Greenwich Real Estate Guy's Blog: November 8th Open House List and October Market Report

The Greenwich Real Estate Guy's Blog: November 8th Open House List and October Stats

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I would like to apologize for the delay in getting this out as well as the new format. Unfortunately, Constant Contact has changed their formatting and I can no longer do the spreadsheet with the links. The only workaround I have figured out took five times as long to do. I will continue to work with them and see if I can get back to the old version or have them accept spreadsheets. In the meantime please click on the button below that says Open House List and that should pull up a PDF that will have the links in it. I apologize for the inconvenience. Pictured above is 95 Oneida Drive. This home is listed as five bedrooms, four full baths, with one half bath. It sits on .70 of an acre and has 5,212 s.f. The price is $4.295M and the open house on Sunday is from 2-4 p.m. Completely updated and expanded five bedroom Colonial in sought-after Indian Harbor Association close to Greenwich Avenue. Luxurious 2016 & 2019 expansions included gourmet kitchen & family room, primary bedroom & bath suite and third floor bedroom, bath and flexible use space. A must see! My broker sent this information out on the Old Greenwich School district market report: Since many people are heading to Tod’s Point to soak up this bonus weather I thought I send along some info on the market in the Old Greenwich School district: Home sales here are +5% (town wide home sales are +51%) Prices in OGS are +19% at $2.55M (town wide median prices are +11% at $2,112,500) Inventory here is -28% while town wide inventory is -25%. Pending deals in OGS district are flat (town wide pendings are +135%) Other Old Greenwich School district data points include: Average sold price per square foot this year is $700/psf It takes, on average, 143 days to sell a home here. On average, homes are selling at 96% of last asking price. See attached market overviews. I would guess the reason OGS is underperforming the town as a whole has more to do with a lack of inventory for buyers and higher prices than anything else. Houlihan Lawrence is the #1 brokerage in this geography with a market share that is approx. 2x our nearest competitor. Awesome! Thank you! See attached Market Share report. Factoid: Did you know that Greenwich (aka Tod’s) Point is 147.3 acres? More info on one of our premiere parks:https://www.greenwichct.gov/facilities/facility/details/Greenwich-Point-Park-69 Preliminary GMLS data show home sales in Greater Greenwich surging in October: 92 single family homes sold in October 2020 vs. 40 in October 2019, a 130% jump. Average home prices rose 61% to $3,248,375 Median home prices rose 28% to $2,412,500 Average sold price per square foot in October was $586, an 8% increase over October 2019. Total dollar volume in October 2020 was $298,850,500, up 271% from October 2019. The demand profile continues, as you'll note in the attached Houlihan Lawrence Market Overview report showing lower inventory and robust contract signings. Note: Some of these data will change as deals that closed late in the week get entered next week. My broker David Haffenreffer sent the following answers to questions he is hearing quite often: Frequently asked questions: Will the election on Tuesday change any of the home buying activity we're seeing locally? Not likely. Should a homeowner wait until the "Spring 2021 Market" to sell their home vs today? Market conditions suggest it's a very good time to sell a home in Greenwich today. While I expect demand to continue for the near future it's hard to say that March, for example, will be better than it is today. Are prices skyrocketing? Not as much as you'd think. In fact, we are still meeting with homeowners and suggesting price reductions on listings that aren't getting attention with buyers. The buyer pool is very large today but the buyers remain quite savvy and value oriented. Multiple bid situations appear reserved for the strategically priced homes....not ambitiously priced homes. ​ Shouldn't sellers list with a brokerage that has offices in NYC since the buyers are coming from there? Houlihan Lawrence represents more buyers than any​ other brokerage in Greenwich and has for nearly six years. We credit our great agents, beautiful listings, world-class customer service and cutting-edge marketing for our continued success in attracting our buyers.  Greenwich Market Report ConsumersAdvocate.org, recently published their mortgage rates guide and I thought it might be a good resource https://www.consumersadvocate.org/mortgage-rates. The guide provides a ton of helpful information such as a terminology section, a description of the different types, and even a step-by-step process from Day 1 to day done.

Open House List 11/8

If you're still on the fence about which mortgage lender to choose, check out this helpful guide from Money Magazine:  https://money.com/best-mortgage-lenders/. Whether you want to compare brands, take a look at market projections, or see how COVID-19 has affected the current market, they analyzed all of the key aspects of choosing a mortgage lender so that you can pick the best one for your specific needs. I have paid to allow clients to open up portals to see all listings as they come on the market real time to you, so feel free to  search properties based on your own parameters or set up a portal to get notifications on a customized search. For readers that just follow on the Greenwich Patch I will not be posting all entries on the patch. You can read all postings at www.greenwichrealestateguy.com/blog.    subscribe here to receive each post. Please do not hesitate to email (jrandall@houlihanlawrence.com) or call (203-273-1034) if I can assist in any way.    Best,                                                                                                                       Jared Randall                                                 Join my Mailing List  Houlihan Lawrence Greenwich                     Search Properties  www.greenwichrealestateguy.com           cell: 203-273-1034                      View My Website  email:  jrandall@houlihanlawrence.com     Like me on Facebook