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

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

The above European style located at 421 Field Point Road home came on the market in September of 2007 for $10.995M.  It has been reduced over time to the price where it is today at $6.5M.  I will be hosting an open house here on Sunday from 1 to 4, so stop in and say hello.  The property is 2.57 acres, which is an oversized for it's R 20 zone.  There is a possibility to subdivide because of the amount of land.  It is located right before the gate to Belle Haven, which is minutes away from Greenwich Avenue, train, etc.   The house is ten thousand s.f. with 5 bedrooms, 7 full baths, and 3 half baths.  The amenities include 7 fireplaces, an indoor pool, outdoor pool, tennis court, newer kitchen and baths. I have updated the activity reports and the Neighborhood data.  They are as of July 16th. The inventory shrunk again over the last week.  We went from 672 total properties to 662.  If you look below in the analytical section of the graphs, you will see we had an incredible June.  We have had a very hot start to July.  Last week I mentioned we saw an uptick the $4M to $5M range with 5 of the 13 that have sold this year closed in the first two weeks of July.  This alone accounted for the Months on average in this price range to drop three months.  Last week we saw 7 properties sell in $3M to $4M range.  YTD we have  only had 28 sell in that price range.  We will have to see if it continues. 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.  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   It looks like we are following up an incredible June with a great July.  The sold numbers once again seem to be outpacing earlier years while the new listings is smaller than before.  This is one of the few times we have seen back to back months where this has happened.  I am intrigued to see how the fall market is impacted. New Listings We have had 77 properties sell in July, and 60 new listings.  The overall inventory shrank by 10, with the $4M to $5M range dropping from 54 properties for sale last week to 48 this week.    Year to Date Sold  June and July have been very good for the market in regards to sold properties.  We are not seeing a tremendous change in any price range though.  The $3M to $4M range grew one percent with the activity mentioned above.     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 7/19/13 0-$500K 6.36 4.96 5.76 5.28 5.12 4.95 5.76 5.76 6.24 $500K-$1M 7.98 3.88 4.22 4.22 4.72 5.11 5.5 5.55 5.72 $1M-$1.5M 11.48 7.22 7.34 7.1 7.22 8.2 9.3 8.81 7.83 $1.5M-$2M 10.86 7 8.55 9.06 8.68 9.44 9.19 8.8 8.04 $2M-$3M 15.27 8.64 9.72 10.2 9.96 12.24 13.8 12.6 12.12 $3M-$4M 21.82 12.4 13.77 16.22 17.55 20.88 22.66 22 20.66 $4M-$5M 37.33 17.5 16.5 18.5 21.5 27.5 28 27.5 24 $5M-$7.5M 30.92 19.4 20.47 20.47 20.82 23.64 25.76 26.82 26.47 $7.5M-$10M 57 25.84 22.15 22.15 25.84 26.76 31.38 33.2 32.3 $10M+ 40.21 36 36.85 40.28 38.57 36 38.57 36 33.42  **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 July 21st      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.  I will be hosting the open house at 421 Field Point. Address Town Price Time Broker 31 Fairfield Road Greenwich $12K 2-4 PM Prudential 10 Gilliam Lane Riverside $13.4K 1-4 PM Prudential 98 Riverdale Ext. Greenwich $625K 1-4 PM Prudential 1 Douglas Drive Greenwich $649K 1-4 PM Prudential 13 Fletcher Avenue Greenwich $665K 1-4 PM Weichert 43 Glenville Street Greenwich $675K 1-4 PM Prudential 25 Indian Harbor Drive #4 Greenwich $679.5K 1-3 PM Weichert 10 Fairfield Avenue #A Old Greenwich $749K 1-3 PM COBA02 38 Wescott Street Riverside $795K 2-4 PM Ravies 51 Forest Avenue #159 Old Greenwich $849K 12:30-3:30 PM Prudential 241 Pemberwick Road Greenwich $879K 1-3 PM Coldwell Bnkr 22 Georgetowne N Greenwich $895K 1-4 PM Edwards 28 Bonwit Road Riverside $924K 1-3 PM COBA01 107 Stanwich Road Greenwich $999K 2-4 PM Grnwich Fine Prop 47 Sachem Lane Greenwich $1.095M 2-4 PM COBA01 51 Circle Drive Greenwich $1.25M 2-4 PM COBA01 69 Stanwich Road Greenwich $1.43M 1-3 PM COBA01 44 Nicholas Avenue Greenwich $1.592M 2-4 PM Higgins 15 Linwood Drive Riverside $1.685M 2-4 PM Weichert 25 Rustic View Road Greenwich $1.72M 1-4 PM Prudential 320 Valley Road Cos Cob $1.749M 2-4 PM COBA01 5 Dartmouth Road Cos Cob $2.15M 1-3 PM Sotheby's 335 Valley Road Cos Cob $2.25M 1-3 PM RAVE01 27 Stepping Stone Lane Greenwich $2.25M 1-4 PM RAVE01 55 Shore Road Old Greenwich $2.25M 1-3 PM COBA02 44 Orchard Place #A Greenwich $2.275M 2-4 PM COBA01 31 Fairfield Road Greenwich $2.495M 2-4 PM Prudential 83 Burning Tree Road Greenwich $2.55M 2-4 PM COBA01 17 Lincoln Avenue Greenwich $3.2M 1-4 PM Prudential 10 Spring House Road Greenwich $3.75M 2-4 PM COBA01 26 Glen Avon Drive Riverside $5.195M 1-3 PM CPGR01 421 Field Point Rd Greenwich $6.5M 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. 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%