Third Quarter Shifts Into Higher Gear

Shifting into higher gear, during the third quarter of 2018 there was a 26% increase in the number of single family home sales as compared to the same period last year, according the Greenwich Multiple Listing Service.  Do keep in mind, the road is not smooth, and changes in the pace of the market areContinue reading “Third Quarter Shifts Into Higher Gear”

September Closings

Single family home closings in Greenwich, Cos Cob, Riverside and Old Greenwich, CT were mixed in September over the same period the prior year.  Closings generally reflect sales that occurred 30 to 90 days prior.  Some month to month volatility is expected.  Compared to last September, this year: The number of single family sales wasContinue reading “September Closings”

Average Property Taxes on Sold Homes

In an ongoing analysis of of the heavy load of property taxes in the metro area, we can all appreciate that while neighboring towns have effective limits on the value of a home given exorbitant taxes, Greenwich can attract: purchasers reluctant to commit to a heavy and ongoing tax load investors who want home appreciationContinue reading “Average Property Taxes on Sold Homes”

January Closings

We can’t blame the weather. To be sure, in January it was bitter cold for days and days, and there was the onslaught of the January 2018 bomb cyclone blizzard, and so prospective purchasers weren’t as excited about or able to go touring around from house to house in order to decide which one toContinue reading “January Closings”

2017 Home Sale Characteristics

What are some of the typical characteristics of single family homes that sold in Greenwich in 2017? Average Bedrooms: 4.5 Average Square Feet: 4,200 Average Full Baths: 3.5 Average Half Baths: 1.0 Average Fireplaces: 2.0 Average Garages: 2.1 Average Acres: 1.45 Clearly, real estate is not a commodity valued solely by a handful of objectiveContinue reading “2017 Home Sale Characteristics”

2017 Greenwich Single Family Numbers

The 2017 Greenwich single family market was intense despite flat sales.    According to the Greenwich Multiple Listing Service (MLS) 2017 single family sales compared favorably to 2016: 572 single family sales $1.47 billion in sales volume, up 16% $2.6 million average sales price, up 17% $1.8 million median sales price, up 6% Townwide Greenwich includesContinue reading “2017 Greenwich Single Family Numbers”

The Tone of the Market 2017

Stock markets around the globe rallied and real estate markets are improving across the country, but the blizzard roared in New England and along the Eastern Seaboard reminding us that growth and movement is neither guaranteed nor to be taken for granted.  Sometimes, despite all the good, value, effort and success we are presented withContinue reading “The Tone of the Market 2017”

Townhouses

Greenwich is home to a wide variety of homes, including cooperatives, condominiums, flats, townhouses, and single family homes. Greenwich apartments and townhouses tend to be conveniently located near the Post Road and I95 or along the boarder with New York. While some are in or near business districts, others may be nestled in a moreContinue reading “Townhouses”

Not Enough Ribbons

Consider the $4 to $7 million price range for residential homes.  Luxury, quality and privileged few come to mind for the average American.   In other communities such a high price range might reflect a location in  an exclusive gated community within the most desirable neighborhoods in town.  One might expect few bidders. Greenwich is moreContinue reading “Not Enough Ribbons”

A Peek At Bedrooms

What is the price per bedroom in Greenwich? In order to get a current view, I looked at sales in the trailing twelve months and found the bulk of the homes sold had between three and five bedrooms. There were 566 sales and 37% of the homes sold had four bedrooms. Homes with five bedroomsContinue reading “A Peek At Bedrooms”

Land Trades Mark Optimism

While long-timers may lament that Greenwich isn’t what it used to be (few places are), others see Greenwich for the value and upside it offers today. Given the initial price tag, long term effort and carrying costs, land purchasers assume risk and thus hold a strong belief in upside potential. Those with the capacity toContinue reading “Land Trades Mark Optimism”

Map of Market Conditions

  The residential real estate market is seasonal with the Spring Market representing a particularly active period. Sellers have completed spring cleaning and landscaping and minor repairs, while prospective purchasers often want to move or conduct upgrades during the summer months so they are settled before the next school year begins. Properties go under contractContinue reading “Map of Market Conditions”

Renovations and May Closings

There are many components a prospective purchaser will consider in valuing real estate. Simplified, they include the land value and improvement value. The value of the land reflects location, size, access, neighborhood, zoning, rights (including untapped building potential or access to public utilities), topography, views and more. The value of the improvements includes the house,Continue reading “Renovations and May Closings”

A Shift in the Rhythm of the Buying Process

The first quarter of 2017 primed the Greenwich residential real estate market with a Feel Good Feeling, and yet there were still mixed reports on the state of the market. If sales are up, why did it feel slow? I took a look at lockbox showings reports in Greenwich, Cos Cob, Riverside and Old GreenwichContinue reading “A Shift in the Rhythm of the Buying Process”

Affordability and Original List Price

In the prior twelve months there were 604 single family home sales in Greenwich ranging from $400,000 to nearly $20 million. Sales in the entry market, below $500,000, were constrained by a lack of inventory and constituted 1.2% of homes sold. The picture changed dramatically in the $500,000 to $1.5 million range in which thereContinue reading “Affordability and Original List Price”

Like a Lion

The first quarter of 2017 started and ended with notable strength. In March Greenwich single family homes sales surged up 82% to 53 closings in 2017 from 29 closings last year. The average sales price remained flat at $2.6 million. Total single family volume improved 80% to $135 million from $71 million in March ofContinue reading “Like a Lion”

Stamford, Darien, New Canaan and Westport

This week I took a look at select towns in southern Fairfield County Connecticut that share proximity and similarities to Greenwich, including its neighbor, Stamford, New Canaan, Darien and Westport. Stamford Moves Inventory, at a Lower Price Point In 2016, Stamford had the lowest average price point of $685,000, while New Cannan averaged $1.6 million,Continue reading “Stamford, Darien, New Canaan and Westport”