Greenwich Real Estate Guy's Blog: 2nd Quarter Market Analysis

Dear Patch Readers,

I will be hosting a public open house 33 Butler Street on Sunday from 1-4 p.m. Enjoy a wonderful indoor/outdoor lifestyle in this updated four-bedroom, two and a half bath home with a great deck, inviting stone terrace and greenhouse, set back on a well-landscaped, level .39 acre within walking distance to trains, schools, shopping, Cos Cob and Loughlin Parks. The sunny interior, with wood floors in most rooms, radiant skylights and three sets of sliding doors to the terrace, offers a granite clad kitchen with center island seating and stainless appliances; living and dining rooms with a vaulted beamed ceiling and fireplace; bay window seat and fireplace in family room; and mudroom. The private master suite boasts a vaulted ceiling with a skylight. Three additional bedrooms occupy the other side of the home. Also includes an outdoor shower and attached garage. The price is $1.43M.

From the Q2 Market Report from our CEO Stephen Meyers, and President Chris Meyers

The view looks good from where we sit this summer and we have you to thank for it.


Houlihan Lawrence remains at the top, as the #1 brokerage serving Greenwich, Connecticut. It is a credit to our world class agents, staff and most of all our clients that we participated in 7 of the top 10 sales in the second quarter.


As the previous quarter closed out, we predicted that when the weather improved, pent-up demand would boost our local property market. Because of our close ties in the community, we knew that serious and focused buyers were waiting in the wings, ready to finally buy their dream homes this spring.


We are thrilled to have been correct on that call. We were able to erase most of the declines of the first quarter, as both home sales and prices rose this in the most recent quarter. Rising home prices is also being seen at the national level. Home values jumped more than 7 percent in May, the biggest increase in 4 years according to CoreLogic.


We also remain vigilant in keeping tabs on relevant changes tied to the broader economic situation and political action in Washington D.C. Despite volatility, the stock market was higher in the second quarter. The job market remains strong, and corporate profits continue to grow, thanks in part to tax relief.


Buyers are still very specific when it comes to selecting a property. Homes are on the market longer, on average nearly 8 months. That is an indication that while buyers will buy when they see what they want, at the price they want, there is still no sense of urgency.


Serious sellers must have a competitive mindset ahead of listing. That means pre-market painting, along with updates, and in many cases, professional staging. Initial pricing needs to be strategic and realistic. Rising mortgage rates, and the increased cost of borrowing money for buyers also needs to be considered. An impartial outsider assessment of a property is an essential set in preparing to list a home.


Some regional statistics we'd like to share:


Greenwich North of the Parkway saw a spike in home sales, rising more than 85 percent in the second quarter compared to last year. Sellers still have to be patient. On average it can take close to a year to sell a property. But buyers are seeing value in the area and offers are conservative. That trend is reflected in a decline in average sales prices.


Sales were slower in Greenwich South of the Parkway but there were some price increases, most notably in the $4- $5m range. The highest demand is for properties priced under $2 million.


We were not surprised to see that home sales South of the Post Road benefited from their proximity to town and the waterfront community. The number of homes sold, and the average price, both gained traction.


Cos Cob was a standout success. The number of homes sold soared by 64 percent in the second quarter compared to last year. Average sale prices were higher by a staggering 34 percent. The area is close to the train for commuters, as well as dining and shopping.

Riverside home sales edged lower with some progress upward in pricing. Sellers should be mindful that buyers are taking their time. Days on market ballooned to over 200 days. Buyers don't want to overpay and have showed extreme patience in waiting for prices to come down.


There was a nice bump up in sales in Old Greenwich, though average sales prices barely inched higher. The picturesque community with its quaint village setting and bike ride to the beach remain a big attraction for buyers.


Condo sales in Greenwich showed healthy price gains. More units were sold as well. Buyers like new construction but will also pay up for pre-owned properties that are in A+ condition.


The success of the condo market is an example of the very real challenge many home owners face. While more buyers have the financial resources to move forward, they will not compromise on quality.


The market simply lacks FOMO, or Fear of Missing Out. Sellers who embrace the opportunity to upgrade their homes and manage their own price expectations will sell their property and be able to move forward with their future plans.


We accept the challenge and are ready to step up to be part of your winning team. We look forward to a winning summer season and welcoming new neighbors to our community.'

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 73 Open Homes for Sunday.

Street Name
Area
List Price
Time
Listing Office
2 Gerald Court
Riverside
$4.5K
11-2 p.m.
Keller Williams
11 Fairfield Avenue
Old Greenwich
$4.95K
1-3 p.m.
Coldwell Banker
35 Sound Beach Avenue
Old Greenwich
$5.95K
1-3 p.m.
Sotheby's
59 Riverside Lane
Riverside
$6.5K
1-3 p.m.
BHHS
6 Knoll Street
Riverside
$11K
1-3 p.m.
Coldwell Banker
81 Hendrie Avenue
Riverside
$12K
2-4 p.m.
Coldwell Banker
95 Stanwich Road
Greenwich
$13.5K
1-3 p.m.
Raveis
229 Stanwich Road
Greenwich
$14.85K
1-3 p.m.
Houlihan Lawrence
29 Glen Avon Drive
Riverside
$16K
2-4 p.m.
Halstead
1535 E. Putnam #110
Old Greenwich
$399K
1-3 p.m.
Weichert
190 Putnam Park
Greenwich
$465K
1-3 p.m.
Davenport
22 Putnam Park
Greenwich
$489K
2-4 p.m.
Davenport
108 Putnam Park
Greenwich
$510K
2-4 p.m.
Weichert
53 Rodwell #A
Greenwich
$524K
2-4 p.m.
Raveis
51 Rodwell #A
Greenwich
$539K
2-4 p.m.
Raveis
17 Palmer Street #4
Cos Cob
$580K
1-3 p.m.
Raveis
51 Forest Avenue #72
Old Greenwich
$629K
2-4 p.m.
Anderson Associates
37 Sheephill Road #6
Riverside
$649K
2-4 p.m.
Douglas Elliman
25 Hollow Wood
Greenwich
$680K
1-3 p.m.
Coldwell Banker
70 Riverdale #1003
Greenwich
$735K
1-3 p.m.
Coldwell Banker
11 River Road #116
Cos Cob
$748K
1-3 p.m.
Houlihan Lawrence
40 Woodland Drive #A
Greenwich
$770K
1-3 p.m.
Raveis
16 Sunshine Avenue
Riverside
$839K
1-3 p.m.
Coldwell Banker
2 Gerald Court
Riverside
$849K
11-2 p.m.
Keller Williams
69 Riverdale #104
Greenwich
$859K
2-4 p.m.
Coldwell Banker
70 Riverdale #901
Greenwich
$879K
2-4 p.m.
Coldwell Banker
147 E. Elm
Greenwich
$895K
1-3 p.m.
BHHS
60 Valley Road #B
Cos Cob
$895K
1-3 p.m.
Coldwell Banker
16 Heusted Drive
Old Greenwich
$980K
1-4 p.m.
New England
40 Oak Ridge Street #1B
Greenwich
$1.075M
1-3 p.m.
Coldwell Banker
47 Sachem Lane
Greenwich
$1.075M
2-4 p.m.
Sotheby's
362 Davis Avenue #4
Greenwich
$1.095M
2-4 p.m.
David Ogilvy
11 Fairfield Avenue
Old Greenwich
$1.095M
1-3 p.m.
Coldwell Banker
43 Sundance Drive
Cos Cob
$1.095M
1-3 p.m.
Sotheby's
1044 North Street
Greenwich
$1.1M
1-4 p.m.
Keller Williams
9 Fairfield Avenue
Old Greenwich
$1.125M
1-3 p.m.
Exp Realty
15 Robin Place
Old Greenwich
$1.147M
1-3 p.m.
Houlihan Lawrence
37 Lockwood Lane
Riverside
$1.15M
2-4 p.m.
Keller Williams
35 Sound Beach Avenue
Old Greenwich
$1.199M
1-3 p.m.
Sotheby's
2 Bote Court
Greenwich
$1.37M
2-4 p.m.
BHHS
61 Orchard Place #B
Greenwich
$1.38M
1-3 p.m.
BHHS
33 Butler Street
Cos Cob
$1.43M
1-4 p.m.
Houlihan Lawrence
4 Banksville Road
Greenwich
$1.495M
1-3 p.m.
Coldwell Banker
116 Old Stone Bridge
Cos Cob
$1.495M
1-3 p.m.
Houlihan Lawrence
22 Mianus View
Cos Cob
$1.499M
2-4 p.m.
Houlihan Lawrence
142 Sound Beach
Old Greenwich
$1.585M
1-3 p.m.
Sotheby's
62 Long Meadow Road
Riverside
$1.629M
1-3 p.m.
Houlihan Lawrence
59 Riverside Lane
Riverside
$1.695M
1-3 p.m.
BHHS
45 William Street #B
Greenwich
$1.75M
1:30-3:30 p.m.
Kinard Realty
340 Field Point
Greenwich
$1.995M
2-4 p.m.
Houlihan Lawrence
14 Rockview Drive
Greenwich
$2M
2-4 p.m.
Houlihan Lawrence
32 Loughlin Avenue
Cos Cob
$2.145M
1-3 p.m.
Raveis
37 Crescent Road
Riverside
$2.15M
1-3 p.m.
Raveis
81 Hendrie Avenue
Riverside
$2.195M
2-4 p.m.
Coldwell Banker
15 Shady Lane
Greenwich
$2.265M
2-4 p.m.
Coldwell Banker
2 Randolph Place
Cos Cob
$2.295M
2-4 p.m.
Coldwell Banker
6 Knoll Street
Riverside
$2.395M
1-3 p.m.
Coldwell Banker
22 Indian Head Road
Riverside
$2.395M
1-3 p.m.
BHHS
199 Palmer Hill
Old Greenwich
$2.595M
11-1 p.m.
Higgins Group
11 Meyer Place
Riverside
$2.65M
1-3 p.m.
Sotheby's
9 Stallion Trail
Greenwich
$2.95M
12-2 p.m.
Keller Williams
95 Stanwich Road
Greenwich
$2.995M
1-3 p.m.
Raveis
24 Pell Place
Riverside
$3.395M
2-4 p.m.
BHHS
19 S. End Court
Old Greenwich
$3.395M
1-4 p.m.
Five Corners
123 Maple Avenue
Greenwich
$3.625M
1-3 p.m.
Houlihan Lawrence
229 Stanwich Road
Greenwich
$4.45M
1-3 p.m.
Houlihan Lawrence
16 Boulder Brook
Greenwich
$4.995M
1-4 p.m.
Coldwell Banker
8 Buckthorne Lane
Greenwich
$4.995M
1-3 p.m.
Houlihan Lawrence
5 Crossway
Old Greenwich
$5.195M
1-3 p.m.
Halstead
10 Crossway
Old Greenwich
$5.485M
1-3 p.m.
Raveis
30 Club Road
Riverside
$5.995M
1-4 p.m.
BHHS
189 Shore Road
Old Greenwich
$6.195M
2-4 p.m.
Halstead
29 Glen Avon Drive
Riverside
$6.5M
2-4 p.m.
Halstead

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.

Best,

Jared Randall