What’s selling in Greenwich

Last week, Realtor.com reported that home sellers who listed their home in April had the most success, meaning they received multiple offers and had the shortest time on the market.

The spring began with a shortage of inventory and a pent-up demand, leaving many buyers looking for homes and very low interest rates. But, as the spring market ended, “month-over-month” inventory increased in many real estate markets and many markets within markets. This hampered home price appreciation and increased the time on the market to sell a home.

In Greenwich, about 150 homes of all types sold that were listed between April 1 and May 31, 2013. These properties sold between $290,000 and $7,375,000. As of this writing, an additional 33 homes (again, of all types) have an accepted offer/contract, contingent contract or executed contract that were listed in April and May of this year. These homes were priced between $327,000 and $7,495,000.

When comparing units sold from August 2012 to August 2013, single-family and condos/co-ops and multi-family sales increased while, understandably, rentals decreased in town. The number of listings year to date went up a little more that 2% this year over 2012.

There is still a shortage of homes in Riverside and Old Greenwich (primarily in the North Mianus and International School at Dundee district areas) and for entry-level homes. There are approximately 21 properties with an accepted offer/contract, contingent contract or executed contract in these areas. All but two were listed for sale after April 1, 2013. In fact, two properties have gone in less than three weeks from date of listing.

In Greenwich, as well as across the nation, there is little inventory of newly constructed homes. Cities are trying to assist developers in figuring out ways to build homes. Land is also scarce for development. At the height of land availability in 2009, there was almost an eight-month supply. Today there is less than a four-year’s supply and approximately a quarter of land is in the more preferred A or B rated locations, according to Metro Study.

According to the Builders Association, the shortage of parcels is contributing to the slowing of the housing recovery.

In Greenwich, eight listings of land sold as of Aug. 20, 2013 as compared to seven parcels last year. There are about 78 parcels on the market.

At the peak of the housing market, developers across the country were completing more than 1.6 million single-family homes a year. Developments dropped to less than 500,000 during the economic downturn. This year more than 570,000 homes are expected to be completed. Many towns believe that when there is little to no new construction, there is an increase in aging, outdated homes that can bring overall home values down. Realtors in Greenwich have been reporting that buyers are seeking new or fully updated homes. There are approximately 19 homes on the market that have been built since 2012. Homes are selling even before they are built in preferred areas of town and popular price points like 32 Loughlin Avenue, 71 Riverside Lane, 6 Elizabeth Lane and 11 Knoll Street.

The upper price market segment ($5,000,000 or more) has begun to see more activity. These qualified buyers are seeking Conyers Farm, Round Hill Road mid-country and Indian Head Road properties based on properties under contract as well as Belle Haven, when you include those that have sold.

 

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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