Greenwich, Ct Residential Real Estate Analysis: August 17th

Greenwich, CT Residential Real Estate Analysis: August 17th A weekly analysis brought to you by Jared Randall. www.greenwichrealestateguy.com

The above beautiful colonial is 21 Watchtower Lane in Old Greenwich.  This house is relatively new as it was built in 2006 and houses 5,498 s.f. of living space.  It sits on a level property of .42 of an acre complete with a hot tub and pool.  This four bed, four and a half bath, has a nice open floor plan with a gourmet kitchen. There is a finished basement with with a huge playroom, an exercise room, and is wired for a home theatre.  The price is $2.345M and has been on the market since May 9th of this year.  Thank you for those of you who have given feedback in regards to what you would like to see.  With this feedback I have made a couple of changes.  I have added links to the Open House List.  Now, if you click on the address of the Open House section it will take you to the listing.  Also, I have added rentals to the open house list.  Please do not hesitate to give feedback.  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.

Properties Sold   I discussed before that July was the best month in five years for sold properties.  Through the first couple of weeks August we are at 33 properties sold.  Things were slower the second week than the first week, which makes sense with vacations etc.  However, it puts us a little behind the numbers from last year for August. New Listings Through the first couple of weeks of August we have had thirty three new properties listed on the Greenwich GLMS.  Which, is the same amount of sold. 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.  Hence, 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 30% of all properties have sold.  However, we have seen slight changes as  the $500K-$1M range dropped a percent while the $1.5M-$2M and $2M-$3M both grew a percent to 15%.  Even though these are slight it shows there is more competition in those ranges currently.  When one combines $500K-$2M we have 67% of the sold, but only 45% 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 10% of the sold but 19% 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.  We are currently 33 weeks through the year. In the $0-$500K range we have 7.23 months on average to sell through. $500K-$1M  we have 7.2 months. $1M-$1.5M we have 9.75 months. $1.5M-$2M we have 8.72 months. $2M-$3M we have 12.81 months.  $3M-$4M we have 18.47 months. $4M-$5M we have 32.21 months. $5M-$7.5M we have 26.87 months. $7.5-$10M we have 43.15 months. $10M and above we have 38.92 months.  We see all the ranges under three million moving slightly down.  While the $3M-$5M ranges moving up with the biggest move in the $4M-$5M range moving up two months.  We did see the $7.5M-$10M and $10M and up ranges move down. Open Houses August 12th      Below are all of the Greenwich Open Houses for Sunday.  As mentioned above if you click on the link it will take you to the listing.  Lastly, the first three are on for rent. Address Town List Price Open House Time Broker 19 Miltiades Av RV $4.975K/mo 2-4 PM SCPR01 21 Lake Dr RV $10.3K/mo 1-3 PM SCPR01 75 Connecticut Av GR $12.5K/mo 1-4 PM RAVE01 60 Valley Rd #A CC $645K 2-4 PM RAVE01 132 Henry St GR $650K 1-3 PM WEIC01 29 Westview Pl RV $659K 1-3 PM RAVE01 51 Forest Ave #156 OG $695K 12-3 PM FF Realty 60 Valley Rd #B CC $699.5K 2-4 PM RAVE01 38 Carey Rd GR $749K 1-3 PM Edwards & Assoc 39 Cross Ln CC $1.05M 1-3 PM WEIC01 19 Miltiades Av  RV $1.195M 2-4 PM SCPR01 23 Dorchester Ln RV $1.295M 2-4 PM Greenwich Fine Prop 90 Buckfield Ln GR $1.75M 1-4 PM PRCT01 75 Harding Rd OG $2.05M 2-4 PM SCPR01 75 Connecticut Av GR $2.649M 1-4 PM RAVE01 21 Lake Dr RV $2.695M 1-3 PM SCPR01 1361 King St GR $2.85M 1-4 PM RAVE01 1 Tyler Ln RV $3.19M 2-4 PM WEIC01 38 Meadowbank Rd OG $3.3M 1-3 PM RAVE02 125 Cat Rock Rd CC $4.175M 1-3 PM KAVO01 4 Cove Ridge Ln/Hendrie Dr Ext OG $4.195M 1-3 PM COBA02 38 Keofferam Rd OG $4.495M 1-4 PM RAVE02 487 North St, Lots 2 and 3 GR $5M 2-4 PM COBA01 487 North St Lot #5&6 GR $6M 2-4 PM COBA01 487 North St Lot 1 GR $6.995M 2-4 PM COBA01 487 North St GR $16M 2-4 PM COBA01 Mortgage Information The two individuals I feel most confident about when it comes to home mortgages are Jeff Ihrig of First Republic in the city and Iliad Estrada of Connecticut Home Mortgage. 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