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Kaye Lewis
"Let's Talk Greenwich Real Estate"
Thu Jun 19, 2008
Greenwich Inventory Builds to Record Numbers
As of 6/9/08, the number of single family homes on the Greenwich MLS was 572. This is the highest number of homes I've seen listed since I began trcking inventory levels in July 2006. Based on the number of sales in the last 30 days, there's approximately 13 months of inventory if we continue at the same rate of sale and not another home is listed for sale. Based on lack of consumer confidence, I'd recommend to all sellers to sharpen their pencils if they need to sell in 2008.
So what does this mean? It's a great time to buy! Historically, when prices are low, interest rates are high, but at this unique moment, we have the unusual combination of low price and low interest rates. In years past, buyers made split second decisions when the market was hot...now they have the luxury of choices. Take advantage of this "miracle moment" in the market. It may not last forever. Greenwich has been one of the last markets to be affected by the real estate slow down and it will be one of the first to recover. And take note: the average sales price of a single family home has actually gone up in 2008! Now's the best time to make your move!
Posted by: Kaye
on Jun 19, 08 | 12:08 pm
Wed Apr 09, 2008
The Miracle Moment in Greenwich Home Sales
I had the pleasure of hearing Barbara Corcoran, über realtor/pundit, speak yesterday in Westport, CT. She talked about her career, building/selling her company, the media's relentless negativity about the real estate market and the constant ups and downs of home sales. One of the most poignant comments she made was regarding the lack of recognition by today's buyers of the unique conditions in the current marketplace: A) the dropping of home prices with B) some of the lowest mortgage rates in years.
It's not unusual for prices to drop in some markets (not often in Greenwich!), nor is it unusual for interest rates to fall, but for BOTH of these critical elements to occur simultaneously! What are buyers waiting for? Do they prefer a seller's market or for multiple bids to be commonplace again before they make their move? Why? Does anyone really think they can time the market? I'm simply perplexed.
Obviously, Greenwich has savvy consumers out there now. In fact, in the last 30 days, 55 sales contracts have been reported in Greenwich, in properties priced from $315K to $22MM. So don't let the media fool you into thinking our market's dead. If you're thinking of buying, this may be your best opportunity to get a great price on a Greenwich home.
A buyer recently told me she preferred the "good ole days" when she had only 2 homes to choose from and 30 minutes to make up her mind before someone outbid her on her first choice. Really? Too many choices now? If that's a problem, then let me supply you with info on area sales history of your top 3 choices so perhaps you can ascertain the best investment opportunity along with the best home for your needs. This is a great time to buy...take advantage of it while it lasts, because as Barbara Corcoran said, "This market won't last forever, it never does!"
Posted by: Kaye
on Apr 09, 08 | 1:46 pm
Fri Apr 04, 2008
Greenwich Home Sales/2007 vs. 2008/1st Quarter Recap
The info is in...and while it's not as rosey a scenario as we'd like, it's not all bad either! While new sales contracts and closings are down, so is new inventory...so the proverbial "glut of inventory" isn't happening. The average price of a new listing is up nearly 3%, while the median price is down nearly 4%.
As for those Greenwich homes now under contract, the average list price of those that have found a buyer is up slightly, while the median price is slightly down. Average days on market has grown to over 200 days, but those homes that DO NOT require a price reduction continue to sell significantly faster than those that must be price reduced in order to find a buyer. (Here's a marketing tip: if you want to maximize your sales prices and minimize the hassle of selling, price it right from the beginning!).
For closed sales, the average list price of those home that transferred title during this time was up nearly 7%, but the median list price was down 13% and median closed price was down 8%.
TRANSLATION:
We're seeing well priced homes in good condition go to contract in less than 30 days, so it means that there are active buyers out there. They are simply discriminating and have done their homework. By looking at all the homes for sale in their specific segment of the market (whether searching on the internet or in person), they recognize value when they see it and act accordingly!
Don't think that because a buyer isn't visiting your home with an agent, it means your home isn't being seen by perspective buyers. Since almost 80% of all buyers begin their home search on the internet, it becomes vitally important that your home be highly visible on the internet with multiple photos, virtual tours and on multiple portals (MORE WEBSITES!). Because buyers think there's a high level of inventory in all areas, they are simply utilizing their time wisely by using the internet to eliminate homes they don't need to visit in person.
Posted by: Kaye
on Apr 04, 08 | 2:01 pm
Thu Mar 27, 2008
Where's the Pony?
Do you remember the joke about the reaction of 2 kids, one optimistic and the other pessimistic ,who were individually left in a testing room with nothing but horse manure? Well, I'm looking for the pony in the current Greenwich real estate market. Honestly, it's not that dire out there, but there's definitely a look of caution in the eyes of most buyers now.
In the past 30 days, there have been 50 homes with new contracts, and 38% of those were under $1MM. The other 62% ranged in price from $1,195,000 to $22,000,000 (2 were over $10MM). That's more than 1 contract per day even before we reach what is often the busiest activity phase in the year.
I can't help but think that we've reached the proverbial "low" in the local real estate market and that this may well be the best time to buy at the best prices we've seen in years. Sellers are "getting it" about pricing...statistics show that overpriced Greenwich homes take twice as long to sell than homes that don't require price reducctions!
And it's important to remember that historically, Greenwich properties have held their value even in previous market downturns. Take a look at the average sales prices of Greenwich homes over the last 20+ years and you'll see that whenever there's a dip in the prices, the following year shows more than just recovery---there's real growth, so this may be the time to get the best prices we'll see in years. Use this link to view the info: http://www.kayelewis.com/realestate3.html
I invite your questions and comments. Feel free to respond here or call me at 203-618-3119.
Posted by: Kaye
on Mar 27, 08 | 3:42 am
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