Greenwich, CT Residential Real Estate Analysis: August 3rd A weekly analysis brought to you by Jared Randall. www.greenwichrealestateguy.com The recently built, well designed Colonial pictured above is 16 Manor Road, Old Greenwich.  This four bed, three and a half bath, has a nice open floor plan.  It is listed with having 2,676 square feet of living space.  It has a finished basement that is not included in the square footage adding approximately 1,300 more sf.  It was constructed in 2007, giving a newer feel to the home.  The location is great as well.  It is only a few steps away from Binney Park, few minutes from the train, school, and town.  This home sits on a quarter acre, with a nice level yard.  The price is $1.795M, down from the original price of $1.85M and has been on the market for 93 days.  The end of August had a flurry of action with 13 properties closing in the last four days.  As, we have seen most of the year, most of that activity was in the lower price ranges.  Eleven of the thirteen were under the 3M range.  Even though we out paced July of 2011 numbers we must remember June of 2011 was exceptionally active due to the conveyance tax.    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   I have mentioned that the spike in June of 2011's sold properties were due to a conveyance tax.  Hence, we need to look at June and July together, and possibly even August.  Although we had 80 properties close in July compared to 61 in 2011, we are still off of the two month cumulative of 2011.  We had 170 properties close in June and July of 2012 compared to 206 in the same amount of time last year.  The positive is we are catching up and if sellers are concerned with the taxes that are set to hit in 2013 we could see a spike in the closes at the end of the year. New Listings     July of this year we had 74 new listings compared to 61 in 2011.  Even though we are catching up in the properties sold, we are seeing more and more inventory added to the market.  Hence, we cannot get through the inventory suggesting it is still a tough market for sellers.  September is usually when the market picks back up.     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.  As one can see above 69% of the properties that have sold this year are under $2M.  Yet as you see below the properties priced under $2M only constitute 45% of the homes listed for sale.  This is even more drastic under $1M.  40% of the properties sold are under $1M but only 23% of the current available properties are under $1M.  Conversely, 17% of the properties sold are over $3M, yet is 40% of our current inventory.  In the last week we did see three of the thirteen properties that were sold between the $2M-$3M range, which is 23%.  As you see above that range is typically 14%.     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. Open Houses August 5th      Below are all of the Greenwich Open Houses. Enjoy your week. Address Town List Price Time Broker 157 Putnam Park Greenwich $295K 1-4 PM Prudential 24 Wessels Pl Greenwich $541K 2-4 PM Raveis 27 Bible St Cos Cob $549K 1-4 PM Prudential 80 Laddins Rock Rd Old Greenwich $579K 11-2 PM Prudential 47 Lafayette Pl   #4-I Greenwich $639K 1-4 PM Prudential 60 Valley Rd #A Cos Cob $645K 2-4 PM Raveis 51 Forest Ave Old Greenwich $695K 1-4 PM FF Realty 19 Wescott St Greenwich $779K 1-3 PM Coldwell Bnkr 20 West End Av (Rear) Old Greenwich $950K 2-5 PM Raveis 20 West End Av(Rear) Old Greenwich $950K 2-5 PM Raveis 349 Riversville Rd Greenwich $1.049M 1-4 PM Raveis 86 Lower Cross Rd Greenwich $1.349M 1-4 PM Weichert 19 Pintail Rd Greenwich $1.399M 3-5 PM Prudential 25 Oval Av Riverside $1.595M 2-4 PM Raveis 6 Finney Knoll Ln Riverside $1.85M 1-3 PM Shore & Cntry 9 S End Ct Old Greenwich $1.999M 2-5 PM Raveis 191 North St Greenwich $2.4M 1-3 PM Coldwell Bnkr 39 Shore Rd Old Greenwich $2.895M 2-4 PM Greenwich Fine Prop 39 Willow Rd Riverside $2.95M 2-4 PM Coldwell Bnkr 35 Shore Rd Old Greenwich $2.995M 2-4 PM Greenwich Fine Prop 1 Tyler Court Riverside $3.19M 2-4 PM Weichert 38 Meadowbank Rd Old Greenwich $3.3M 1-3 PM Raveis 623 Steamboat Rd   #A Greenwich $3.495M 2-4 PM Ogilvy 623 Steamboat Rd   #B Greenwich $4.45M 2-4 PM Ogilvy 212 Bedford Rd Greenwich $4.775M 1-3 PM Prudential   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