Greenwich CT, Residential Real Estate Blog and Analysis: April 26th

Greenwich, CT Residential Real Estate Blog and Analysis:  April 26th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

Dear Jared  The above pictured colonial is located at 65 Lockwood Lane.  I thought this would be a good house to feature as it will show the difference in the market.  I am not sure if you remember but this house was on the market previously.  There was a small creek (mostly dry) that ran through the backyard.  This could be a concern for families.  So, the owner installed this nice fence and put it back on the market.  Previously, it was on for $1.895M and lowered a couple of times until it was withdrawn at $1.695M.  They installed this fence, did some landscaping, and added over twenty trees and have re-listed at $1.725M.  I personally love the fence and makes the house feel a lot more safe.  It backs up to the Riverside school so I could envision kids playing in the backyard then just continue on to the ball fields of the school.  I feel little things like adding a fence and trees can go a long way to making a house more desirable.  We shall see how it helps in this case. Another week of inventory growing.  Last week we had 44 new listings, this week we had 49.  That compares with 8 properties that sold last week.  Our total inventory grew from 637 to 655.  As you will notice in the charts below, the positive is even though new inventory is growing we surpassed the sold properties in April over the last four years.  Even though inventory is growing, we are still seeing the under $1M market sizzle, and the $1M-$2M market is still hot.  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     Best,                                                                                                                                                         Jared Randall                                                Join my Mailing List Prudential CT, Greenwich Office                  Search Properties www.greenwichrealestateguy.com              Forward to a Friend cell:  203-273-1034                                       View My Website email:  jaredrandall@prudentialct.com        Like me on Facebook

Properties Sold   We have a few more days of April and have officially had more sales this April than the past four.  All in all good signs for the overall market.  Yes, inventory is growing but the market is more active than in recent years. New Listings I mentioned last week I expected things to slow down and inventory continue to be added.  As you see, the new listings are passing recent years as well.  So we have more inventory and more buyers than we have in the past.    Year to Date Sold  Year to date we have sold 171 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.  However, this week there was not much change in the charts. 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.    I believe this shows our market the best.  Every price range other than $0-$500K has grown in months on average to sell through the inventory.  This shows the best time to have been selling a house was December/January.  The positive is we have not reached the numbers in inventory of last year.   Price Range 12-Jun 1/5/13 2/1/13 2/22/13 3/22/13 4/26/13 0-$500K 6.36 4.96 5.76 5.28 5.12 4.95 $500K-$1M 7.98 3.88 4.22 4.22 4.72 5.11 $1M-$1.5M 11.48 7.22 7.34 7.1 7.22 8.2 $1.5M-$2M 10.86 7 8.55 9.06 8.68 9.44 $2M-$3M 15.27 8.64 9.72 10.2 9.96 12.24 $3M-$4M 21.82 12.4 13.77 16.22 17.55 20.88 $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 23.64 $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  **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 28th      Below are all of the Greenwich Open Houses for Sunday.  The first three are rentals. Thank you to Rob Pulitano for compiling the list of open houses for me each week.  1050 King Street will be having an open house.  However, it has not come on the market as of yet, so I cannot do a link.  Enjoy. Address Town List Price Time Broker 347 Riversville Road Greenwich $5.4K 1-4 PM Coldwell Bnkr 26 Ferncliff Road Cos Cob $5.95K 1-3 PM Coldwell Bnkr 16 Manor Road Old Greenwich $8.5K 1-4 PM Prudential 2 Cary Road Riverside $449K 2-4 PM Coldwell Bnkr 98 Riverdale Av Ext. Greenwich $625K 2-4 PM Prudential 69 Riverdale Ave #204 Greenwich $699K 2-4 PM Coldwell Bnkr 62 Valley Road Cos Cob $750K 2-4 PM Raveis 3 Green Lane Greenwich $750K 2-4 PM FF Rlty 75 Richland Road #B Greenwich $750K 1-4 PM Prudential 70 Riverdale Ave #801 Greenwich $799K 2-4 PM Coldwell Bnkr 26 Church Street Greenwich $829K 1-3 PM Higgens Grp 73 Weaver St #13 Greenwich $885K 1-4 PM Prudential 80 Silo Circle Riverside $899K 2-4 PM Weichert 5 West End Court Old Greenwich $970K 1-4 PM Prudential 35 E Lyon Farm Drive #35 Greenwich $1.095M 1-4 PM Coldwell Bnkr 3 Game Cock Road Greenwich $1.099M 2-4 PM Prudential 18 Schubert Lane Cos Cob $1.17M 1-4 PM Prudential 64 Hawthorn St. N. Greenwich $1.25M 2-4 PM Weichert 347 Riversville Road Greenwich $1.295M 1-4 PM Coldwell Bnkr 17 Davenport Avenue Greenwich $1.295M 2-4 PM Raveis 1050 King St Greenwich $1.325M 2-4 PM Weichert 631 Long Ridge Road #12 Stamford $1.375M 1-4 PM Prudential 286 Middle Patent Road Greenwich $1.446M 1-4 PM Coldwell Bnkr 82 Sheephill Road Riverside $1.595M 1-4 PM Prudential 26 Ferncliff Road Cos Cob $1.695M 1-3 PM Coldwell Bnkr 16 Manor Road Old Greenwich $1.799M 1-4 PM Prudential 191 North Street Greenwich $1.95M 1:30-3:30 Coldwell Bnkr 112 Taconic Road Greenwich $1.995M 1-4 PM Prudential 31 Chapel Lane Riverside $2.295M 1-3 PM Shore & Cntry Prop 184 Shore Road Old Greenwich $2.35M 1-4 PM Coldwell Bnkr 45 Cedar Cliff Road Riverside $2.95M 1-4 PM Sotheby's 523 E Putnam Ave #Ph Cos Cob $2.995M 2-4 PM Prudential 5 Jofran Lane Greenwich $2.995M 1-3 PM Raveis 28 Brynwood Lane Greenwich $2.999M 12-2 PM Ogilvy 87 Perkins Road Greenwich $3.1M 1-4 PM Prudential 76 Cat Rock Road Cos Cob $3.295M 1-4 PM Coldwell Bnkr 170 Overlook Drive Greenwich $3.495M 2-4 PM Coldwell Bnkr 1333 King Street Greenwich $3.495M 1-4 PM Coldwell Bnkr 187 Shore Road Old Greenwich $3.495M 2-4 PM Coldwell Bnkr 11 Club Road Riverside $6.4M 2-4 PM Rnd Hill Prtns 421 Field Point Road Greenwich $6.95M 1-4 PM Prudential   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