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FIRST QUARTER-2017 MARKET REPORT

FIRST QUARTER-2017 MARKET REPORT

By Robin Kencel, The Stevens Kencel Group at Douglas Elliman Real Estate

Positive economic indicators, including gains in the stock market, uptick in job growth and increased consumer spending outweighed any policymaking confusion coming from Washington in the first 100 days.  In Greenwich, this consumer confidence and the anticipated rise in mortgage rates translated into strong first quarter sales with overall volume up +10.5%– the highest gain seen in the last 7 quarters.  The average home sales price similarly showed strength up +22.5%, reaching $2.5 million.
Hot spots and quarterly trends can be seen below.  For specific neighborhood and price segment information, please click here.
 
HIGHLIGHTS
  • Back country (north of the Parkway) enjoyed sales gains of +18.2%, led by property sales below $3 million.  We anticipate seeing a plethora of construction equipment along those country lanes with new building replacing the small, older homes just sold,
  • The bulk of the sales this quarter occurred south of the Parkway to mid country, with both average pricing and volume posting gains.  The majority of the sales in these locations were sub $3 million,
  • Central and Old Greenwich showed the greatest number of sales, continuing a trend we have seen for some time with a preference to be a short distance to downtown or enjoying the small town feel that Old Greenwich offers,
  • Cos Cob and Riverside posted double digit volume gains, continuing the growth trend that has been taking place for some time in these two areas,
  • The Condominium/Coop market continues its steady performance with sales up +11.4% and average price just shy of $1 million, up 9.6% vs. YAGO.
NOTABLE SALES FIRST QUARTER, 2017
The highest priced property in Greenwich sold for $19.25 on Oneida Drive in Indian Harbor and is two waterfront parcels, totally 5.72 acres.  A prewar home is on the property and word has it that the new owners, Greenwich residents, are planning on a full renovation.  Preserving the town’s rich architectural history is so important– a personal thank you to the new owners for their anticipated efforts.  The least expensive single family home sold for $425,000 on Nicholas St. in Pemberwick and is 798 square feet on .13 acres.  It was on the market 425 days.  The next least expensive to sell was also in Pemberwick and sold for $450,000; an 1,107 square foot house on .17 acres on the market for just 7 days .
In terms of the age of houses sold, 41% were built between 1950-2000, 47% sold were pre-war (1949 and before) and 22% were built after 2000, consistent age split from 2016.
THE HOUSE IN GOOD TASTE
This segment’s First Quarter feature is taken from Martha Stewart’s online newsletter.
Spring Gardening and Lawn Maintenance
It seems like we leapt right from winter weather to the 80s.  No time to lose in getting our lawns and gardens in gear.
Start with a plan.  Decide what projects you want to take on.  Set up a timeline and talk to the people executing your plans and make sure they jive with any parties or events you are planning on.
There’s more to land maintenance than mowing.  Set up a fertilization plan that includes whatever issues seem to regularly make their appearance from crabgrass to May flies.  After trial and error with three different providers to control flying insects, I now have an organic lawn control company that is successfully keeping unwanted airborne guests to a minimum and happy to share that resource with you.
Think Differently About Water.  Greenwich is being restricted on the usage of sprinklers.  This is not the time to be doing new planting that requires regular watering.  Talk to your irrigation company and lawn provider on what can be done to prevent lawn burnout.
Spend time watching your garden grow.  Truly.  Every day something is happening that is subtle and beautiful if you just pay attention.
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