Greenwich Real Estate Guy: Greenwich CT-Residential Analysis and Blog: 11/09/12

Greenwich, CT Residential Real Estate Analysis: November 9th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

First and foremost I hope everyone is safe after the Hurricane and Northeaster. The above Shore Colonial is located at 44 Winthrop Drive in Riverside.  This brand new build sits on .4 of an acre is listed as a 5 bedroom, five bath and two half baths, with 7,359 s.f.   When touring this house I was struck with the beautiful dark brown wood floors, the impressive fire places, and the open space.  Winthrop is a cul de sac in a great neighborhood.  The listing price is $4,195,000. In the last two weeks, we continue to see the same trend.  We had fifteen new listings and ten properties that  sold.  The surprising aspect about the numbers over the last two weeks, is the amount of highly priced properties closing.  In the last two weeks seven of the ten properties that sold were over $2M.  Four of those over $5M and two of those over $10M. Several weeks ago I mentioned that we may see a flurry in the higher priced properties before the end of the year to save the 3.6% transfer tax that begins January 2013.  This could be the start of that movement.  As always, if you have a house in mind you would like to see, please do not hesitate to call me.  I would also 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. 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.  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 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 As stated above with the higher priced properties trading we saw a one percentage in flux in the $2M-$3M range and the $5-$7.5M ranges.  Otherwise, all stayed the same. Year to Date Available    The only change in the above chart was the $500K to $1M range dropping one percent. 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 45 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 11th      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 three on the list are for rent. Address Town List Price Time Broker 115 River Road #10 Cos Cob $4.1K 1-4 PM Prudential 48 Arcadia Road Old Greenwich $11.5K 2-4 PM Coldwell Bnkr 45 Close Road Greenwich $12.5K 1-4 PM Prudential 4 Caroline Place Greenwich $549K 12-3 PM Raveis 47 Lafayette Place #4-I Greenwich $575K 11-1:30 PM Prudential 1 Douglas Drive Greenwich $649K 1-4 PM Prudential 11 River Road #122 Cos Cob $699K 2-4 PM Grnw Fine Prop 133 Lake Avenue Greenwich $749K 1-4 PM Prudential 115 River Road #10 Cos Cob $775K 1-4 PM Prudential 9 Sinawoy Road Greenwich $950K 1-4 PM Prudential 5 Arnold Street Old Greenwich $1.089M 1-4 PM Prudential 21 Ridge Road Cos Cob $1.195M 1-3 PM Prudential 36 Forest Avenue Old Greenwich $1.695M 2-4 PM Grnw Fine Prop 29 Hunting Ridge Road Greenwich $1.95M 2-4 PM Grnw Fine Prop 112 Taconic Road Greenwich $1.995M 1-4 PM Prudential 18 Ravenglass Drive Stamford $1.995M 1-4 PM Prudential 48 Arcadia Road Old Greenwich $2.479M 2-4 PM Coldwell Bnkr 11 Park Avenue Old Greenwich $2.495M 1-4 PM Prudential 18 Welwyn Road Riverside $2.55M 2-4 PM Prudential 39 Shore Road Old Greenwich $2.695M 2-4 PM Grnw Fine Prop 35 Shore Road Old Greenwich $2.85M 2-4 PM Grnw Fine Prop 76 Cat Rock Road Cos Cob $3.295M 2-4 PM Coldwell Bnkr 45 Close Road Greenwich $4.999M 1-4 PM Prudential 487 North Street Greenwich $5.495M 2-4 PM Coldwell Bnkr 2 Conyers Farm Drive Greenwich $5.895M 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 2.375% 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