Greenwich CT, Residential Real Estate Blog and Analysis: October 18th

Greenwich, CT Residential Real Estate Blog and Analysis:  October 18th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com I am very excited to announce that I have been offered an incredible opportunity to sell real estate for Houlihan Lawrence.  I have been very impressed with the marketing capabilities of Houlihan, as well as their strategic partnerships to help ensure clients are getting their homes marketed as widely as possible.  Read an article that appeared in the Greenwich Patch last month when Houlihan Lawrence entered the marketplace; Houlihan Lawrence CT Presence.  I would be happy to discuss the benefits of Houlihan, and how I can help you buy or sale properties.  If you would like a price evaluation or set up an introductory appointment, please do not hesitate to call or email.   The above Colonial is located at 33 Ballwood in Old Greenwich.  I will be hosting an open house here Sunday from 1-3 p.m.  This beautiful home was built in 2002 and renovated it 2004.  It has incredible amenities.  There is a third floor bar and home theatre, a spacious open kitchen, fireplace in the master bedroom, lower level with fireplace, exercise room, sauna, full bath and wine cellar.  The home is part of a private association with deeded access to the Sound.  I love the fact that it was built not too long ago and set up for today's entertaining.  However, most importantly is the neighborhood, being so close to the water, I can just imagine beautiful sunsets as you meander around the block.  Another positive is even though it is close to the water the home is not in a flood zone.  The house is listed as 5,128 s.f.  However, that does not include the basement.  33 Ballwood is listed for $3.895M. 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 634 properties on the market down from last week.  We continue to see the 0-$3M get more competitive while the over $3M range adds more inventory. 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    For the first couple of weeks of October we have sold 33 properties, there were 49 sold properties in October of 2012, so we are on pace for those numbers. New Listings We had 22 new listings in the second week, bringing the total to 48 new properties in 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 10/11/13 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 4.83 $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 7.1 $1.5M-$2M 10.86 7 8.55 9.06 8.68 9.44 9.19 8.8 8.5 7.53 7.27 7.27 $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 $3M-$4M 21.82 12.4 13.77 16.22 17.55 20.88 22.66 22 20.22 20.22 22 21.33 $4M-$5M 37.33 17.5 16.5 18.5 21.5 27.5 28 27.5 23.5 21.99 24 25.5 $5M-$7.5M 30.92 19.4 20.47 20.47 20.82 23.64 25.76 26.82 26.47 24 26.11 24.7 $7.5M-$10M 57 25.84 22.15 22.15 25.84 26.76 31.38 33.2 32.3 25.84 26.76 28.61 $10M+ 40.21 36 36.85 40.28 38.57 36 38.57 36 31.71 29.14 39.42 40.28 **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.  As you see below the $1M-$1.5M and $2M-$3M range has decreased over the last couple of weeks. Price Range 8/30/13 9/30/13 10/11/13 0-$500K 4.26 4.4 4.9 $500K-$1M 4.65 4.9 4.4 $1M-$1.5M 4.96 5.2 4.6 $1.5M-$2M 5.61 5.6 5.8 $2M-$3M 7.84 9.1 8.5 $3M-$4M 20.22 23.4 23.0 $4M-$5M 22 23.9 25.1 $5M-$7.5M 40.8 31.6 29.7 $7.5M-$10M 44.8 52.1 57.9 $10M+ 272 103.2 87.8 ** 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 20th      Below are all of the Greenwich Open Houses for Sunday.  As a reminder I will be hosting an open house at 33 Ballwood, in Old Greenwich this Sunday from 1-3 p.m.  As I have moved companies I will now be compiling the open list myself.  I have taken out the Stamford Open Houses.  If, you would like the Stamford Open houses included please email me, and I will put them back in the list in future newsletters. Address Area Cd List Price Time Office 145 Shore Road (Rear) OG $8.9K 2-4 PM RAVE02 5 Sylvan Lane OG $13K 1-4 PM RAVE01 516 Round Hill Road GR $25K 1-3 PM HLAW01 52 Lafayette Place #4B GR $279.9K 2-4 PM RAVE01 3 Putnam Hill #2E GR $375K 1-3 PM RAVE02 171 Putnam Park #171 GR $409K 1-4 PM BHHS01 9 River Road #408 CC $439K 1-3 PM HLAW01 265 Bruce Park Avenue GR $595K 2-4 PM COBA01 115 Halstead Avenue #B GR $649K 1-3 PM RAVE01 53 Locust Street 53 1/2 GR $695K 1-3 PM COBA01 11 River Road #122 CC $699K 1-3 PM HLAW01 561 River Road CC $799K 1-4 PM RAVE01 197 Sheephill Road #D RV $825K 2-4 PM COBA02 43 Sinawoy Road CC $899K 2-4 PM COBA01 50 Bedford Road GR $1.1M 1-3 PM COBA01 6 Heusted Drive OG $1.15M 1-3 PM SCPR01 11 Manor Road OG $1.195M 2-4 PM COBA01 30 Caroline Place GR $1.195M 1-4 PM RAVE01 67 Sound Beach Avenue OG $1.25M 12-3 PM COBA01 49 Indian Mill Road CC $1.295M 1-4 PM RAVE01 11 Steep Hollow Lane CC $1.395M 1-4 PM COBA01 69 Stanwich Road GR $1.4M 12-2 PM COBA01 6 Highview Avenue OG $1.495M 1-3 PM COBA02 236 Bedford Road GR $1.595M 1-4 PM BHHS02 111 Lake Avenue GR $1.595M 2-4 PM HLAW01 70 Bedford Road GR $1.695M 1-3 PM COBA01 68 Lockwood Road RV $1.695M 1-4 PM BHHS01 14 Perryridge Road GR $1.895M 1-3 PM SCPR01 2 Carriage Road GR $1.925M 2-4 PM COBA01 11 Angus Lane GR $2M 2-4 PM RAVE01 27 Stepping Stone Lane GR $2.25M 1-3 PM RAVE02 83 Burning Tree Road GR $2.45M 1-4 PM COBA01 15 Baldwin Farms South GR $2.495M 1-3:30 PM RAVE01 36 Winthrop Drive RV $2.495M 1-4 PM RAVE01 17 Hawkwood Lane GR $2.59M 11:30-1:30 PM COBA01 15 Palmer Terrace RV $2.599M 1-3 PM RAVE02 12 Shore Road 18 St. Claire Avenue OG OG $2.675 $2.695M 12-2 PM 1-4 PM GRFP01 BHHS02 10 Gaston Farm Road GR $2.775M 2-4 PM HLAW01 30 Sherwood Avenue GR $2.85M 1-3 PM BHHS01 317 Stanwich Road GR $2.895M 2-4 PM COBA01 6 Interlaken Road GR $2.995M 1-3 PM RAVE02 240 Riverside Avenue RV $3.149M 2-4 PM COBA01 72 Shore Road OG $3.275M 2-4 PM RAVE02 522 North Street GR $3.3M 2-4 PM COBA01 3 Cherry Blossom Lane GR $3.35M 11-1 PM COBA01 10 Ledge Road OG $3.45M 2-4 PM BHHS02 5 Sylvan Lane OG $3.5M 1-4 PM RAVE01 16 Binney Lane OG $3.745M 2-4 PM RAVE02 7 Hearthstone Drive RV $3.795M 2-4 PM COBA02 33 Ballwood Road OG $3.895M 1-3 PM HLAW01 7 Binney Lane OG $3.995M 1-3 PM HLAW01 10 Spring House Road GR $4.25M 2-4 PM COBA01 150 Clapboard Ridge Road GR $4.295M 2-4 PM RAVE01 122 Old Church Road GR $7.495M 11-1 PM COBA01 516 Round Hill Road GR $7.775M 1-3 PM HLAW01 Best,                                                                                                                                                         Jared Randall                                                 Join my Mailing List Houlihan Lawrence Greenwich                     Search Properties www.greenwichrealestateguy.com                Forward to a Friend cell:  203-273-1034                                         View My Website email:  jrandall@houlihanlawrence.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. 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