Pictured above is 38 Park Avenue in the highly sought after Old Greenwich neighborhood. This beautiful home has four bedrooms and four full baths with an additional half bath. It sits on .23 of an acre and has 3,424 s.f. The list price is $2.5M and the open house is from 1-3 p.m. on Sunday.
Charming, sun-filled Old Greenwich home on quiet street within walking distance to school, shops, train. Impeccably maintained, newly painted interior with 4-bedrooms, 4 1/2 marble baths, high ceilings, and splendid indoor/outdoor flow features French doors to beautiful privacy of spacious, fenced yard with terrace, deck, lovely established gardens, grand oak/birch trees and garden shed. Inviting layout includes living room with fireplace framed by bookcases; formal dining room; atrium-like foyer with clerestory window; family room; den (or 5th bedroom). Wonderful gourmet center-isle kitchen/breakfast room opens to deck. Fabulous 18'x19' vaulted Master suite with California Closets; versatile 589 SF lower level; finished attic. Abundant storage; sprinkler; generator. A bike ride to beach.
The question I get asked most often is how is the market. Here is a little snapshot of the preliminary numbers as of February with a note from my Broker:
Home sales nearly doubled in February 2021 vs. the same month a year ago but sales declined modestly from January 2021. I suspect the 10% decline in sales from January to February was due more to the lack of inventory than a tapping of the brakes by buyers here. Based on the number of pricings I was aware of this and last week and activity at new listings it feels like the buyers remain ready to pounce.
There are 277 homes for sale in Greenwich, CT today, down from 513 a year ago - see attached Houlihan Lawrence Market Overview report. And while homes are selling with shorter DOM and closer to asking price, we are still seeing that price reductions and smart initial pricing play a major role in attracting offers.
Our brokerage market share data remain so impressive - both in terms of PENDING and CLOSED deals this year - see attached. Thank you! Your perseverance and laser focus on winning listings and delivering success to your clients continues Houlihan Lawrence's role as the most trusted real estate brand in Greenwich.
I was in communication with a reader who had asked about whether his house or my house has gone up in value in the last year, last few months etc. It got me thinking and ran some analysis. As an estimate as every location and house is different this is where I believe homes stand vs different times in the last year, for Greenwich as a whole:
Now vs. last year- approximately 3% increase in value
Now vs. 9 months ago- approximately 5% increase in value
Now vs. 6 months ago- approximately 2% increase in value
Now vs 3 months ago- approximately 1% increase in value
With the lack of inventory and the buyer demand increasing I believe these numbers will continue to increase. Remember that the first four months of last year the world came to a standstill so just about all of the increase has happened in last 6-8 months. The difficulty of writing a blog is how to give customized data for over 500 readers. That being said if you would like specific or customized data to your location or specific house please do not hesitate to email or call.
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Jared Randall
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