What’s been selling?

For the month of April, the homes that were selling the most were priced between $1 million and $1,499,999 (20.8%) and $1.5 million and $1,999,999 (20.8%).

South of the Merrit Parkway, Riverside and Old Greenwich remain the most active markets for single-family homes based on pending sales.

The average sales price for a home south of the parkway is $3,687,372. For Riverside it is $1,911,513 and in Old Greenwich it is $1,816,932.

Nearly 50 single-family homes sold in April ranging in price between $360,000 and $4,300,000. Of those, six closed for slightly more than the asking price. Listed for $475,000, 16 Morgan Avenue sold for $502,000, 25 Perna Lane listed for $585,000 and sold for $601,000, 80 Mary Lane listed for $775,000 and sold for $780,000, 11 Hickory listed for $1,075,000 and sold for $1,100,000, 20 Winthrop Drive listed for $1,450,000 and sold for $1,560,000, and 142 Pecksland listed for $1,695,000 and sold for $1,797,000.

Realtors are continuing to see multiple bids for properties listed at or near market value in preferred locations across the country.

A commonly used protocol for multiple bids is to allow buyers to see the property, prepare their highest and best bid with terms and conditions and submit it to the seller’s attorney by a specified date and time. Inspections by the selected buyer are to be done within a specific time with contracts signed shortly thereafter.

In this way, the property is not tied up for very long with a buyer who for whatever reasons can not perform.

Several properties sold for list price, indicating that they were priced well or at market. They were 11 Maple Street, which sold for a reduced price of $799,000, 4 Lockwood Drive, which sold for $1,150,000, and 141 Sound Beach Avenue, which sold for $1,650,000. Today’s market quickly recognizes when a property is appropriately priced, and buyers respond with offers.

What isn’t surprising about all of this is that the homes listed at the upper price segment, which is $3.8 million to $4.750 million, sold for less than the asking price. They include 26 Marks Road (originally listed for $3,840,000 and sold for $3,000,000), 44 Winthrop Drive (listed for $4,195,000 and sold for $3,875,000), 37 Hillside Road (listed for $4,495,000 and sold for $3,900,000), 191 Otter Rock Drive (listed for $4,500,000 and sold for $4,100,000) and 19 Montgomery Lane (originally listed for $4,750,000 and sold for $4,300,000).

Bidding wars on many properties are also being reported here. There is a shortage of homes having desirable attributes and in preferred locations.

In Greenwich, homes prompting multiple bids are going for the list price or slightly higher, a conclusion substantiated by the sold properties listed above. Buyers are educated and keep current on market developments. Buyers also realize that if they are getting a mortgage, the sale price of the home needs to be consistent with the bank’s appraisal.

Buyers are also asking a lot of questions regarding properties. They are asking about whether the homes sustained storm damage, and if so, the extent of the damage; they want to know about insurance, utility and maintenance costs along with taxes.

If the home was previously purchased during the last few years, buyers want to know of any improvements justifying an increase in purchase price.

Although it is more of a seller’s market, buyers are making informed decisions.

 

Mary Ann Clark is a Realtor with Coldwell Banker at 177 West Putnam Avenue in Greenwich. Questions or comments may be emailed to [email protected]

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