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

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

Dear Jared  The above Shore Colonial is located at 71 Shore Road in Old Greenwich.  This came on today with a new agent.  It has been listed a couple times before with a higher price starting at $3.5M and most recently at $3.295M.  However, today it came on for $2.995M.  I picked this house because I think there is something to be said for a price reduction and a new agent.  When one compares the pictures of the outside of the home in today's listing than previous listings it accentuates the positives of the house.  The beautiful porch, the angle from the front that shows the garage as well as the house extending across the lawn.  Obviously, it is a great location close to Tod's Point and around a mile from school and the village.  The house is listed at 4.577 s.f. with 5 bedrooms, 3 full baths, and 1 half bath.  The property is an oversized lot for the zone sitting at .43 of an acre.  It will be interesting to follow and see how it does, but I feel the agent did a great job with the pictures, lowering the price, as well as the staging. If you did not read last week's post I am still 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.   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 628 properties on the market, continuing the trend of declining inventory over the last few weeks.  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       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 47 properties, there were 49 sold properties in October of 2012, so we having a very good October.  We have seen the luxury market bounce back as well, for the first several months we had one property sell over $10M.  We have had 4 properties sell over $10M relatively quickly bringing us to five total for the year. New Listings We had 28 new listings last week, bringing the total to 70 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 10/18/13 0-$500K 6.36 4.96 5.76 5.28 5.12 4.95 5.76 5.76 6.24 5.11 5.28 6.08 $500K-$1M 7.98 3.88 4.22 4.22 4.72 5.11 5.5 5.55 5.5 5.16 5.33 5.16 $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 7.27 $1.5M-$2M 10.86 7 8.55 9.06 8.68 9.44 9.19 8.8 8.5 7.53 7.27 6.38 $2M-$3M 15.27 8.64 9.72 10.2 9.96 12.24 13.8 12.6 12.12 11.76 13.08 11.88 $3M-$4M 21.82 12.4 13.77 16.22 17.55 20.88 22.66 22 20.22 20.22 22 20.44 $4M-$5M 37.33 17.5 16.5 18.5 21.5 27.5 28 27.5 23.5 21.99 24 25 $5M-$7.5M 30.92 19.4 20.47 20.47 20.82 23.64 25.76 26.82 26.47 24 26.11 24.35 $7.5M-$10M 57 25.84 22.15 22.15 25.84 26.76 31.38 33.2 32.3 25.84 26.76 27.69 $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 10/18/13 0-$500K 4.26 4.4 5.1 $500K-$1M 4.65 4.9 4.7 $1M-$1.5M 4.96 5.2 4.7 $1.5M-$2M 5.61 5.6 5.1 $2M-$3M 7.84 9.1 8.3 $3M-$4M 20.22 23.4 22.6 $4M-$5M 22 23.9 25.2 $5M-$7.5M 40.8 31.6 25.4 $7.5M-$10M 44.8 52.1 57.4 $10M+ 272 103.2 89.9 ** 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 2012.  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 25th      Below are all of the Greenwich Open Houses for Sunday.  Please note the first two are rentals.  Also, 11 Angus Lane, is showing up in the MLS as Contingent Contract. Address Town List Price Time Office 82 East Putnam Avenue Cos Cob $4.5K 2-4 p.m. RAVE01 122 Clapboard Ridge Road Greenwich $17.5K 1-4 p.m. BHHS02 1535 East Puntam Avenue #307 Old Greenwich $270K 2-4 p.m. BHHS01 171 Putnam Park #171 Greenwich $409K 1-4 p.m. BHHS01 5 Silver Street Greenwich $490K 2-4 p.m. ANDR01 3 Green Lane Greenwich $729.5K 2:30 -5 p.m. BHHS01 561 River Road Cos Cob $799K 1-4 p.m. RAVE01 30 Caroline Place Greenwich $1.195M 1-4 p.m. RAVE01 469 Taconic Road Greenwich $1.783M 11:30-1:30 p.m. WEIC01 11 Angus Lane Greenwich $2M 1-3 p.m. RAVE01 12 Ricki Beth Lane Old Greenwich $2.275M 1-4 p.m. BHHS02 55 Shore Road Old Greenwich $2.349M 1-4 p.m. WEIC01 37 Day Road Greenwich $2.395M 1-3 p.m. COBA01 16 Lakeview Drive Riverside $2.595M 1-4 p.m. BHHS01 65 Winthrop Drive Riverside $2.85M 2-4 p.m. RAVE02 15 Dearfield Lane Greenwich $2.865M 1-4 p.m. BHHS01 87 Perkins Road Greenwich $3M 1-3 p.m. BHHS01 122 Clapboard Ridge Road Greenwich $3.6M 1-4 p.m. BHHS02 7 Binney Lane Old Greenwich $3.995M 2-4 p.m. HLAW01 20 West End Avenue Old Greenwich $4.289M 1-4 p.m. KAVO01 585 Round Hill Road Greenwich $4.495M 2-4 p.m. COBA01 18 Pinecroft Road Greenwich $6.5M 1-4 p.m. BHHS01 421 Field Point Road Greenwich $6.5M 1-4 p.m. BHHS01   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. 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.

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