Greenwich, CT Residential Real Estate Analysis: July 20th

Greenwich, CT Residential Real Estate Analysis: July 20th A weekly analysis brought to you by Jared Randall. www.greenwichrealestateguy.com    This week I will be discussing 1 Finney Lane in Riverside.  I chose this property as it has a superb location.  It is right off of Riverside Lane, and is listed at $1.795M.  It is a Colonial with four bedrooms and 4.5 baths.  It is listed at 3,181 square feet and is a small lot at .19 of an acre.  I also like the fact that is on a quiet cul-de-sac.  There is a finished lower level, and beautiful cherry wood floors.  Click on the link above to see more pictures. This Sunday I will be doing an open house at 65 Lockwood Lane in Riverside. I believe this is a great value located in a cul de sac within walking distance to schools and train. This could be used as an investment property or a residence.  It has an updated kitchen and is in pristine condition. In the month of June we passed the 2010 numbers. Due to the Conveyance tax that hit July 1, 2011 we cannot really look at June of 2011 as a fair metric. We can combined June and July of this year and compare that to June and July of last year to give us a true assessment of the market. The highest compliment I can receive is the referral of someone you know who is looking to buy or sell their home. Call me with their name and number so I can give them the first class service they deserve.         Properties Sold       As you look at this chart June of 2011 jumps out with a huge spike of 120 sold properties.  However, there was a rush to close properties before the new conveyance tax hit on July 1st of 2011.  In my opinion, we have to look at June and July together to see where the market is currently vs 2011.  The positive that their have been 49 properties sold so far this month which currently is outpacing July of 2011, albeit not by much. It is looking like we will have more properties sold this month than last year.  However, in analyzing June and July together due to the conveyance tax, it looks like we will be far behind last year's activity.   New Listings     In a continuing trend over the last month the new listings are very even with the properties that have been sold.  The positive is that for the first five and half months the new listings outpaced the sold properties.  The negative is that since they are relatively the same we are not eating into the surplus inventory we currently have in Greenwich.    Year to Date Sold   This chart shows us the breakdown of the properties sold year to date. Last week the 0-1M range is 41% of the properties that have sold, in just a week it has moved up to 44%.  Yet, in the same price range on the available properties the percent dropped from 23% to 22%.  The under 1M price range is getting even more competitive.  Whereas, the 2-3M range dropped two percent and the 3-4 dropped another percent.  This is reflective of the different markets that each price range is currently trading in. The lower price points are more seller's markets than the other price points. Whereas, the more expensive ranges the buyers have the majority of the leverage.     Year to Date Available    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. In the $0-$500K range we have 5.14 months on average to sell through down from six months. $500K-$1M  we have 6.25 months down from 7 months. $1M-$1.5M we have 8.81 months. $1.5M-$2M we have 12.24 up from 10 months. $2M-$3M we have 16.85 months.  $3M-$4M we have 22.64 months. $4M-$5M we have 36.38 months. $5M-$7.5M we have 29.88 months. $7.5-$10M we have 49.5 months. $10M and above we have 44.32 months.  We are currently seeing the same trends, the under $1.5M is getting even more competitive while the over $1.5M is adding more inventory. Open Houses July 22nd       I will be at 65 Lockwood Lane again this week. Below are all of the Greenwich Open Houses. Enjoy your week. Address Town List Price Time Broker 132 Henry St Greenwich $650K 1-4 PM Weichert 51 Forest Ave #156 Old Greenwich $695K 1-4 PM   42 Mead Ave Cos Cob $775K 1-3 PM Sotheby's 17 Ronald Ln Cos Cob $979K 1-3 PM Raveis 39 Cross Ln Cos Cob $1.05M 1-3 PM Weichert 71 Orchard Pl #B Greenwich $1.165M 2-4 PM Coldwell Bnkr 37 Ettl Ln Greenwich $1.3M 3-5 PM Sotheby's 274 North St Greenwich $1.345M 1-4 PM Prudential 15 Horseshoe Rd Cos Cob $1.485M 1-3 PM Sotheby's 483 Riversville Rd Greenwich $1.595M 1-4 PM Shore & Cntry 21 Cat Rock Rd Cos Cob $1.649M 2-4 PM Coldwell Bnkr 65 Lockwood Ln Riverside $1.769M 1-4 PM Prudential 16 Manor Rd Old Greenwich $1.796M 1-4 PM Prudential 9 S End Ct Old Greenwich $1.99M 1-4 PM Raveis 3 Oakwood Ln Greenwich $2.195M 1-4 PM Prudential 6 Stanwich Ln Greenwich $2.25M 2-4 PM Coldwell Bnkr 18 Flying Cloud Rd Stamford $2.375M 1-4 PM Prudential 243 Dolphin Cove Quay, St Stamford $2.8M 1-4 PM Prudential 1 Tyler Ct Riverside $3.19M 1-3 PM Weichert 6 Raymond St Old Greenwich $3.295M 2-4 PM Round Hill Prtnrs 242 Dolphin Cove Quay Stamford $3.46M 1-4 PM Prudential 120 Cummings Point Rd,St Stamford $3.995M 1-3 PM Sotheby's 450 North St Greenwich $4.195M 2-4 PM Summit Mortgage Information The two individuals I feel most confident about when it comes to home mortgages are Jeff Ihrig of HSBC and Iliad Estrada or Ct. Home Mortgage. Jeff's rates can be found at:  http://www.us.hsbc.com/1/2/3/personal/home-loans  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 2.625% 2.863% 30 YR Fixed Conforming 3.375% 3.514% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 3.990% 4.116% 5/1 YR ARM Conforming 2.250% 3.081% 5/1 YR ARM Jumbo 2.250% 3.060% 10/1 YR ARM Jumbo 3.375% 3.453%  *as of July 15th