m.
Coldwell Banker
19 Peters Road
Riverside
$1.495M
2-4 p.m.
BHHS
7 Shore Road
Old Greenwich
$1.549M
1-3 p.m.
BHHS
4 Banksville Road
Greenwich
$1.549M
1-3 p.m.
Coldwell Banker
2 Halsey Drive
Old Greenwich
$1.675M
1-3 p.m.
Sotheby’s
194 Bedford Road
Greenwich
$1.675M
1-4 p.m.
Coldwell Banker
115 Dingletown Road
Greenwich
$1.695M
1-4 p.m.
Coldwell Banker
7 Tinker Lane
Greenwich
$1.699M
1-3 p.m.
Houlihan Lawrence
7 Welwyn Road
Riverside
$1.845M
2-4 p.m.
Sotheby’s
7 Welwyn Road
Riverside
$1.845M
2-4 p.m.
Sotheby’s
11 Wilmot Lane
Riverside
$1.89M
1-4 p.m.
BHHS
15 Old Wagon Road
Old Greenwich
$1.895M
2-4 p.m.
Raveis
33 Ferncliff Road
Cos Cob
$1.899M
1-3 p.m.
Douglas Elliman
32 Mimosa Drive
Cos Cob
$1.915M
1-4 p.m.
Sotheby’s
4 Arrowhead Lane
Cos Cob
$1.925M
2-4 p.m.
Sotheby’s
14 Knoll Street
Riverside
$1.95M
1-3 p.m.
Keller Williams
25 Copper Beech
Greenwich
$2.149M
1-4 p.m.
BHHS
200 Palmer Hill
Old Greenwich
$2.149M
1-4 p.m.
Raveis
32 Perryridge Road
Greenwich
$2.25M
1-3 p.m.
Sotheby’s
86 Lower Cross
Greenwich
$2.288M
1-4 p.m.
BHHS
66 Gregory Road
Cos Cob
$2.295M
1-3 p.m.
Sotheby’s
16 Tod Lane
Greenwich
$2.295M
1-3 p.m.
Coldwell Banker
37 Deepwoods Lane
Old Greenwich
$2.295M
1-3 p.m.
Raveis
81 Hendrie Avenue
Riverside
$2.295M
2-4 p.m.
Coldwell Banker
399 Stanwich Road
Greenwich
$2.395M
1-3 p.m.
Sotheby’s
137 Clapboard Ridge
Greenwich
$2.395M
2-4 p.m.
BHHS
80 Milbank Avenue #A
Greenwich
$2.449M
2-4 p.m.
Houlihan Lawrence
53 Park Avenue
Old Greenwich
$2.495M
2-4 p.m.
BHHS
2 Randolph Place
Cos Cob
$2.495M
1-4 p.m.
Coldwell Banker
28 Sawmill Lane
Greenwich
$2.499M
1-3 p.m.
Coldwell Banker
22 Pierce Road
Riverside
$2.549M
1-3 p.m.
BHHS
192 Bible Street
Cos Cob
$2.65M
1-3 p.m.
Raveis
54 Burning Tree
Greenwich
$2.75M
1-3 p.m.
Houlihan Lawrence
246 Riverside Avenue
Riverside
$2.785M
2-4 p.m.
Raveis
350 Riversville Road
Greenwich
$2.795M
1-3 p.m.
Coldwell Banker
2 Buxton Lane
Riverside
$2.795M
1-3 p.m.
Centric
12 Pintail Lane
Greenwich
$2.795M
1-3 p.m.
Houlihan Lawrence
323 Cognewaugh
Cos Cob
$2.895M
2-4 p.m.
Coldwell Banker
26 Twin Lakes
Riverside
$2.95M
1-3 p.m.
BHHS
17 Rustic View
Greenwich
$2.985M
2-4 p.m.
Sotheby’s
8 Sherwood Farm
Greenwich
$2.995M
2-4 p.m.
Sotheby’s
8 Rockwood Lane Spur
Greenwich
$2.995M
2-4 p.m.
Raveis
15 Terrace Avenue
Riverside
$2.995M
1-4 p.m.
BHHS
328 Sound Beach
Old Greenwich
$2.995M
1-3 p.m.
Houlihan Lawrence
43 Highview Avenue
Old Greenwich
$3.195M
2-4 p.m.
Halstead
14 Sherwood Farm
Greenwich
$3.295M
2-4 p.m.
Halstead
13 Chieftans Road
Greenwich
$3.3M
2-4 p.m.
Coldwell Banker
13 Chieftans Road
Greenwich
$3.3M
2-4 p.m.
Coldwell Banker
282 Taconic Road
Greenwich
$3.35M
1-4 p.m.
Coldwell Banker
95 Connecticut Avenue
Greenwich
$3.395M
1-3 p.m.
Coldwell Banker
45 Hillside Drive
Greenwich
$3.395M
1-3 p.m.
Raveis
20 Alpine Road
Greenwich
$3.495M
1-3 p.m.
Houlihan Lawrence
347 Sound Beach
Old Greenwich
$3.495M
2-4 p.m.
Raveis
54 Mallard Drive
Greenwich
$3.495M
1-4 p.m.
Douglas Elliman
50 Mallard Drive
Greenwich
$3.549M
1:30-4 p.m.
Houlihan Lawrence
123 Maple Avenue
Greenwich
$3.625M
2-4 p.m.
Houlihan Lawrence
121 Lockwood Road
Riverside
$3.89M
1-4 p.m.
Raveis
14 Coventry Lane
Riverside
$3.95M
1-3 p.m.
BHHS
52 Lockwood Avenue
Old Greenwich
$3.995M
2-4 p.m.
Raveis
50 Lockwood Avenue
Old Greenwich
$3.995M
2-4 p.m.
Raveis
291 Stanwich Road
Greenwich
$4.395M
1-3 p.m.
Sotheby’s
675 North Street
Greenwich
$4.6M
1-3 p.m.
Sotheby’s
10 Club Road
Riverside
$4.745M
1-3 p.m.
Centric
3 Dunwoodie Place
Greenwich
$4.75M
2-4 p.m.
BHHS
18 Lake Drive
Riverside
$4.89M
2-4 p.m.
Raveis
110 Valley Drive
Greenwich
$4.995M
1-4 p.m.
Coldwell Banker
16 Boulder Brook
Greenwich
$4.995M
1-4 p.m.
Coldwell Banker
5 N. Crossway
Old Greenwich
$5.195M
1-3 p.m.
Halstead
10 W Crossway
Old Greenwich
$4.485M
1-3 p.m.
Raveis
37 Doubling Road
Greenwich
$5.559M
1-4 p.m.
Coldwell Banker
156 Taconic Road
Greenwich
$5.75M
12-2 p.m.
Coldwell Banker
189 Shore Road
Old Greenwich
$6.495M
2-4 p.m.
Halstead
33 Vineyard Lane
Greenwich
$6.495M
1-3 p.m.
Sotheby’s
35 Mooreland Road
Greenwich
$8.995M
2-4 p.m.
Sotheby’s
9 Oakley Lane
Greenwich
$9.475M
2-4 p.m.
Coldwell Banker
37 Mooreland Road
Greenwich
$9.995M
2-4 p.m.
Coldwell Banker

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 ###a shape="rect">www.greenwichrealestateguy.com/blog.
If easier, please ) or call (203-273-1034) if I can assist in any way.

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