Greenwich, CT Residential Real Estate Analysis: May 18

Hope your Friday is going well, and you are looking forward to a great weekend.  Below you will see the statistics and my viewpoint of the market in Greenwich.  Below that will be a list of the open houses for the weekend.  On the right hand side will be useful mortgage or community information.   If you know someone who would benefit from this information please click on "forward to a friend" on the right.  If you have received this in error feel free to unsubscribe.  Please contact me if you or someone you know is interested in buying or selling real estate.  Also, if there is specific information you would like to see or think it would be good to add to this newsletter please send me an email. 

I will be hosting an Open House at 106 Hunting Ridge Road on Sunday from 1-4.  If you will be out and about stop by and say hello.  This property has beautiful lush landscape, and with over 5.5 acres is serene and private.  The price is 1.879M Below is the link.

106 Hunting Ridge Road

The statistics have been updated.  So 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 8,2012 is as follows:

Town       %SP/LP    AVG DOM   AVG SP  

Riverside          93.4            129      1.87M

Old Greenwich 93.8            16         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.

If we look at 2011 as a whole, compared to 2010, we saw relatively the same amount of new listings but we saw growth in the sold properties in March through June.  In 2010 there were 200 properties sold over that time.  In 2011, there were 249 residential properties sold, growth of 24.5%. 

Year to date we are still down in regards to residential properties sold versus this time last year.  In 2011 there were 144 properties sold, while year to date currently we are at 123 properties, down 14.6%.  The interesting aspect is that new listings are up.  Year to date in 2011 there were 376 new listings, while year to date 2012 we have had 465 new listings an increase of 23.7%.  

What this tells me is that it will be interesting to see how our volume does in May and June to see if we can get to the numbers of 2011, but also to see if the volume stays consistent after June rather than peetering off like it did in 2011.  

The numbers are showing us to this point that we are having a growth in homes on the market with a decrease in properties sold.  In my opinion, demonstarting now is a great time to buy.  Especially, with Bond Rates as low as they have been in recent history, leading us to believe rates will continue to stay low.

In May of 2011 there were 70 Single Family and condos sold.  57 single family homes and 13 condos.  So far this month we have 36 total sold, 28 single family and 8 condos.  Hence, we are still tracking pretty even with those numbers

They were as follows:

$0-$500K=     3 properties

$500-$1M=    14 properties

$1M-$1.5M=   5 properties

$1.5M-$2M=   6 properties

$2M-$3M=      5 properties

$3M-$4M=      1 property

$4m-$5m=      1 property

$5m-$7.5M=   1 property (5M)

$7.5M-$10M= 0 properties 

$10M and up= 0 properties    

In last week's newsletter we had 20 properties executed contract (meaning all contingencies have been met, awaiting close).  In the past week we have gone from 20 to 116.  Obviously, a tremendous leap in only seven days.

They were as follows:

$0-$500K=      2 properties

$500-$1M=     28 properties

$1M-$1.5M=   18 properties

$1.5M-$2M=   21 properties

$2M-$3M=      17 properties (1 at $2M)

$3M-$4M=      11 properties

$4M-$5M=       7 properties

$5M-$7.5M=    3 properties

$7.5M-$10M=  2 properties

$10M+=            7 properties

*note executed prices are based on most current list price

One never knows what can happen until the deal is signed, and ownership is transferred.  However, this is a huge increase, so we should see the sold numbers move hgher and higher over the next few to several weeks. With this many Executed Contracts pending I will be very intrigued to see how many close as this could be the signal that we are really starting to see movement that buyers are taking advantage of the prices and transactions start to ebb forward.  Also, the activity is very well balanced.  The $1.5M to $2M is seeing high activity and seven properties above the $10M range is impressive as well.

We have had 118 accepted offers in the past ten days.  The price ranges for the 101 Accepted Offers and Contingent Contracts were as follows: 

$0-$500K=      11 properties

$500-$1M=     55 properties

$1M-$1.5M=   16 properties

$1.5M-$2M=   11 properties (1 at $2M)

$2M-$3M=      13 properties

$3M-$4M=        7 properties

$4M-$5M=        1 property

$5M-$7.5M=     4 properties

$7.5M-$10M=   0 properties

$10M+=             2 properties

 I don't like to read too much into the Accepted offers and Contingent Contracts as with how strict Underwriting guidelines have gotten there are a number of properties that do not make it to sold from this list.  However, again, it does show that their is high volume of negotiations and activity in the market currently. 

 To sum it all up, as of April we were still down from last year in properties sold.  So far in May we are tracking last year' May activity.  With the amount of new properties exceeding last year's inventory I still believe we have excess inventory and thus a buyer's market.  However, there are signs that we could make a big push to catching up and exceeding 2011 numbers.

**All information from Greenwich MLS