Greenwich, CT Residential Real Estate Analysis: August 24th

Greenwich, CT Residential Real Estate Analysis: August 24th A weekly analysis brought to you by Jared Randall. www.greenwichrealestateguy.com

The above newly renovated colonial is 121 Clapboard Ridge Road in Mid Country.  I wanted to pick a property that in my opinion will move fast, so we can see the state of the market on a property that I believe is priced right.  In the coming weeks as changes happen with this property I will update all of you.  I love the detail and the renovations on the inside of the home, from the coffered ceilings to the basement.  The house sits on 2.25 acres of a beautiful lawn which ends at a small lake.  There are six bedrooms, and five and a half baths.  All of the bedrooms are ensuite.  The basement is finished with an exercise room, and another family room.  The price for this home is one dollar under $3M. While the market seems to be moving along around the same pace as of last year on a whole, we are seeing some interesting trends over the last month.  As I will delve into deeper in the statistics section below, we have seen the $2M-$3M price range get much more competitive over the last month or so. 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.  As you can see by the above graph, August is the last month where there is good volume of trading traditionally.  Last year there were sixty nine properties closed in August. This year we are headed to a similar number as we currently stand at fifty four so far this month. New Listings We have had fifty new listings so far in August, four less than the amount of properties 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.  Unfortunately, that is not the case yet.    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.  If we look back from a little over a month ago at these same charts (all previous editions are posted under the blog section of  www.greenwichrealestateguy.com) we see an interesting trend.  From the July 20th newsletter, we have seen the 0-$500K, $500K-$1M, and the $1M-$1.5M markets each drop 2 percentage points respectively.  While in that five week span we see that the $1.5M-$2M grow one percentage point and remarkably the $2M-$3M price range jump three percentage points.  To simplify; in just five weeks the $2M-$3M price range has gained three percentage points over every other price range  in the total year to date properties sold.     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 6.59 months.  That is almost a one month drop off in just a week in an already competitive price point.  In the last week 8 properties sold in this range.  In the $1M-$1.5M we have 10 months. $1.5M-$2M we have 8.95 months. $2M-$3M we have 12.24 months.  This is half of a month's drop in just one week.  $3M-$4M we have 18.47 months. $4M-$5M we have 30.26 months. Although this is a two month drop, we cannot read too much into it as it is the reflection of just one property selling.  $5M-$7.5M we have 26.76 months. $7.5-$10M we have 40.34 months. $10M and above we have 40 months.  We see all the ranges under three million moving slightly down. Open Houses August 26th      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.  I apologize for not having the link for 12 Baldwin Farms Road. Address Town List Price Time Broker 80 Laddins Rock Rd Old Greenwich $579K 1-4 PM Prudential 18 Stone Ave #4 Greenwich $580K 2-4 PM Coldwell Bnkr 18 Stone Ave #3 Greenwich $594K 2-4 PM Coldwell Bnkr 358 Long Ridge Rd Stamford $599K 1-4 PM Prudential 51 Forest Ave #156 Old Greenwich $695K 1-4 PM FF Realty 38 Cary Rd Greenwich $749K 1-3 PM Edwards 19 Pintail Ln Greenwich $1.25M 1-4 PM Prudential 10 Stepping Stone Ln Greenwich $1.825M 1-4 PM Prudential 5 Dawn Harbor Ln Riverside $2.785M 2-4 PM Coldwell Bnkr 39 Williow Rd Riverside $2.8M 2-4 PM Coldwell Bnkr 21 Indian Head Rd Riverside $4.1M 3-5 PM Sotheyby's 125 Cat Rock Rd Cos Cob $4.175M 12-2 PM Higgins Grp 487 North St, Lots 2 and 3 Greenwich $5M 2-4 PM Coldwell Bnkr 487 North St Lots 5 and 6 Greenwich $6M 2-4 PM Coldwell Bnkr 12 Baldwin Farms South Greenwich $6.15M 2-4 PM Summit 487 North St Lot 1 Greenwich $6.95M 2-4 PM Coldwell Bnkr 487 North St Greenwich $16M 2-4 PM Coldwell Bnkr   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