Greenwich CT, Residential Real Estate Blog and Analysis: October 11th

Greenwich, CT Residential Real Estate Blog and Analysis:  October 11th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

The above Colonial is located at 14 Perryridge Road.  Location, Location, Location!!!!  I am obviously a little biased as I live two streets over from Perryridge.  However, this is a beautiful tree lined street close to everything.  You are two blocks from Greenwich Avenue, three blocks from Whole Foods, close to the hospital, train, and restaurants.  14 Perryridge is listed as 2,706 s.f., three bedrooms, with two full baths, and one half bath.  The house sits on .18 of an acre and the listing has the taxes as $8,882 a year.  The house has a cute patio as well.  There is no better time to see this house than this time of the year.  I am from California, and we did not have the beautiful foliage falling in the fall that happens in Greenwich.  Lately, when I have been driving on Perryridge, the leaves have been falling, and it just feels like the quintessential fall day in New England.  The house is priced at $1.895M. I have updated the links, charts, months on average, and the most current mortgage rates.  The second months on average is based on the sales of this year so you can compare  the differences. Currently, we have 645 properties on the market down from last week. Below are the Sold Price to List Price percentage for each of the four towns as well as some neighborhood data:  Sold Price vs. List Price   Neighborhood Data   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.  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   You can For the first week of October we had a pretty good number of sold properties.  18 properties sold for the few first days of October.  When compared to 26 new listings we had a good week, and it shows with the decrease of inventory in the market. New Listings We had 26 new listings in the first few days of  October.  October is typically the last month to get properties on the market, before the market slows, which typically happens the week before Thanksgiving. Year to Date Sold  We are not seeing a huge change in the percentages as we are towards the end of the year.  However, I think it is important to point out where there are differences in prices ranges that have a flux between the sold and inventory.  For example in the $500K-$1M is 28% of the total sold properties while only 14% of the current inventory.  If we broaden the price ranges we see that 88% of all properties sold this year have been under $3M, while it only accounts for 53% of the current available 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.  I have broken this down by June of 2012 (which is the high in my opinion) to January of 2013 (the low in my opinion) then will add each month as we come to them.    Price Range 6/12/13 1/5/13 2/1/13 2/22/13 3/22/13 4/26/13 5/31/13 6/28/13 7/26/13 8/30/13 9/30/13 10/4/13 0-$500K 6.36 4.96 5.76 5.28 5.12 4.95 5.76 5.76 6.24 5.11 5.28 5.92 $500K-$1M 7.98 3.88 4.22 4.22 4.72 5.11 5.5 5.55 5.5 5.16 5.33 5.055 $1M-$1.5M 11.48 7.22 7.34 7.1 7.22 8.2 9.3 8.81 7.95 7.59 7.95 7.34 $1.5M-$2M 10.86 7 8.55 9.06 8.68 9.44 9.19 8.8 8.5 7.53 7.27 7.02 $2M-$3M 15.27 8.64 9.72 10.2 9.96 12.24 13.8 12.6 12.12 11.76 13.08 12.96 $3M-$4M 21.82 12.4 13.77 16.22 17.55 20.88 22.66 22 20.22 20.22 22 22.44 $4M-$5M 37.33 17.5 16.5 18.5 21.5 27.5 28 27.5 23.5 21.99 24 24 $5M-$7.5M 30.92 19.4 20.47 20.47 20.82 23.64 25.76 26.82 26.47 24 26.11 25.76 $7.5M-$10M 57 25.84 22.15 22.15 25.84 26.76 31.38 33.2 32.3 25.84 26.76 24.92 $10M+ 40.21 36 36.85 40.28 38.57 36 38.57 36 31.71 29.14 39.42 39.42   **to calculate months on average in this chart I used the full year of 2012 sold properties in each price range   In the chart above the numbers we have tracked to decide the months on average have been based on last year's sold numbers.  I find it very interesting when comparing the two charts that the under $3M market is even tighter and the over $3M is even slower when you use this year's sold numbers vs last years. Price Range 8/30/13 9/30/13 10/4/13 0-$500K 4.26 4.4 4.9 $500K-$1M 4.65 4.9 4.6 $1M-$1.5M 4.96 5.2 4.7 $1.5M-$2M 5.61 5.6 5.5 $2M-$3M 7.84 9.1 9.0 $3M-$4M 20.22 23.4 24.2 $4M-$5M 22 23.9 24.3 $5M-$7.5M 40.8 31.6 30.2 $7.5M-$10M 44.8 52.1 49.2 $10M+ 272 103.2 102.5 ** to calculate months on average in this chart I used year to date 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 October 13th      Below are all of the Greenwich Open Houses for Sunday.  The first two are rentals.  Thank you to Rob Pulitano for sending me the list of open houses so I can add the links, and Mark Pruner for publishing the list on Greenwich Patch.   Address Town List Price Time Broker 7 Mead Avenue  Cos Cob $2,650 1-3 PM Shore & Cntry 11 Edgewood Drive Greenwich $5,500 1-3 PM Weichert 1535 E. Putnam Ave #107 Old Greenwich $244,000 1-3 PM Raveis 16 Beach View Drive Stamford $749,000 1-4 PM Berkshire Hathaway 32 Cliff Avenue #3 Greenwich $799,000 1-3 PM FF Rlty 24 Caroline Place Greenwich $839,000 2-4 PM Ogilvy 17 Candlelight Place Greenwich $2,295,000 1-4 PM Berkshire Hathaway 10 Ledge Road Old Greenwich $3,450,000 1-4 PM Berkshire Hathaway 7 Hearthstone Drive Riverside $3,795,000 1-4 PM Coldwell Bnkr 19 Desiree Drive Greenwich $4,195,000 2-4 PM Ogilvy 10 Spring House Road Greenwich $4,250,000 2-4 PM Coldwell Bnkr   Best,                                                                                                                                                         Jared Randall                                                 Join my Mailing List Berkshire Hathaway Homeservices            Search Properties www.greenwichrealestateguy.com             Forward to a Friend cell:  203-273-1034                                        View My Website email:  jaredrandall@prudentialct.com       Like me on Facebook            Mortgage Information There are three individuals I feel most confident about when it comes to home mortgages.  They are Jeff Ihrig of First Republic in Manhatan, and in Greenwich I prefer Treena David-Chirico of Wells Fargo and Iliad Estrada of Connecticut Home Mortgage. Jeff can be reached at 646-372-5181.  Treena's phone number is 203-618-3923.  You can go to her website to input your specific information to receive rates.  Her website is www.wfhm.com/treena-david-chirico. 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 3.125% 3.372% 30 YR Fixed Conforming 4.125% 4.302% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 4.250% 4.379% 5/1 YR ARM Conforming 2.875% 3.012% 5/1 YR ARM Jumbo 2.750% 2.947%    10/1 YR ARM Jumbo 3.750% 3.517%  Updated: Thursday Oct 3, 2013