The above Colonial is 11 Butternut Hollow Rd.  This four bed, three and a half bath, has a nice open floor plan.  It is listed with having 4,067 square feet of living space.  There also is a finished basement with laundry, bathroom, and open area.  I enjoyed the large eat in kitchen, with french doors exiting to the large deck.  The yard is beautiful with a little brook running through the backyard and a nice little walkway over the brook.  This home sits on two acres, with a nice level yard.  The price is $2.295M and has been on the market since March 12, of this year.  The house was listed at $2.695M in September of 2009 and lowered a couple times to $2.295M before being taken off of the market in September of 2010.

In July we had 74 single family homes sold, and 11 condos/co-ops sold.  This is the most since 2007.  I would caution that although this is a good sign, we must remember that July 2011 was off due to the conveyance tax that went into affect July 1, 2011.  Hence, there was a flurry to close in June of 2011.  For the months June and July we were still a tad behind 2011 numbers.  Also, ytd we have sold 326 single family compared to 349 in 2011.  We are slightly outpacing 2011 numbers in condos/co-ops with 71 selling this year and 68 in 2011.  So, even though July was the best in five years, the real barometer will be how September does as August is usually a slow month for Real Estate in Greenwich. 

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.

**The information on the featured property is from the Greenwich MLS.

I discussed above that July was the best month in five years for sold properties.  Through the first ten days of August we are at 31 properties sold as well, which is also a hot start.  I would still like to see September and October be strong before we say things have turned around.  However, if we continue with this pace we may be seeing the start of the climb back upwards.

New Listings

Through the first ten days of August we have had thirty new properties listed on the Greenwich GLMS.  I believe it is important to look at supply vs. demand when analyzing this market.  So, even though we may be having a great few months in properties sold, if the amount of inventory is also consistently growing then we are continuing the same trends.  So, even though the amount of sold properties are growing it is important we see if the inventory is declining.  So far even with more properties selling we are seeing close to the same amount of new properties listed.

Year to Date Sold

 

I believe these two charts let us see the true current state of the market.  Most importantly, that each price range constitutes it's own market.  By looking at these two charts we continue to see that the stress of the market is on the $500K-$1M where 31% of all properties have sold.  Yet only 18% of the available properties are in the $500K-$1M.  When one combines $500K-$2M we have 58% of the sold, but only 38% of the available properties.  Conversely, only 3% of the properties sold are $4M-$5M, but is 8% of our current inventory.  When one combines $3M-$5M one sees that it is 24% of the sold but 35% of the inventory.

 

 

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 7.38 months on average to sell through. $500K-$1M  we have 7.24 months. $1M-$1.5M we have 10.37 months. $1.5M-$2M we have 9.16 months. $2M-$3M we have 13.25 months.  $3M-$4M we have 19.75 months. $4M-$5M we have 30.92 months. $5M-$7.5M we have 25.37 months. $7.5-$10M we have 46.2 months. $10M and above we have 42 months. The two biggest moves, were that the above $10M months to sell dropped five months, but this was do to just one property selling.  The other range that dropped was the $2M-$3M which dropped .75 of one month or around three weeks, which is significant given it was over just a four day period.

Below are all of the Greenwich Open Houses for Sunday.  Enjoy your week.