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