Greenwich CT, Residential Real Estate Blog and Analysis: May 24th

Greenwich, CT Residential Real Estate Blog and Analysis:  May 24th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com With a lot of people traveling this weekend I have just updated the open house list.  Enjoy the weekend, and let's hope the weather turns for the better.  We have had a lot of new subscribers to the newsletter over the last couple of months.  Hence, I am featuring my listing at 30 Montgomery Lane.  This home is all about location.  It takes me eight minutes to drive to the Whole Foods and the top of Greenwich Avenue from this house. The house is in the North Street Elementary district.  It sits on 1.44 acres of land and is located on a cul-de-sac off of Stanwich Road in the historic Wild Acres, which was owned by the Montgomery's.  One of the most beautiful aspects is that at the end of the cul-de-sac is the entrance to the Montgomery Pinetum Park.  This park is a 91 acres of walking trails, nature, and contains the Greenwich Garden Center.  The house was expanded and renovated in 1994, with the walk out Au-Pair Suite renovated last year.  There are 5 bedrooms, with four, and one half baths.  There are 4,470 s.f. of living space including a basement with a beautiful fireplace and kitchenette. I also wanted to take the opportunity today to discuss the market.  If you have read the analysis part of the newsletter you see there are two different distinct markets in Greenwich currently.  The under $2M market and the over $2M market.  I always say the market is as simple as supply and demand.  If we look at just a month ago.  Week ending April 12th we had 123 properties under $1M on the market.  Today we have 120 properties under $1M.  While the $2M-$3M range week ending April 12th we had 91 properties and in the $3M-$4M range we had 80 homes on the market.  Today we have 117 in the $2M-$3M range and 10 in the $3M-$4M range.  Hence, we have declined in the under $1M range and have grown 27% inventory in just the last month in the $2M-$4M range.  This tells me that now is a great time to move price ranges.  If you can sell your house and buy in a higher price range now is the time to do so.  Also, for the buyers out there, I have closed three deals in the last six months that have had multiple offers.  I strongly believe there are ways to make yourself more appealing to the sellers than overpaying.  In all three instances the buyers I represented either had the same offer or a less appealing offer than other bidders and my clients got the house each time.  I believe it is important to be creative when dealing with multiple offers. For fun, we also had a $190 Million dollar property come on the market.  Yes, that is correct, not a typo.  Here is the link of 499 Indian Field Road. The inventory grew again in the past two weeks.  We have 687 properties, 23 more than we did two weeks ago.  Twenty three is not a tremendous growth over two weeks and was helped by the fact we had 50 properties sold over the past two weeks.  We also had 100 new properties added to the market over the past two weeks.  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   Continuing the trend we saw in April, we have had a great couple of weeks of May as we have had 54 properties sell so far in May.  Whereas, last year we only had 62 sell for the whole month. New Listings We have to balance the sold properties with the inventory.  I believe the true indicator of the market will always come down to supply vs. the demand.  Again, as seen above continuing the trend we are seeing more inventory come into the market than in past years.  We have had 100 new listings so far this month.  Whereas, we had 120 in all of May in 2011.    Year to Date Sold  Year to date we have sold 236 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.  As you can see between these two graphs the $3M-$4M range has only accounted for 7% of the properties sold this year, but accounts for 15% of all of the properties on the market currently.  Conversely the 0-$500K price range is 4% of the current available property but 14% of the properties that have sold.     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.    I believe this shows our market the best.  The under $2M continues to be competitive with the beginning of this year (in my opinion was the lowest months on average for the market) while the over $2M continues to grow. Price Range 12-Jun 1/5/13 2/1/13 2/22/13 3/22/13 4/26/13 5/17/13 0-$500K 6.36 4.96 5.76 5.28 5.12 4.95 5.12 $500K-$1M 7.98 3.88 4.22 4.22 4.72 5.11 4.89 $1M-$1.5M 11.48 7.22 7.34 7.1 7.22 8.2 8.82 $1.5M-$2M 10.86 7 8.55 9.06 8.68 9.44 9.45 $2M-$3M 15.27 8.64 9.72 10.2 9.96 12.24 14.04 $3M-$4M 21.82 12.4 13.77 16.22 17.55 20.88 22.44 $4M-$5M 37.33 17.5 16.5 18.5 21.5 27.5 27.5 $5M-$7.5M 30.92 19.4 20.47 20.47 20.82 23.64 24 $7.5M-$10M 57 25.84 22.15 22.15 25.84 26.76 29.53 $10M+ 40.21 36 36.85 40.28 38.57 36 39.42    **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 May 26th      Enjoy the Memorial Weekend.  Below are all of the Greenwich Open Houses for Sunday.  Thank you to Rob Pulitano for sending me the list of open houses so I can add the links.  Address Town List Price Time Broker 149 Shore Road Old Greenwich $1.995M 1-4 PM Prudential 12 Wyckham Hill Greewich $2.395M 12-2 PM Sotheby's 15 Palmer Terrace Riverside $2.699M 1-3 PM Raveis 56 Milbank Avenue #B Greewich $4.295M 2-4 PM Coldwell Bnkr   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

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