Greenwich CT, Residential Real Estate Blog and Analysis: June 14th

Greenwich, CT Residential Real Estate Blog and Analysis:  June 14th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

I will be traveling celebrating my 10 year Anniversary next week so will not be sending a newsletter.  Enjoy the start of summer. The above colonial is located at 17 Candlelight Place.  This house is located in the Byram section of Greenwich.  It has water views of the Byram River and was built in 2008.  There are four bedrooms, three full baths, and two half baths.  The house is listed as 5,400 s.f. and sits on .86 of an acre.  This house has been on the market for 596 days.  However, with it being a relatively new build, having amenities such as a swimming pool, expansive deck, dock on the Byram River partial heated driveway for the winter, I imagine the sellers are motivated.  The price tag is $2.295M. For the first time in several weeks the total inventory shrunk.  We went from 716 properties last week to 698 properties for sale this week. This is a great sign for the overall market.  I feel like this is a few weeks before we started to see inventory fall vs last year.  The biggest change was in the $2M to $3M range.  We dropped from 112 to 102 properties.  This is something we should continue to monitor.  As you know, the under $2M range has been a seller's market, where the over $2M range has been more of a buyer's market.  You can see the month on average chart above the open house list to see the difference.  I believe the frenzy under $2M has to move into the higher price ranges soon as the lack of inventory under $2M.  We may be seeing the first signs of that now. 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 4th 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   We Finally we see inventory drop.  In the last week we had 18 properties sold and 20 new listings.  Most importantly, the total inventory dropped to 698 properties.  June 2011 was a spike in Sold, because of legislation, that changed the tax benefits. New Listings The new listings slowed a little, which helped the overall market, but we are still on pace compared to recent years.    Year to Date Sold  Year to date we have sold 314 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 15% of the total properties sold.  That is three percentage points in three 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.    Reiterating the point above the $2M to $3M range has seen a real drop over the last few weeks. Price Range 12-Jun 1/5/13 2/1/13 2/22/13 3/22/13 4/26/13 5/31/13 6/14/13 0-$500K 6.36 4.96 5.76 5.28 5.12 4.95 5.76 5.92 $500K-$1M 7.98 3.88 4.22 4.22 4.72 5.11 5.5 5.88 $1M-$1.5M 11.48 7.22 7.34 7.1 7.22 8.2 9.3 9.3 $1.5M-$2M 10.86 7 8.55 9.06 8.68 9.44 9.19 9.31 $2M-$3M 15.27 8.64 9.72 10.2 9.96 12.24 13.8 12.24 $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 25.5 $5M-$7.5M 30.92 19.4 20.47 20.47 20.82 23.64 25.76 26.11 $7.5M-$10M 57 25.84 22.15 22.15 25.84 26.76 31.38 32.3 $10M+ 40.21 36 36.85 40.28 38.57 36 38.57 36.86  **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 16th      Below are all of the Greenwich Open Houses for Sunday.  Happy Father's Day!  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 1 North Street Cos Cob $630K 1-3 PM Shore & Cntry 1050 King Street Greenwich $1.469M 1:30-3:30 PM Weichert 4 Florence Road Riverside $1.495M 1-4 PM Raveis 52 Benjamin Street Old Greenwich $1.575M 1-4 PM Prudential 61 Shore Road Old Greenwich $1.75M 2-4 PM Coldwell Bnkr 164 Dolphin Cove Quay Stamford $2.065M 2-4 PM Prudential 23 Laurel Lane Greenwich $2.395M 2-4 PM Halstead 30 Sherwood Avenue Greenwich $2.85M 1-4 PM Prudential 119 Doubling Road Greenwich $2.895M 1-4 PM Raveis 59 Hillside Drive Greenwich $2.988M 1-4 PM Raveis 21 Mackenzie Glen Greenwich $3.1M 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%