Greenwich Residential Real Estate Blog and Analysis: Aug. 7

Shared by Greenwich Real Estate Guy

Dear Greenwich

I have updated the neighborhood reports, and open house links. The July numbers will be updated next week.

The above pictured colonial at 10 West End Avenue in Old Greenwich came on the market two days ago. The home was built in 1892. There are many positive aspects of this home. First and foremost it is an oversized lot. It is listed as .53 of an acre in an R-12 zone, which is a quarter acre zone. The positive is that you can have a bigger home than lots that are in line with the quarter acre. This home is five bedrooms, three full baths and one half bath, consists of 3,176 s.f. It has been recently renovated and is ready for the next buyers to move in. Great play area for a backyard, with lots of space for running around. However, the best aspect is the proximity to the Old Greenwich Village and Old Greenwich Elementary. The price is $1.995M.

As many of you know the idea of this blog was to help educate readers on their markets. That can become tough when there are so many different enclaves, neighborhoods, and sections in Greenwich. At lunch with a friend this week they mentioned picking a couple of specific areas to run queries for and discuss. I loved the idea so will be featuring one to two areas each week. Feel free to email me if you would like a specific area featured in the upcoming week. This week we will tackle the in-town Greenwich condo market and the Back Country market:

In-Town Condo Market

The in-town condo market is incredibly competitive currently. By clicking above you see that the amount of condo sales is up 82.1% ytd vs. this time last year, and up 54.2% year over year. The median sales price has risen from $845K to $1.25M, an increase of 47.9%. This is a great article that was in Bloomberg a couple of weeks ago, written by Oshrat Armiel:

Greenwich Mansions Linger on Market as Condos Sale Fast

Back Country Market Report

Of the different areas within Greenwich, back country has been hit the hardest. However, if you look above you will see some promising numbers. For example last year at this time there had been 33 properties sold with 9 pending sales. This year, we have had 32 sell in the back country but we have 16 pending, which is a huge jump, and will really change the story in the next couple of months in my opinion. Looking at the numbers you see year over year we are down 11% in sales. However, the current market we see a decrease of 5% in inventory and pendings are up 77.8% with good activity. Understanding that year to date we have had 32 sales, to see that we have 16 pending, speaks volumes.

2nd Quarter Analysis

There are currently 676 properties for sale in Greenwich. Last year at this time there were 690 properties. When you look at the charts below you will see that we had an incredible June ending a great 2nd Quarter for the market. With the long winter we had this year, it seems a lot got pushed back and we had 131 closed properties in June. We have had 135 new listings come on in June, so will be interesting to see if this new inventory helps or hurts the market. The single family homes sold grew by 15% in the 2nd quarter over the last year, and the median price grew 9%. To see how much of an impact June had on the market scroll down to the months on average chart below. Please click on the below reports for more specific information. The Q2 report is exceptional and really dives into different sections of the community.

Q2 and June Reports for Markets

Q2 Greater Greenwich Report

Greenwich June Monthly Report

Cos Cob June Monthly Report

Riverside June Monthly Report

Old Greenwich June Monthly 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

Properties Sold

We As you can tell by the above graph. We have had a great two months. May and June really made up for a slower March and April and have pulled us ahead of last year’s numbers. In June 131 properties sold compared to 101 in June of last year.

New Listings

We had 135 new listings in June compared to 124 new listings last year. Thus demonstrating we are more competitive than last year. As we enter typically the slowest time of the year in the next two months I am intrigued to see if we can keep the momentum.

Year to Date Sold

Below is what I said last month. The inventory that hit the market in the lower numbers really help push the market. We had a 50% growth sold in the $500K-$1M market in June where that price range grew from 57 properties sold to 82 in just one month.

“We had a lot of inventory hit the market but it is in the right price ranges. The biggest jump was the $500K to $1M and the $2M-$3M ranges. We also had a great May in regards to closed properties.”

Year to Date Available

Open Houses for August 9th

Below are the 31 open houses this Sunday. The first three are on for rent.

Street Name/Area/List Price/Time/Listing Office

7 Brookside Park Old Greenwich $5K 12-3 p.m. RE/MAX

24 Bedford Road Greenwich $6.975K 12-2 p.m. Raveis

17 Wescott Street Riverside $8.25K 1-4 p.m. BHHS

124 Putnam Park Greenwich $479K 1-3 p.m. Laurel Properties

453 Putnam 4I Cos Cob $499K 1-4 p.m. Raveis

148 Putnam Park Greenwich $550K 2-4 p.m. Coldwell Banker

7 River Road #305 Cos Cob $625K 1-3 p.m. Douglas Elliman

14 Ritch Avenue Greenwich $734K 1-3 p.m. Weichert

7 Brookside Park Old Greenwich $785K 12-3 p.m. RE/MAX

42 Orchard Street Cos Cob $898K 1-3 p.m. Raveis

51 Glen Road Greenwich $1.325M 1-3 p.m. BHHS

41 Leonard Avenue Riverside $1.369M 1-4 p.m. Sotheby’s

24 Shore Road Old Greenwich $1.595M 2-4 p.m. David Ogilvy

6 Carriage Road Cos Cob $1.65M 1-3 p.m. Coldwell Banker

365 Round Hill Greenwich $1.695M 1-3 p.m. Davenport Properties

99 Riverside Lane Riverside $1.695M 1-3 p.m. Newbridge

54 Sundance Drive Cos Cob $1.995M 2-4 p.m. Raveis

10 West End Old Greenwich $1.995M 2-4 p.m. Houlihan Lawrence

24 Bedford Road Greenwich $1.999M 12-2 p.m. Raveis

2 Grimes Road Old Greenwich $2.075M 1-3 p.m. Houlihan Lawrence

28 Upland Drive Greenwich $2.275M 2-4 p.m. Sotheby’s

647 River Road Cos Cob $3.4M 1-3 p.m. BHHS

294 Round Hill Greenwich $3.495M 2-4 p.m. Houlihan Lawrence

649 River Road Cos Cob $3.5M 1-3 p.m. BHHS

98 North Street Greenwich $3.75M 2-5 p.m. Coldwell Banker

31 Owenoke Way Riverside $3.895M 1-3 p.m. BHHS

5 Crossway Old Greenwich $5.4M 1-4 p.m. Sotheby’s

1 Wyckham Hill Greenwich $5.5M 1-4 p.m. Raveis

68 Birch Lane Greenwich $6.595M 1-4 p.m. Sotheby’s

35 Winding Lane Greenwich $6.995M 12-3 p.m. Coldwell Banker

15 Andrews Road Greenwich $8.77M 1-3 p.m. Coldwell Banker

This post was sponsored by the Greenwich Real Estate Guy.