Greenwich CT, Residential Real Estate Analysis and Blog: November 16th

Greenwich, CT Residential Real Estate Analysis: November 16th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

Dear Jared, The above Colonial is located at 82 Glenville Road in Greenwich. This house was built in 2002, is listed as having 4,999 s.f. with four bedrooms, three full baths, and two half baths, sitting on 1.25 acres. Glenville Road is a busy street, but I liked how they put a stone wall in the front so you don't see the traffic, giving the home a secluded feel.  The backyard is level and overlooks a small lake.   What struck me the most was how well the inside of the house showed.  The rooms are nicely proportioned with a great flow.  The concern here would be the busy street, but I feel the price and current state of the house outweigh the busy street.  This well maintained home is listed at $2.495M.  It has been lowered from $3.875M when it was first put on the market in March of 2011. In the past week we have seen eight properties sold and sixteen new listings.  Continuing the trend of the inventory growing.  Scroll down for more detailed statistics regarding the market. As always, if you have a house in mind you would like to see, please do not hesitate to call me.   I would like to thank Mark Pruner for mentioning me in the Greenwich Patch.  Mark also does his own synopsis of the Greenwich Market at www.greenwichstreets.com.  I have updated the mortgage information on the bottom of the newsletter as well. Happy Thanksgiving.  I hope you have the opportunity to relax and spend the holiday with the ones you love. 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   I believe these two graphs sum up the market perfectly.  So far in November we have had 21 properties sold and 30 new properties listed on the Greenwich MLS. If one is just looking at sold properties over the last few years they will continue to see that our numbers are outpacing the last two years.  However, when you look below you see that the new properties are also outpacing prior years. You will see above that November started off the same as October ended with the New Listings out pacing the properties that have sold.   New Listings The 31 new properties is trending higher than we have seen in past years.  For example last year in November we had 52 new listings. As you can see by both charts above we are seeing the amount of sold properties increase.  However, we continually see the new listings increase as well.  Hence, we are not eating into the excess inventory even though the sold properties are increasing.    Year to Date Sold The percentages stayed the same this week.  Which is no surprise as we are late in the year. Year to Date Available    Again, no changes on this chart either. 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 46 weeks through the year. In the $0-$500K range we have 8 months on average to sell through. $500K-$1M  we have 5.92 months.  In the $1M-$1.5M we have 10.92 months. $1.5M-$2M we have 9.37 months.  $2M-$3M we have 12.67 months.  $3M-$4M we have 18.29, $4M-$5M we have 21.86 (drop of almost two months). $5M-$7.5M we have 23.45 months. $7.5-$10M we have 40.3 months (gain of two and half months).  $10M and above we have 35.14 months (drop of two months).     Open Houses November 18th      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 Sunday, so enjoy.  The first four on the list are for rent. Address Town List Price Time Broker 115 River Road #10 Cos Cob $4.1K 1-4 PM Prudential 29 Ridge Street Greenwich $7.3K 1-3 PM Shore & Cntry 127 Havemeyer Place Greenwich $11K 1-4 PM Raveis 45 Close Road Greenwich $12.5K 1-4 PM Prudential 2 Cary Road Riverside $475K 2-4 PM Prudential 51 Old Kings Hwy #8 Old Greenwich $500K 2-4 PM Coldwell Bnkr 4 Caroline Place Greenwich $599K 12-3 PM Raveis 37 Sheephill Road #16 Riverside $679K 1-4 PM Meg Sadi 3 Connecticut Avenue Greenwich $695K 1-4 PM Prudential 98 Putnam Park #98 Greenwich $695K 1-4 PM Raveis 133 Lake Avenue Greenwich $749K 1-4 PM Prudential 115 River Road #10 Cos Cob $775K 1-4 PM Prudential 47 Lafayette Place #1E Greenwich $829K 2-4 PM Coldwell Bnkr 25 Griffith Road Riverside $999K 2-4 PM Raveis 21 Mallard Drive Greenwich $1.095M 1-3 PM Coldwell Bnkr 16 Norton Lane Old Greenwich $1.45M 1-4 PM Raveis 16 Norton Lane Old Greenwich $1.45M 1-4 PM Raveis 29 Ridge Street Greenwich $1.65M 1-3 PM Shore & Cntry 142 Pecksland Road Greenwich $1.695M 1-3 PM Prudential 318 Valley Road Cos Cob $1.795M 2-4 PM Coldwell Bnkr 320 Valley Road Cos Cob $1.795M 2-4 PM Coldwell Bnkr 11 Londonderry Drive Greenwich $1.795M 1-3 PM Raveis 127 Havemeyer Place Greenwich $1.797M 1-4 PM Raveis 25 Midwood Drive Greenwich $2.195M 1-4 PM Edwards & Assoc 23 Brown House Road Old Greenwich $2.395M 1-4 PM Grnwich Blue Chip Prop 35 Dunwoodie Place Greenwich $2.495M 2-4 PM Raveis 11 Grimes Road Old Greenwich $2.495M 2-4 PM Coldwell Bnkr 11 Park Avenue Old Greenwich $2.495M 1-4 PM Prudential 5 Dawn Harbor Lane Riverside $2.7M 2-4 PM Coldwell Bnkr 530 North Street Greenwich $2.995M 1-4 PM Raveis 76 Cat Rock Road Cos Cob $3.295M 1-4 PM Coldwell Bnkr 24 Marks Road Riverside $3.395M 2-4 PM Sotheby's 44 Winthrop Drive Riverside $4.195M 1-4 PM Prudential 585 Round Hill Road Greenwich $4.495M 2-4 PM Coldwell Bnkr 45 Close Road Greenwich $4.999M 1-4 PM Prudential 500 Lake Avenue Greenwich $8.9M 2-4 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 2.375% 2.608% 30 YR Fixed Conforming 3.000% 3.133% 30 Year Fixed Agency Jumbo n/a n/a 30 YR Fixed Jumbo 3.625% 3.746% 5/1 YR ARM Conforming 2.100% 2.944% 5/1 YR ARM Jumbo 2.250% 2.975% 10/1 YR ARM Jumbo 3.000% 3.171% Updated: Monday November 5, 2012