Greenwich, CT Residential Real Estate Analysis: June 8

Good morning.  The mortgage rates have been updated in the lower right hand corner.  I cannot believe how low they are.  I continue to hear about the difficulties in the standards of lending so if refinancing or buying make sure you have all of your i's dotted and t's crossed. 

As I mentioned last week June is the big test to see if this market is picking up at all.  In 2011 there were 120 Single family homes sold with the next biggest month in 2011 being May with 70.  So, what happens this month will go a long way to seeing if we can continue to stay close to 2011's pace.  Below, is more detail.

The average sale price vs list price  and average days on market were as follows for April:

Town       %SP/LP    AVG DOM   AVG SP

Riverside          92.5             154       1.051M

Old Greenwich 92.9             137       1.823M

Greenwich        92                252        3.25M

Cos Cob           95                261       1.23M

Total                  92.6             214        2.25M

The year to date as of May 22,2012 is as follows:

Town       %SP/LP    AVG DOM   AVG SP  

Riverside          93.4            129      1.87M

Old Greenwich 93.8            160      2.14M

Greenwich        90.6            230      2.691M

Cos Cob           93.8            227      1.27M

Total                  92.1            198       2.262M

*All prices rounded up or down to nearest hundred thousand.

In June of 2011 there were 120 Single Family and Condos sold.  105 single family homes and 15 condos.  In the first week of June we had 24 close.  20 single family homes and 4 condos. They were as follows:

$0-$500K=     2 properties

$500-$1M=    10 properties (1 at 500K)

$1M-$1.5M=   4 properties

$1.5M-$2M=   3 properties

$2M-$3M=      0 properties 

$3M-$4M=      0 properties

$4m-$5m=      2 properties

$5m-$7.5M=   2 properties (1 at 5M)

$7.5M-$10M= 0 properties 

$10M and up= 0 properties    

For the first week of the month a good amount of activity. 

In last week's newsletter we had 110 properties executed contract (meaning all contingencies have been met, awaiting close). As of today the first day of June we have 117, which is a great sign for June.  They were as follows:

$0-$500K=      4 properties

$500-$1M=     25 properties

$1M-$1.5M=   23 properties

$1.5M-$2M=   16 properties (2 at 1.5M)

$2M-$3M=      21 properties

$3M-$4M=      15 properties

$4M-$5M=       3 properties

$5M-$7.5M=    2 properties

$7.5M-$10M=  1 property

$10M+=            5 properties

*note executed prices are based on most current list price 

We have had 114 accepted offers.  The price ranges for the Accepted Offers and Contingent Contracts were as follows:

$0-$500K=     13 properties

$500-$1M=     48 properties

$1M-$1.5M=   13 properties

$1.5M-$2M=   16 properties

$2M-$3M=      11 properties

$3M-$4M=        4 properties

$4M-$5M=        4 properties

$5M-$7.5M=     3 properties

$7.5M-$10M=   1 property

$10M+=             1 property

**All information from Greenwich MLS