Greenwich CT, Residential Real Estate Analysis and Blog: January 25th

Greenwich, CT Residential Real Estate Analysis: January 25th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

The above beautiful colonial is located at 6 Ledge Road in Old Greenwich.  It has six bedrooms, with four and one half baths, 3,836 s.f. sitting on .55 of one acre.  It is in a private waterfront community, with a shared private beach and has been on the market for just ten days at the asking price of $3.35M.  I love the the old world charm coupled with all of the modern conveniences and the location is spectacular. Thanks to all of you who have forwarded this newsletter to your friends and family.  I was contacted this week by a Reporter from Greenwich Time, and had a profile article written in the Real Estate Section (Article).   I have updated the charts with the month to date numbers. The pie chart with the ytd sales, is updated to only show the 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 until we get through three months of this year. 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.  Feel free to compare these numbers with previous issues atwww.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

Properties Sold   As mentioned and seen above, there was tremendous activity in December.  We sold 89 this past December vs. 40 the year before. So far in January we have had 34 properties sold.  We sold 38 last January.  I am hopeful with these numbers, with the incredible December I had thought we may see more of a slowing, so the fact that we are on pace for the same as last year is a good sign in my opinion. New Listings As you see in the chart above through the first few weeks of January you already see the inventory is outpacing the past few years.  Last week the in flux of inventory slowed a little which is another good sign.  We have had 80 new properties this month compared to 89 last year.  The busiest January in the last four years was 2010 where we saw 106 new properties.    Year to Date Sold I was pleasantly surprised that even though we have only sold 34properties ytd, the percentages were not completely off from the end of the year.  The $500K-$1M grew to 41% and we have not had a property sell over the $7.5M range, yet but the other ranges stayed relatively similar. Year to Date Available    We saw the inventory grow this month as so far we have had 80 new properties compared to 34 sold properties, but for the most part we are trending in a positive manner.  We may outpace the sold numbers from the last couple of years, which in my opinion would bode very well with December being so busy.   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.   Price Range MOA 01/05 MOA 01/12 0-$500K 4.96 5.76 $500K-$1M 3.88 3.94 $1M-$1.5M 7.22 7.59 $1.5M-$2M 7 8.04 $2M-$3M 8.64 9.48 $3M-$4M 12.4 13.77 $4M-$5M 17.5 17.5 $5M-$7.5M 19.4 19.76 $7.5M-$10M 25.84 22.15 $10M+ 36 36.85  **to calculate months on average I used the full year of 2012 sold properties in each price range Obviously the months on average were the lowest at the end of the year.  The uncertainty of the fiscal cliff, as well as the election (most properties that closed in December were negotiated before election was finalized), and uncertainty of taxes.  Not to mention if people are going to take their house off of the market they will tend to do it over the holidays.   Open Houses January 27th      Below are all of the Greenwich Open Houses for Sunday.  Click on the link it will take you to the listing.  21 Mallard is listed twice as the first is the rental listing and the second is the for sale listing. Address Town List Price Time Broker 21 Mallard Drive Greenwich $5K 1-3 PM Coldwell 1535 East Putnam Avenue #402 Old Greenwich $389K 1-3 PM Raveis 207 Sheephill Road Riverside $499K 1-3 PM Shore and Country 4 Caroline Place Greenwich $549K 12-3 PM Raveis 16 High Street Greenwich $575K 1-4 PM Sothebys 21 Greenwich Hills Drive Greenwich $679K 2-4 PM Raveis 98 Putnam Park Greenwich $695K 1-3 PM Raveis 11 Maple Street Cos Cob $829K 1-4 PM Raveis 127 Lake Avenue Greenwich $895K 2-4 PM Coldwell 128 Riverside Avenue Riverside $995K 1-4 PM Prudential 73 Weaver Street #16 Greenwich $999.5K 1-3 PM Halstead 21 Mallard Drive Greenwich $1.095M 1-3 PM Coldwell 515 W Lyon Farm Drive #515 Greenwich $1.175M 2-4 PM Round Hill 155 Field Point Road #3S Greenwich $1.195M 1-4 PM Round Hill 73 Weaver Street #18 Greenwich $1.195M 1-3 PM Raveis 4 Nickel Street Greenwich $1.298M 1:30-3:30 PM Round Hill 186 Field Point Road #6A Greenwich $1.395M 1-4 PM Round Hill 99 Stanwich Road Greenwich $1.399M 1-3 PM Higgins 291 Stanwich Road Greenwich $1.625M 2-4 PM Raveis 16 Manor Road Old Greenwich $1.799M 1-4 PM Prudential 35 Dunwoodie Place Greenwich $2.195M 2-4 PM Raveis 35 Keofferam Road Old Greenwich $3.145M 1-3 PM Shore and Country 5 Jofran Lane Greenwich $3.195M 1-3 PM Raveis 5 Keofferam Road Old Greenwich $3.375M 1-3 PM Shore and Country 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 2.375% 2.608% 30 YR Fixed Conforming 3.100% 3.235% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 3.500% 3.619% 5/1 YR ARM Conforming 2.100% 2.892% 5/1 YR ARM Jumbo 2.125% 2.880% 10/1 YR ARM Jumbo 2.875% 3.062%