Greenwich Real Estate Guy: Greenwich CT-Residential Analysis and Blog: 10/19/12

Greenwich, CT Residential Real Estate Analysis: October 19th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

The above beautifully updated home is located at 21 Ridge Road in Cos Cob.  It has been on the market for four days.  This property is located within walking distance to the Elementary, Middle, and High School.  The house is sitting on .25 of an acre and contains three bedrooms along with two baths.  It is listed as 2,174 square feet and is for sale at $1.195M.  This is a turn key home ready for someone to move in.  It is listed as three bedrooms, with two upstairs and one on the main floor.  The current owners are using the bottom bedroom as an office/study.  The renovations and updates are what make this house great in my opinion. I alos liked the great landscaping. We are continually seeing more properties come on to the market than are being sold.  For example last week, we had twenty nine new listings.  Yet, only fourteen properties closed.  Now, realize that the closed properties typically take thirty to sixty days to meet contingencies and go through contracts.  So, a more up to date barometer would be AOCTS (Accepted Offer Continue to Show). We only had eleven of those last week, much less than the twenty nine new properties.  Hence, although our sold numbers are slowly moving up from years past, my personal opinion is the market will not start to show improvement until the solds, or AOCTS outpace the new listings. This weekend is supposed to be beautiful out and with the colors of the leaves changing, it will be a great day for touring open houses.  As always, if you have a house in mind you would like to see, please do not hesitate to call.  I would also like to thank Mark Pruner for mentioning me in the Greenwich Patch.   Please let me know if you would like me to provide customized information or statistics for you based on your criteria.  **The information on the featured property and all statistical information is from the Greenwich MLS.  **All opinions garnered from the statistics are my own

Properties Sold  We have passed 2011 sold numbers for October.  However, we are seeing the same trend, even with the 14 sold last week, there were 29 new listings.  New Listings We have had 29 new listings so far this month, which puts us up to 63 for the month.  It is looking like next week we could pass the numbers for 2011.   Year to Date Sold The biggest jump in houses this week was the seven that sold in the 500K-$1M range.  This made a 1% change in that category. Year to Date Available    Even though it did not show in the above chart we had the current available properties in the $4M-$5M range drop to 45 from 51, a more than ten percent drop in inventory.  As you will see below the $4M-$5M range is the only range that dropped this week and it dropped an astounding six weeks.  In an effort to define the different markets as a good time to buy or sale I believe one needs to look at the months on average it would take to sell through the inventory we have.  We are currently 42 weeks through the year. In the $0-$500K range we have 7.81 months on average to sell through. $500K-$1M  we have 6.34 months.  In the $1M-$1.5M we have 10.8 months. $1.5M-$2M we have 8.96 months.  $2M-$3M we have 12.25 months, a gain of a month.  $3M-$4M we have 18.43 weeks a gain of a month $4M-$5M we have 24.21 months, a drop of six weeks. $5M-$7.5M we have 24 months. $7.5-$10M we have 35.5 months providing a drop of one month.  $10M and above we have 40.5months.    Open Houses October 21st      Below are all of the Greenwich Open Houses for Sunday.  If you click on the link it will take you to the listing.  It should be a beautiful weekend, so enjoy.  The first five on the list are for rent. Address Town List Price Time Broker 60 Valley Road #A Cos Cob $4K 2-4 PM Raveis 60 Valley Road #B Cos Cob $4.2K 2-4 PM Raveis 543 Stanwich Road Greenwich $6.4K 1-4 PM Raveis 81 Sherwood Place #D Greenwich $8.5K 1-4 PM Prudential 30 Sherwood Avenue Greenwich $12.5K 1-3 PM Prudential 117 Putnam Park #117 Greenwich $375K 2-4 PM Sotheby's 1535 E Putnam Avenue #402 Old Greenwich $389.5K 1-3 PM Raveis 50 Valley Road #A2 Cos Cob $437.5K 1-3 PM Sotheby's 51 Forest Avenue #123 Greenwich $499K 1-4 PM Prudential 207 Sheephill Road Riverside $525K 1-3 PM Shore & Cntry Prop 49 Valley Road #A1 Cos Cob $598K 1-3 PM Sotheby's 60 Valley Road #A Cos Cob $599K 2-4 PM Raveis 47 Lafayette Place #4-I Greenwich $599K 1-4 PM Prudential 60 Valley Road #B Cos Cob $624.9K 2-4 PM Raveis 98 Putnam Park #98 Greenwich $695K 1-4 PM Raveis 133 Lake Avenue Greenwich $749K 1-4 PM Prudential 89 Prospect St Greenwich $799K 1-3 PM Sotheby's 5 North Ridge Rd Old Greenwich $898K 3-5 PM Prudential 25 Griffith Road Riverside $1.099M 2-4 PM Raveis 38 Breezemont Avenue Riverside $1.125M 1-4 PM Sotheby's 60 Valley Road A&B Cos Cob $1.22M 2-4 PM Raveis 13 Center Drive Old Greenwich $1.245M 2-4 PM Sotheby's 116 Lockwood Road Riverside $1.275M 2-4 PM Raveis 17 Stuart Drive Old Greenwich $1.375M 2-4 PM Sotheby's 81 Sherwood Place #D Greenwich $1.425M 1-4 PM Prudential 130 Woodside Drive Greenwich $1.469M 2-4 PM Sotheby's 77 Sherwood Place #B Greenwich $1.525M 1-4 PM Prudential 24 Burning Tree Road Greenwich $1.6999M 2-4 PM Sotheby's 34 Bote Road Lot 10 Tomney Road Greenwich $1.75M 1-4 PM Raveis 127 Havemeyer Place Greenwich $1.797M 1-4 PM Raveis 43 Stag Lane Greenwich $1.85M 2-4 PM Sotheby's 212 Bible Street Cos Cob $1.995M 2-4 PM Sotheby's 112 Taconic Road Greenwich $1.995M 1-4 PM Prudential 18 Welwyn Road Riverside $2.65M 1-4 PM Prudential 19 Crescent Road Riverside $2.695M 2-4 PM Raveis 30 Sherwood Avenue Greenwich $2.75M 1-3 PM Prudential 30 Sherwood Avenue Greenwich $2.75M 1-3 PM Prudential 543 Stanwich Road Greenwich $2.825M 1-4 PM Raveis 543 Stanwich Road Greenwich $2.825M 1-4 PM Raveis 127 Dingletown Road Greenwich $3.199999M 1-4 PM Raveis 55 Will Merry Lane Greenwich $3.25M 2-4 PM Coldwell Bnkr 64 Hillcrest Park Old Greenwich $3.495M 2-4 PM Sotheby's 1200 Lake Avenue Greenwich $3.85M 1-3 PM Prudential 487 North Street Greenwich $5.495M 2-4 PM Coldwell Bnkr 23 Cliffdale Road Greenwich $6.95M 12-2 PM Sotheby's         Mortgage Information The two individuals I feel most confident about when it comes to home mortgages are Jeff Ihrig of First Republic in the city and Iliad Estrada of Connecticut Home Mortgage. Jeff can be reached at 646-372-5181. Rates below courtesy of Iliad Estrada.  She can be reached at 203-637-6202.    CT Mortgage Rates Product Interest Rates Annual Percentage Rate 15 YR Fixed Conforming 2.625% 2.863% 30 YR Fixed Conforming 3.375% 3.514% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 3.990% 4.116% 5/1 YR ARM Conforming 2.250% 3.081% 5/1 YR ARM Jumbo 2.250% 3.060% 10/1 YR ARM Jumbo 3.375% 3.453%  *as of July 15th