Greenwich CT, Residential Real Estate Blog and Analysis: November 8th

Greenwich, CT Residential Real Estate Blog and Analysis:  November 8th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com I toured 226 Riverside Avenue this week.  This was one of my favorite houses I have ever seen in this price point.  This farmhouse was built in 1887, and as you can see by the pictures has kept the period details.  However, it has been completely renovated.  Which creates this incredible feel of new and modern mixed with the history of the house.  Also, there is a cute garage with a studio.  In the redone kitchen there is a very cool wet bar piece.  It a great shade of green that works so well with the other pieces.  The roof, mechanicals, kitchen, baths etc are most completely new.  The house sits on .14 of an acre, has a lawn and a detached garage.  The home boasts four bedrooms, three full baths, and one half bath.  The listing also says that there are deeded water rights to Willowmere Beach and Deck.  Most importantly, is the location.  Obviously, being on Riverside Avenue, you are a couple of blocks from train and schools.  All and all a great home listed at $1.595M. Currently, we have 604 properties on the market, continuing the trend of declining inventory over the last several weeks.  If you look at my blog from the end of September we had 656 properties, which is an 8 percent decrease in total inventory in the last month.  We continue to see the 0-$3M get more competitive while the over $3M range adds more inventory.  When looking below at the charts, I feel this shows how much better our market is this year over the same time last year.  When looking specifically at the October numbers, we had 98 new properties this year, compared to 92 new properties in October of last year.  As you can see not too much of a difference (only 6%).  However, when looking at sold, we had 49 properties sold last year in October, and have sold 68 this October, a resounding increase (38%).  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.   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    As discussed above I believe these two charts show the difference in the market better than anything else.  We are seeing the sold properties jump up from last year.  When looking below we see that the new properties are up over previous years, but not by the same percentages as the sold. New Listings We had 98 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.  However, this does show that even though the market is vastly improving the sellers are seeing this as the opportunity to put their house on the market.     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 87% 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 10/31/13 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 $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 6.97 $1.5M-$2M 10.86 7 8.55 9.06 8.68 9.44 9.19 8.8 8.5 7.53 7.27 6.25 $2M-$3M 15.27 8.64 9.72 10.2 9.96 12.24 13.8 12.6 12.12 11.76 13.08 11.64 $3M-$4M 21.82 12.4 13.77 16.22 17.55 20.88 22.66 22 20.22 20.22 22 19.77 $4M-$5M 37.33 17.5 16.5 18.5 21.5 27.5 28 27.5 23.5 21.99 24 24.5 $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 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 10/31/13 0-$500K 4.26 4.4 5.2 $500K-$1M 4.65 4.9 4.6 $1M-$1.5M 4.96 5.2 4.6 $1.5M-$2M 5.61 5.6 5.1 $2M-$3M 7.84 9.1 8.3 $3M-$4M 20.22 23.4 21.3 $4M-$5M 22 23.9 25.3 $5M-$7.5M 40.8 31.6 26.4 $7.5M-$10M 44.8 52.1 58.8 $10M+ 272 103.2 92.1 ** 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 November 10th      Below are all of the Greenwich Open Houses for Sunday.   Address Town List Price Time Office 98 Valley Road #2 Cos Cob $469K 1-3 p.m. RAVE01 20 High Stret Greenwich $575K 1-3 p.m. COBA01 46 Chapel Street Greenwich $579K 1-4 p.m. BHHS01 9 River Road #418 Cos Cob $595K 1-4 p.m. SCIA01 24 Caroline Place Greenwich $795K 2-4 p.m. OGIL01 197 Sheephill Road #D Riverside $80K 1-3 p.m. COBA02 6 Heusted Drive Old Greenwich $1.075M 1-3 p.m. SCPR01 11 Manor Road Old Greenwich $1.195M 2-4 p.m. COBA01 25 Nearwater Lane Riverside $1.449M 1-3 p.m. SCPR01 226 Riverside Avenue Riverside $1.595M 2-4 p.m. SOTH01 111 Lake Avenue Greenwich $1.595M 2-4 p.m. HLAW01 469 Taconic Road Greenwich $1.783M 1-4 p.m. WEIC01 14 Perryridge Road Greenwich $1.895M 1-3 p.m. SCPR01 184 Shore Road Old Greenwich $2.1M 1-3 p.m. COBA02 7 Dearfield Lane Greenwich $2.28M 1-3 p.m. SCPR01 55 Shore Road Old Greenwich $2.349M 1-4 p.m. WEIC01 83 Burning Tree Road Greenwich $2.45M 2-4 p.m. COBA01 317 Stanwich Road Greenwich $2.495M 12-2 p.m. COBA01 240 Riverside Avenue Riverside $3.149M 1-3 p.m. COBA01 10 Ledge Road Old Greenwich $3.45M 1-4 p.m. BHHS02 33 Ballwood Road Old Greenwich $3.895M 2-4 p.m. HLAW01 20 West End Avenue Old Greenwich $3.899M 1-3 p.m. KAVO01 43 Richmond Hill Road Greenwich $3.95M 1-3 p.m. HLAW01 585 Round Hill Road Greenwich $4.495M 2-4 p.m. COBA01 30 Oneida Road Greenwich $4.55M 2-4 p.m. COBA01 15 West Way Old Greenwich $4.85M 1-3 p.m. HALS01   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 two individuals I feel most confident about when it comes to home mortgages.  One in Manhattan and one in Greenwich.  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.