Greenwich CT, Residential Real Estate Blog and Analysis: October 4th

Greenwich, CT Residential Real Estate Blog and Analysis:  October 4th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com The above New England Stone and Clapboard home is located at43 Richmond Hill in Back Country.  This house has been on the market numerous times starting at $6.395M.  This is one of my favorite houses that I have seen on the market.  There are many aspects of this home that I love.  The most important is the value.  If you look at the charts below, specifically the comparison report.  You will see year to date in Back Country (noted as N. Parkway) we have sold 37 properties compared to 28 in the same amount of time last year.  That is an increase of 32.1%.  Now the prices have dropped by 27.4%.  I do not believe the price drop can be as true of a statistic as it sounds.  For instance if a $10M dollar property sells it would throw off the skew.  However, I believe the point is valid, we are starting to see properties trade in back country when owners are being realistic of the market.  I believe Back Country has been hit the hardest over the past several years, and with the increased activity there are still values to be had.  I believe this is one of those values.  I love the curb appeal with the circular driveway, the way the house sits on the lot, and the turret on the left hand side.  The flow of the house with the open kitchen and the way the light comes in was also appealing.  Of course, I enjoy my amenities as well.  This house seems to have it all.  The first floor has an expansive deck that looks out over the sprawling lawn.  In the lower level there is a home theatre and a great bar set up.  The lower level walks out to a patio right below the deck. The home has a flow that you can envision a big family very much enjoying.  It is 9,094 s.f. with 5 bedrooms, 5 full baths, and 2 half baths.  It sits on 4 acres of land. The current price is $3.95M.  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. When looking at the graphs and pie chart, the biggest take away for me is the amount of inventory that came into the market in September compared to last year.  However, we did have a new company move into the area so it could be a lot of Realtors posting the same inventory under a new broker and would count as a new listing.  Ultimately, as of the end of September we had 656 total properties available compared to two weeks ago we had 650. 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 see that this is the first month in the past several that the sold number did not out pace the number over the last few years.  I believe a lot of that has to do with the concerns of the fiscal cliff last year.  I believe owners were concerned how their taxes would be affected and felt an urgency to sell their homes by the end of December.  I believe this was the first month we started to see that activity last year. New Listings We had 158 new properties in September.  Now, there have been a lot of changes with Realtors changing firms.  If their customers want to stay with them, they would cancel the listing and make it a new listing with their new firm.  Hence, this months new listings could be affected.  Hence, we need to keep an eye on this statistic and see what it does next month. Year to Date Sold  We are not seeing a huge change in the percentages of the properties that have sold.  They are staying relatively consistent.  I do see the over $10M market moving off of the 0% over the next month or two.    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 0-$500K 6.36 4.96 5.76 5.28 5.12 4.95 5.76 5.76 6.24 5.11 5.28 $500K-$1M 7.98 3.88 4.22 4.22 4.72 5.11 5.5 5.55 5.5 5.16 5.33 $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 $1.5M-$2M 10.86 7 8.55 9.06 8.68 9.44 9.19 8.8 8.5 7.53 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 $3M-$4M 21.82 12.4 13.77 16.22 17.55 20.88 22.66 22 20.22 20.22 22 $4M-$5M 37.33 17.5 16.5 18.5 21.5 27.5 28 27.5 23.5 21.99 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 $7.5M-$10M 57 25.84 22.15 22.15 25.84 26.76 31.38 33.2 32.3 25.84 26.76 $10M+ 40.21 36 36.85 40.28 38.57 36 38.57 36 31.71 29.14 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 0-$500K 4.26 4.4 $500K-$1M 4.65 4.9 $1M-$1.5M 4.96 5.2 $1.5M-$2M 5.61 5.6 $2M-$3M 7.84 9.1 $3M-$4M 20.22 23.4 $4M-$5M 22 23.9 $5M-$7.5M 40.8 31.6 $7.5M-$10M 44.8 52.1 $10M+ 272 103.2 ** 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 6th      Below are all of the Greenwich Open Houses for Sunday.  It is supposed to be a beautiful weekend, so enjoy.  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 1465 E. Putnam Avenue # 419 Old Greenwich $339K 1-3 PM Raveis 79 Harbor Drive Greenwich $465K 1-4 PM BHHS 72 Weaver Street Greenwich $588K 2-4 PM COBA01 98 Riverdale Av Ext. Greenwich $625K 1-4 PM BHHS01 61 Greenwich Hills #61 Greenwich $675K 2-4:30 PM Raveis 32 Cliff Avenue #3 Greenwich $799K 1-3 PM FF Rlty 24 Caroline Place Greenwich $875K 2-4 PM Ogilvy 40 Ettl Lane Greenwich $890K 2-4 PM Weichert 43 Sinawoy Road Cos Cob $899K 2-4 PM COBA01 43 Sinawoy Road Cos Cob $899K 2-4 PM COBA01 107 Stanwich Road Greenwich $950K 2-4 PM bhhs 15 E Lyon Farm Drive #15 Greenwich $1.245M 1-4 PM SOTH01 633 Steamboat Road #1 Greenwich $1.3M 1-3 PM COBA02 33 Maple Avenue Greenwich $1.375M 2-4 PM GRFP01 240 Palmer Hill Road Old Greenwich $1.375M 2-4 PM SOTH01 6 Highview Avenue Old Greenwich $1.495M 1-3 PM COBA02 28 Mianus View Terrace Cos Cob $1.495M 1-3 PM Weichert 25 Nearwater Lane Riverside $1.515M 1-3 PM SCPR01 13 Richmond Drive Old Greenwich $1.695M 1-3 PM SCPR01 11 Angus Lane Greenwich $1.999M 1-3 PM Raveis 2 Carriage Road Greenwich $2.05M 2-4 PM COBA01 17 Candlelight Place Greenwich $2.295M 1-4 PM bhhs 299 Palmer Hill Road Old Greenwich $2.399M 1-4 PM Raveis 16 Lakeview Drive Riverside $2.595M 1-4 PM BHHS01 36 Winthrop Drive Riverside $2.695M 1-4 PM Raveis 35 Keofferam Road Old Greenwich $2.795M 2-4 PM SCPR01 119 Doubling Road Greenwich $2.795M 1-3 PM Raveis 10 Deep Gorge Road Greenwich $2.85M 2-4 PM GRFP01 15 Dearfield Lane Greenwich $2.995M 1-4 PM BHHS01 76 Cat Rock Road Cos Cob $2.999M 1-4 PM COBA01 87 Perkins Road Greenwich $3M 1-4 PM BHHS01 3 Hearthstone Drive Riverside $3.125M 1-3 PM SCPR01 72 Shore Road Old Greenwich $3.275M 2-4 PM Raveis 20 Roosevelt Avenue Old Greenwich $3.595M 1-4 PM BHHS01 25 Nawthorne Road Old Greenwich $3.599M 1-3 PM Raveis 122 Clapboard Ridge Road Greenwich $3.6M 1-4 PM BHHS02 150 Pecksland Road Greenwich $3.685M 2-4 PM GRFP01 16 Binney Lane Old Greenwich $3.745M 2-4 PM Raveis 150 Clapboard Ridge Road Greenwich $4.295M 2-4 PM Raveis 585 Round Hill Road Greenwich $4.495M 2-4 PM COBA01 30 Oneida Drive Greenwich $4.55M 1-3 PM COBA01 11 Cove Road Old Greenwich $4.9M 2-4 PM Keleher Grp 26 Glen Avon Drive Riverside $4.95M 2-4 PM Centric Prop 100 Club Road Riverside $5.495M 1-4 PM SOTH01 122 Old Church Road Greenwich $7.495M 1-3 PM COBA01 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