Greenwich Residential Real Estate Blog and Analysis: June 12th

My charts are as of May 31st. Also, I have included links to the May reports that Houlihan Lawrence puts out for each town, and Greater Greenwich as a whole.

Pictured above is 57 Gregory Lane. This home was finished this year and is listed as a 2015 build. One of the positives is it is on a quiet cul-de-sac. It is listed as 4,077 s.f. with an additional 2,500 of unfinished space in the lower level. The flow of this house is great, everything is open, so entertaining and transitioning from room to room would feel natural. I also like the brazilian wood floors. There are four bedrooms upstairs and the master is what today’s buyers are interested in with two walk in closets. The elementary school it feeds into would be North Mianus with Eastern as the Middle School. The price is $2.395M.

May Analysis

As we see the busiest part of the year start to slow down, the numbers are positive. We had matched the highest amount of closed listings in May over the past five years with 91. Also, we had 182 properties come on the market in May. There is a strong belief that one of the aspects holding our market back is lack of quality new listings, especially in the $2M-$3M range, so the fact we had a good amount of new listings we will see if that affects the summer and fall markets.

When diving into the new listings and subsequently the current inventory, I think it will be a good sign for the market. As of April 30 there were 318 active properties priced over $3M (which is the slower end of the market typically). As of May 31st we had 309 active properties priced over $3M. Conversely, under $3M we had 354 properties as of April 30, while as of May 31st we had 388 properties. Hence, the new listings that hit the market were primarily in the price ranges that properties are moving faster. This will let us see how strong the market is. If we see improvement in the closed properties in the Fall months compared to the last few years then we can make the jump that the lack of inventory is slowing us down. However, if we do not see a jump, then the market may be more stagnant.

Here is the link to the 1st Quarter Market Report my firm puts out for your review.

1st Quarter Report

Below are the May reports Houlihan Lawrence puts out:

May Greater Greenwich Report

May Old Greenwich Report

May Riverside Report

May Cos Cob Report

May Greenwich Report

I have invested in my own MLS Search for my readers. This will give access to a lot of the listing information I have. Also, if I have already set you up with your personal portal, you will now be able to search your own searches outside of what I set up for you. Feel free to test out and search properties. I feel the best attribute is that you can save your own search and choose to get alerts as new properties come on to the market, properties are sold, or change in price. All specific to your customized search. Hence, you will speed up your learning curve, becoming an expert in the specific market you care about.

Please let me know if you would like me to provide customized information or statistics for you based on your criteria.

**The information on the featured property and all statistical information is from the Greenwich MLS.

**All opinions garnered from the statistics are my own