Greenwich CT, Residential Real Estate Blog and Analysis: April 19th

Greenwich, CT Residential Real Estate Analysis: April 19th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

The above pictured center hall colonial is located at 87 Perkins Road.  House sits on 2 acres of which the backyard is beautifully landscaped and has a fenced off pool which is strategically set into the rock that gives a natural patio feel.  It was renovated in 2004 but the interior feels like it was renovated more recently, since it has been so well taken care of.  There are four bedrooms, four and one half baths and three fireplaces, and 4,062 s.f.  There are 1,500 s.f. in the basement that is not included.  The kitchen has new appliances and has a very open feel.  The house is well situated on the lot for maximum sun exposure.  I also love the location and think it is well priced at $3.1M. We continue to see the inventory grow.  We had 44 new listings come on the market this past week.  We have 637 total properties for sale which is up eighteen from 619 last week. We are starting to see by the statistics below that we are settling into a clear understanding of the market.  We are not seeing big jumps in the percentages one way or another.  When you scroll all the way down the months on average section of the newsletter it shows us that we are dealing with two different markets.  Feel free to compare the numbers of month on average, the sold by price range percentages, and new listing vs. sold numbers with previous issues at www.greenwichrealestateguy.com/blog.    As always, if you have a house in mind you would like to see, please do not hesitate to call me.   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.  I have updated the mortgage information on the bottom of the newsletter as well. 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   We are nineteen days through April and we have already passed last year's sold number.  So, even though we are seeing inventory grow we are also seeing the sold numbers grow.  I imagine by end of next week will have passed 2010 and 2011 sold numbers for April as well. New Listings I mentioned last week I expected things to slow down and inventory continue to be added.  We went up nineteen properties in the last week.  All in all it could be worst but we are seeing a trend of the inventory grow which I imagine will continue for the next several weeks.    Year to Date Sold  Year to date we have sold 164 properties.  As you can see when comparing to previous issues of the newsletter (you can find them at www.greenwichrealestateguy.com/blog) the under $2M continues to increase market share of the sold properties, while over $2M continues to decrease.  The $500K-$1M continues to dominate the market share growing from 24% to 27% of total properties sold year to date.  This is a huge number for one week.     Year to Date Available    I feel it is important to compare the two charts.  The biggest move in inventory was surprisingly the decrease in inventory in the $1.5M-$2M range.  That price range dropped from 13% of the inventory to 11% in one week.  We had 78 properties in that price range last week and only 72 properties this week. 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.    We continue to see the under $2M stay competitive which the over $2M continues to grow.  The value seems to be in the $4M-$5M range currently. Price Range 12-Jun 1/5/13 2/1/13 2/22/13 3/22/13 4/19/13 0-$500K 6.36 4.96 5.76 5.28 5.12 4.96 $500K-$1M 7.98 3.88 4.22 4.22 4.72 5.05 $1M-$1.5M 11.48 7.22 7.34 7.1 7.22 7.59 $1.5M-$2M 10.86 7 8.55 9.06 8.68 9.19 $2M-$3M 15.27 8.64 9.72 10.2 9.96 12 $3M-$4M 21.82 12.4 13.77 16.22 17.55 19.33 $4M-$5M 37.33 17.5 16.5 18.5 21.5 27.5 $5M-$7.5M 30.92 19.4 20.47 20.47 20.82 22.94 $7.5M-$10M 57 25.84 22.15 22.15 25.84 26.76 $10M+ 40.21 36 36.85 40.28 38.57 36.85   **to calculate months on average I used the full year of 2012 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 April 14th      Below are all of the Greenwich Open Houses for Sunday.  The first three are rentals.  It is National Open House Day (I know you have been waiting for this day all year to celebrate) so there are a plethora of houses to see.  As you can see there are a lot of open houses; 55 in total. The first three are rentals. Thank you to Mark Pruner for compiling the list of open houses for me each week. Address Town List Price Time Office 28 Home Place #A-1 Greenwich $7K  1 - 3 PM Raveis 71 Orchard Place #A Greenwich $7.15K 2 - 4 PM Weichert 559 Steamboat Road #A1 Greenwich $17.5K 2 - 4 PM Sotheby's 76 Putnam Park #76 Greenwich $545K  2 - 4 PM Raveis 201 River Run #201 Greenwich $562.5K 1 - 4 PM Prudential CT 14 Sound Beach Avenue Old Greenwich $629K  2 - 4 PM Raveis 98 Putnam Park Greenwich $629K  1 -4 PM Raveis 27 Byram Terrace Drive Greenwich $629K  12 - 3 PM Raveis 62 Valley Road Cos Cob $750K  2 - 4 PM Raveis 26 Church Street #B Greenwich $829K 1 - 3 PM Higgins 51 Cambridge Drive Greenwich $849.9K 2 - 4 PM Sotheby's 48 Hettiefred Road Greenwich $875K  1 - 4 PM Prudential CT 31 Scott Road Greenwich $884.5K 2 - 4 PM Weichert 73 Weaver Street #13 Greenwich $885K 1 - 4 PM Prudential CT 80 Silo Circle #80 Riverside $889K  2 - 4 PM Weichert 73 Weaver Street #16 Greenwich $950K  1 - 4 PM Halstead 9 Fairfield Avenue Old Greenwich $999K  1 - 3 PM Raveis 28 Home Place #A-1 Greenwich $1.175M  1 - 3 PM Raveis 73 Weaver Street #18 Greenwich $1.195M  1 - 4 PM Raveis 35 E Lyon Farm Drive #35 Greenwich $1.195M 1 - 3PM Coldwell Banker 86 Lower Cross Road Greenwich $1.249M 1 - 4 PM Weichert 424 Taconic Road Greenwich $1.25M 1 - 3 PM Weichert 17 Davenport Avenue Greenwich $1.295M  2 - 4 PM Raveis 202 W. Lyon Farm Drive Greenwich $1.295M 2 - 4 PM Greenwich FP 51 Forest Avenue #105 Old Greenwich $1.325M 12 - 3 PM Park Allyn 15 Londonderry Drive Greenwich $1.295M 2 - 4 PM Sotheby's 55 Lockwood Avenue Old Greenwich $1.495M  1 - 4 PM Greenwich Cus-m 24 Sundance Drive Cos Cob $1.495M  2 - 4 PM Raveis 584 Riversville Road Greenwich $1.525M 3 - 5 PM Sotheby's 11 Londonderry Drive Greenwich $1.595M  1 - 3 PM Raveis 26 Ferncliff Road Cos Cob $1.695M 2 - 4 PM Coldwell Banker 43 Stag Lane Greenwich $1.785M 2 - 4 PM Sotheby's 73 Hillcrest Park Road Old Greenwich $1.795M 2 - 4 PM Sotheby's 25 Rustic View Road Greenwich $1.825M 1 - 4 PM Prudential CT 20 Limerick Place Cos Cob $1.895M 2 - 4 PM Greenwich FP 73 Weaver St #18 Greenwich $1.195M 1 - 4 PM Raveis 140 Shore Road Old Greenwich $1.97M  2 - 4 PM Raveis 75 Harding Road Old Greenwich $1.975M 1 - 3 PM Coldwell Banker 149 Shore Road Old Greenwich $1.995M 1 - 4 PM Prudential CT 120 Valley Drive Greenwich $2.15M 1 - 4 PM Sotheby's 30 Sunset Road Old Greenwich $2.195M 2 - 4 PM Sotheby's 244 Stanwich Road Greenwich $2.25M 2 - 4 PM Sotheby's 17 Candlelight Place Greenwich $2.295M 1 - 4 PM Prudential CT 5 Dartmouth Road Cos Cob $2.295M 2 - 4 PM Sotheby's 85 Dingletown Road Greenwich $2.298M 1 - 4 PM Ogilvy 14 Woodland Road Stamford $2.3M 1 - 4 PM Prudential CT 36 Highview Avenue Old Greenwich $2.395M 1 - 4 PM Shore & Country 55 Shore Road Old Greenwich $2.495M 1 - 3 PM Coldwell Banker 18 Welwyn Road Riverside $2.495M 1 - 4 PM Prudential CT 9 Paddock Drive Greenwich $2.495M 2 - 4 PM Sotheby's 59 Bedford Road Greenwich $2.695M  1 - 3 PM Raveis 110 Patterson Avenue Greenwich $2.795M 1 - 4 PM Sotheby's 329 Riversville Road Greenwich $2.799M  12 - 3  PM Advantage 73 Glenville Road Greenwich $2.8M 2 - 4 PM Ogilvy 58 Park Avenue South Old Greenwich $2.875M  2 - 4 PM Shore & Country 36 Alden Road Greenwich $2.895M  1 - 4 PM Raveis 10 Deep Gorge Road Greenwich $2.95M 2 - 4 PM Greenwich FP 45 Cedar Cliff Road Riverside $2.95M 2 - 4 PM Sotheby's 230 Bedford Road Greenwich $2.995M 1 - 3 PM Ogilvy 26 Stag Lane Greenwich $2.999M  1:30 - 3:30 PM Advantage 51 Baldwin Farms North Greenwich $3.175M 2 - 4 PM Sotheby's 36 Montgomery Lane Greenwich $3.295M 1 - 3 PM New England 27 Chieftans Road Greenwich $3.595M 2 - 4 PM Greenwich FP 12 East Point Lane Old Greenwich $3.6M  1 - 4 PM Raveis 32 Grahampton Lane Greenwich $3.7M 2 - 4 PM Sotheby's 1200 Lake Avenue Greenwich $3.85M  12 - 3 PM Prudential CT 4 Cove Ridge Ln/Hendrie Dr Old Greenwich $3.875M 12 - 3 PM Sotheby's 124 Clapboard Ridge Road Greenwich $3.945M 2 - 4 PM Sotheby's 559 Steamboat Road #A1 Greenwich $4.095M 2 - 4 PM Sotheby's 19 Desiree Drive Greenwich $4.195M 2 - 4 PM Ogilvy 43 Doubling Road Greenwich $4.2M 2 - 4 PM Ogilvy 56 Milbank Avenue #B Greenwich $4.295M 2 - 4 PM Coldwell Banker 45 Close Road Greenwich $4.595M 2 - 4 PM Sotheby's 733 Lake Avenue Greenwich $4.795M 1 - 4 PM New England 12 Baldwin Farms South Greenwich $5.7M 2 - 4 PM Sotheby's Mortgage Information The two individuals I feel most confident about when it comes to home mortgages are Jeff Ihrig of First Republic in the city and Iliad Estrada of Connecticut Home Mortgage. Jeff can be reached at 646-372-5181. 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 2.625% 2.863% 30 YR Fixed Conforming 3.375% 3.539% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 3.750% 3.872% 5/1 YR ARM Conforming 2.125% 2.842% 5/1 YR ARM Jumbo 2.250% 2.864% 10/1 YR ARM Jumbo 3.000% 3.103% Updated February 14, 2013