Greenwich CT, Residential Real Estate Blog and Analysis: June 28th

Greenwich, CT Residential Real Estate Blog and Analysis:  June 28th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

The above colonial is located at 10 Knoll Street in Riverside. I love Knoll Street as it is a cute side street nestled right in between the busier streets of Spring and Spruce in the desirable section of Riverside South of Post Road.  This house was renovated in 2012 and is move in ready.  It is listed as 3,003 s.f. has five bedrooms, and three baths.  The house sits on .26 of one acre of land.  This house is bigger than it feels with the five bedrooms and a full basement.  The listing price is $2.395M and it came on the market eleven days ago. In a great sign for the overall market the inventory shrunk again over the last two weeks.  Nothing earth shattering but we went from 698 total properties to 692.  However, the story seems to be consistent the inventory under $2M continues to shrink, while over $2M is growing ever so slightly.  There are positives in the overall market though.  If you look below in the analytical section of the graphs, you will see we had an incredible June.  We sold 111 properties in June.  We have only sold 377 total year to date.  Hence, 29.4% of all the sold properties sold this month.  Another positive is we had more sold properties than new listings this month.  111 sold vs. 98 new listings.  We still have not seen the market move up the price ranges though, and until that happens I believe the overall market is still slower than people believe.  Obviously, under $2M is a great market to be selling a home currently.  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.  I have updated the Activity Report as well as the neighborhood data.  It is as of up June 18th now.  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.  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   This chart really shows how incredible of a June we had.  Our 111 properties sold outdid the 90 we sold last year.  June 2011 was a spike in Sold, because of legislation, that changed the tax benefits.  To think that we came close to that month is hard to imagine.   New Listings The new listings slowed a little, which helped the overall market.  However, it still seems to be decreasing in the under $2M market.  It is still a positive that it was one of the few months where the new properties were less than they were in previous years.    Year to Date Sold  Year to date we have sold 377 properties.    As you can see when comparing to previous issues of the newsletter (you can find them at www.greenwichrealestateguy.com/blog) the $2M-$3M range grew to 16% of the total properties sold.  That is four percentage points in five weeks which is incredible.  However, as you look below you will see the overall available is still at 15%.  Even with the sold properties the inventory grew from 102 properties in the $2M to $3M range to 105 over the past two weeks.     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 12-Jun 1/5/13 2/1/13 2/22/13 3/22/13 4/26/13 5/31/13 6/28/13 0-$500K 6.36 4.96 5.76 5.28 5.12 4.95 5.76 5.76 $500K-$1M 7.98 3.88 4.22 4.22 4.72 5.11 5.5 5.55 $1M-$1.5M 11.48 7.22 7.34 7.1 7.22 8.2 9.3 8.81 $1.5M-$2M 10.86 7 8.55 9.06 8.68 9.44 9.19 8.8 $2M-$3M 15.27 8.64 9.72 10.2 9.96 12.24 13.8 12.6 $3M-$4M 21.82 12.4 13.77 16.22 17.55 20.88 22.66 22 $4M-$5M 37.33 17.5 16.5 18.5 21.5 27.5 28 27.5 $5M-$7.5M 30.92 19.4 20.47 20.47 20.82 23.64 25.76 26.82 $7.5M-$10M 57 25.84 22.15 22.15 25.84 26.76 31.38 33.2 $10M+ 40.21 36 36.85 40.28 38.57 36 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 June 30th      Below are all of the Greenwich Open Houses for Sunday.  I will be hosting the open house at 631 Long Ridge Road #12 in Stamford.  Please come say hello. 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 1535 E Putnam #405 Old Greenwich $225K 2-4 PM Halstead 21 High Street Greenwich $579K 2-4 PM Coldwell Bnkr 27 Byram Terrace Dr Greenwich $599K 12-3 PM Raveis 4 Hines Lane Riverside $599K 1-3 PM Coldwell Bnkr 46 Gerry Street Greenwich $615K 2-4 PM Raveis 9 River Road #418 Cos Cob $625K 2-4 PM Raveis 98 Riverdale Av Ext. Greenwich $625K 1-4 PM Prudential 28 Riversville Road Greenwich $649K 1-3 PM Coldwell Bnkr 102 River West #102 Greenwich $660K 1-4 PM Prudential 17 Rex Street Greenwich $669K 1-3 PM Coldwell Bnkr 265 Bruce Park Avenue Greenwich $695K 2-4 PM Coldwell Bnkr 43 Glenville Street Greenwich $695K 1-4 PM Prudential 6 Hoover Road Riverside $699K 1-3 PM Prudential 62 Valley Road Cos Cob $729K 2-4 PM Raveis 5 Butler Street Cos Cob $835K 1-3 PM Raveis 32 Cliff Avenue #3 Greenwich $849K 1-3 PM FF Realty 397 Davis Avenue Greenwich $989.5K 1-3 PM Prudential 24 Valleywood Road Cos Cob $1.165M 1-3 PM Raveis 17 Davenport Avenue Greenwich $1.195M 2-4 PM Raveis 21 Mallard Drive Greenwich $1.25M 1-3 PM Coldwell Bnkr 631 Long Ridge Road #12 Stamford $1.35M 1-4 PM Prudential 1050 King Street Greenwich $1.469M 1-3 PM Weichert 191 Lake Avenue Greenwich $1.493M 1-4 PM Prudential 320 Valley Road Cos Cob $1.795M 2-4 PM Coldwell Bnkr 311 Riversville Road Greenwich $1.795M 1-4 PM Coldwell Bnkr 49 Byfield Lane Greenwich $1.795M 2-4 PM Coldwell Bnkr 16 Lakeview Drive Riverside $2.595M 1-4 PM Prudential 15 Palmer Terrace Riverside $2.599M 2-4 PM Raveis 59 Hillside Drive Greenwich $2.695M 1-4 PM Raveis 580 Lake Avenue Greenwich $2.975M 2-4 PM Ogilvy 17 Lincoln Avenue Greenwich $3.2M 1-3 PM Prudential 242 Dolphin Cove Quay Stamford $3.285M 1-4 PM Prudential 240 Riverside Avenue Riverside $3.299M 2-4 PM Coldwell Bnkr 10 Spring House Road Greenwich $3.995M 2-4 PM Coldwell Bnkr 5 Lindsay Drive Greenwich $3.995M 2-4 PM Round Hill Prtners 19 Desiree Drive Greenwich $4.195M 2-4 PM Ogilvy 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. Product Interest Rates Annual Percentage Rate 15 YR Fixed Conforming 2.625% 2.863% 30 YR Fixed Conforming 3.625% 3.793% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 3.875% 3.999% 5/1 YR ARM Conforming 2.125% 2.789% 5/1 YR ARM Jumbo 2.125% 2.769% 10/1 YR ARM Jumbo 2.875% 2.995%

Comments

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