Greenwich, CT Residential Real Estate Analysis: May 25

Enjoy your Memorial Day Weekend.  Hopefully, you have some fun plans set up, or are just relaxing with friends and families.  As you will read below last week we did not see as much close as I was hoping.  However, you will see that there is still a tremendous number of properties in Executed Contract, Contingent Contract, and Accepted Offers.  One can still deem a few points from the numbers.  The most gleaming to me is that even though we are relatively slower than last year, there are still pockets of activity.  The $1M-$3M market is holding strong.  Also, the under $1M market is active.  Year to date 46.9% of the properties sold have been between $1M and $3M.  31.8% of the properties have been under one million.

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 May of 2011 there were 70 Single Family and condos sold.  57 single family homes and 13 condos.  So far this month we have 43 total sold, 36 single family and 7 condos.  They were as follows:

$0-$500K=     3 properties

$500-$1M=    16 properties (1 at 500K)

$1M-$1.5M=   6 properties

$1.5M-$2M=   7 properties (1 at 1.5M)

$2M-$3M=      6 properties  (1 at 2M)

$3M-$4M=      1 property

$4m-$5m=      1 property

$5m-$7.5M=   1 property (5M)

$7.5M-$10M= 0 properties 

$10M and up= 2 properties    

Last week was a little slow as far as closed properties.  Hence, we are falling off of the pace to hit seventy by the end of the month.  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 compared to last year.  In my opinion, demonstrating 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 last week's newsletter we had 116 properties executed contract (meaning all contingencies have been met, awaiting close). This week we have 119.  They were as follows: 

$0-$500K=      3 properties

$500-$1M=     25 properties

$1M-$1.5M=   21 properties

$1.5M-$2M=   21 properties (1 at 1.5M)

$2M-$3M=      19 properties

$3M-$4M=      12 properties

$4M-$5M=       7 properties

$5M-$7.5M=    4 properties

$7.5M-$10M=  2 properties

$10M+=            5 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 still a large number of Executed.  I am still waiting for the Sold numbers to pop with this many Executed properties. 

We have had 117 accepted offers.  The price ranges for the Accepted Offers and Contingent Contracts were as follows 

$0-$500K=      11 properties

$500-$1M=      51 properties

$1M-$1.5M=   15 properties

$1.5M-$2M=   14 properties (1 at $2M)

$2M-$3M=      12 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.