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The above beautiful colonial is located at 33 Ballwood Road in Old Greenwich. Although this house may not stand out as much from the outside, the inside has everything. The top floor is an old style bar with movie theatre seating. The basement comes equipped with a walk in wine cellar, an exercise room, family room, sauna and full bath. The house is listed at 4,268 s.f. but feels almost like twice as much. Every foot is useable. It has five bedrooms, with five and one half baths. There are water views as it is south of the village, and has deeded access to the Sound. The house just came on the market on January 16th with an asking price of $4.195M.
I had mentioned last week that the inventory in the last six months of the year dropped 40%. I expected to see the inventory explode in the beginning of this year. So, far in the last week, we have already seen an uptick. So far this month we have had 71 new properties, 44 of which have come on the market in the last month. In 2011 we had 75 for the month of January and in 2012 89 new properties were listed. We are on track to beat those numbers, but we are still low in inventory as you can see by the chart I showed last week:
| Price Range |
Months on Avg 06/12 |
Months on Avg 01/05/12 |
| 0-$500K |
6.36 |
4.96 |
| $500K-$1M |
7.98 |
3.88 |
| $1M-$1.5M |
11.48 |
7.22 |
| $1.5M-$2M |
10.86 |
7 |
| $2M-$3M |
15.27 |
8.64 |
| $3M-$4M |
21.82 |
12.4 |
| $4M-$5M |
37.33 |
17.5 |
| $5M-$7.5M |
30.92 |
19.4 |
| $7.5M-$10M |
57 |
25.84 |
| $10M+ |
40.21 |
36 |
I have updated the charts with the month to date numbers. The pie chart of the Available Properties is as of 01/18. The pie chart with the ytd sales, is updated to only show the 28 properties that have sold so far this year. Hence, that chart's percentages will change from week to week until we get more data. The month on average to sell through, I will be using the full year rates of closed properties for 2012 as I feel that will give us the most consistent numbers.
While I still believe that we are not completely over the hump in Greenwich, especially in the higher price ranges, I do feel there is a temporary time frame where sellers can get a premium on their properties because the inventory is so low. I also believe come March we will see a huge influx of inventory, which will soften the market, and create opportunities to buy.
My personal opinion is that the best way to understand where the market is to analyze it from a price range standpoint. Then, to be able to see the amount of inventory versus the amount of properties sold in each price range gives us the best sense of the market. Scroll down to see these broken down as months on average it would take to sell through the current inventory. Due to the fact that most of my charts are based on month end and year to date data I have left the charts the same so you can view 2012 as a year for the first few weeks of this year before updating till 2013 to give us more time to get more transactions. You can compare the current weeks numbers against the numbers from previous newslettersat www.greenwichrealestateguy.com/blog.
As always, if you have a house in mind you would like to see, please do not hesitate to call me.
I would like to thank Mark Pruner for mentioning me in the Greenwich Patch. Mark also does his own synopsis of the Greenwich Market at www.greenwichstreets.com. I have updated the mortgage information on the bottom of the newsletter as well.
Please let me know if you would like me to provide customized information or statistics for you based on your criteria.
**The information on the featured property and all statistical information is from the Greenwich MLS.
**All opinions garnered from the statistics are my own
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Jared Randall
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