Greenwich Real Estate Guy's Blog: 1st Quarter Market Report

The Greenwich Real Estate Guy's Blog: 1st Quarter Market Report A weekly analysis brought to you by Greenwich Real Estate Guy.
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Pictured above is the 1st Quarter Market Report. One of the best aspects of the company I work with is their statistical approach to the market. This report epitomizes their focus on the education of our clients. I will share some of the points specific to different areas of town. However, it is definitely worth the few minutes to click and dive into.
Some regional statistics we'd like to share.
Old Greenwich remains a popular choice for New York City buyers. The area is off to a strong start, with unit sales up66 percent in the first quarter from a year ago. City-dwellers are attracted to the areas small-town convenience, alongwith the beaches, schools, restaurants and shopping. The train to NYC just a short bike or walk away is always a bigselling point as well. That has helped lift average selling prices jump nearly 40 percent compared to the first quarter of2015.
Riverside is also off to a steady start. Sales have moved higher by about 8 percent from a year ago. But we note thatthose homes that sell are selling closer to their asking price. That tells us that when homes are thoughtfully priced,buyers who would otherwise nibble, will bite. It is taking longer to sell homes in the area, and that is reflected in lowerprices.

South of Post Road has been a huge winner for sellers with all indicators showing improvement over last year.Twice as many homes sold in the first quarter of this year as in 2015. Days on market are down more than 26 percent,and prices rose in the first quarter by more than 60 percent compared to the year ago quarter.Among the highlights: a $15 million waterfront home in Belle Haven. We are proud to have represented both thebuyer and seller. The common thread here is simple: beautiful homes in locations that are convenient to the restaurantsand shopping along Greenwich Avenue, as well as the train and highway for commuters.
First time home buyers and downsizers are attracted to Cos Cob. It has become a popular spot for food lovers withan assortment of new dining options. It also offers the lowest median home prices in Greenwich. Demand is strongestin the under $1 million range. We have seen activity level off after a busy half of 2015, and homes are taking longer to sell.Sellers have seen prices rising North of the Parkway, with the median sale prices up 63 percent. Entry level homescontinue to get the most attention from buyers in "back country Greenwich, with the $1 million to $2 million rangeleading the way. But time is not on a seller's side here. Days on market has climbed to 332. Yes, almost a year on average.There have been fewer transactions, and inventory is up, especially in the under $2 million range.
The $3-$4 million range has also seen a surge in the number of homes for sale. Sellers must keep this in mind and be strategic in how they price and present their property right from the start.South of the Parkway has seen an encouraging decrease in the time it takes to sell a home. Days on market hasfallen to 179, the best since 2013. But that is still about six months. Inventory has been on the rise, up about 33 percentcompared to a year ago, and we are seeing low demand, especially between $3 and $5 million.The Condo market enjoyed a surge in sales in the first quarter. Buyers included first time buyers as well as downsizers.Sales jumped nearly 10% while prices remained flat compared to 2015.Greenwich continues to be a top choice for newly formed families looking to buy their first home. We believethe more affordable prices, continued low interest rates and shifting demographics will be a benefit to our market.The financial markets have proven the naysayers from the start of the year wrong, and have come back strong to pushtowards new highs. The job market continues to improve, lifting consumer confidence, and creating new reasons forbuyers to come off the sidelines. Prepared sellers will benefit from their advance planning.

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Best,

Jared Randall Join my Mailing ListHoulihan Lawrence Greenwich Search Propertieswww.greenwichrealestateguy.com Forward to a Friendcell: 203-273-1034 View My Websiteemail: jrandall@houlihanlawrence.com Like me on Facebook