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

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

The above post modern house is located at 29 Grimes Road.  The home has 160 feet of direct waterfront.  Majestic views to the west toward New York City.  It is in the Shorelands Association and walking distance to town and train.  The house is four bedrooms with four full and one half bath.  The property is .66 of one acre, with the house being listed as 4,151 s.f.  The house is listed at $5.995M. A friend of mine has started a Greenwich Parent List.  Coming from Park Slope we belonged to a Parents of Twins Group in Brooklyn and a Park Slope parents group.  I found it very informational, a great place to ask advice or find interesting items.  Moving to Greenwich, I wished there was such a site here, and now there is.  Click on the link to check out; Greenwich Parent List. The idea of this newsletter was always to educate buyers and sellers on the pulse of the market.  I feel the months on average is the best way to do this.  However, I also think by looking at the statistics from a few months back we can get an idea of the way we are trending.  If, you read this weekly you know the under $2M market has been hot for a while.  However, I believe we are starting to see that trend up into the next price range.  I reviewed the numbers from three months ago.  You can look at my April 26th entry on my website, www.greenwichrealestateguy.com/blog.   You will see that the months on average in the $2M to $3M range is relatively consistent at 12.24.  However, if you look at the total properties sold pie chart you will see that over the last three months the $2M to $3M range has grown from 12% of the total sold properties three months ago to 16% of the total properties sold.  Hence, that price range we are seeing a lot more action.  We are also seeing more new inventory come to the market which in this range which is why the months on average is not diminishing.  In my opinion this shows that the Greenwich market is continuing to improve and the improvement is moving into the higher price ranges. 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     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   It We continue to see the sold numbers increase.  The market is definitely stronger than the last few years.  The only caution is that we are seeing the inventory come on at the same pace the properties are being sold. New Listings We had 81 new properties in July surpassing last year's number.    Year to Date Sold  June and July have been very good for the market in regards to sold properties.  When comparing to a few months back we have seen that the market is really seeing a lot of action in the $1.5M to $3M range.     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 7/26/13 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 5.5 $1M-$1.5M 11.48 7.22 7.34 7.1 7.22 8.2 9.3 8.81 7.95 $1.5M-$2M 10.86 7 8.55 9.06 8.68 9.44 9.19 8.8 8.5 $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 20.22 $4M-$5M 37.33 17.5 16.5 18.5 21.5 27.5 28 27.5 23.5 $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 31.71  **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 28th      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 21 Greenwich Hills #21 Greenwich $619K 2-4 PM Raveis 102 River West #102 Greenwich $650K 1-4 PM Prudential 16 Arnold Drive Stamford $747K 2-4 PM Prudential 10 Fairfield Avenue #A Old Greeenwich $749K 1-3 PM Coldwell Bnkr 38 Wescott Street Riverside $795K 2-4:30 PM Raveis 32 Cliff Avenue #3 Greenwich $819K 1-3 PM FF Realty 205 Valley Road Cos Cob $995K 12-2 PM Shore & Cntry Prop 82 Northfield Street #A Greenwich $998K 1-4 PM Prudential 11 Steep Hollow Lane Cos Cob $1.395M 1-4 PM Coldwell Bnkr 4 Florence Road Riverside $1.395M 2-4 PM Raveis 68 Lockwood Road Riverside $1.695M 1-4 PM Prudential 276 Southfield Avenue Stamford $1.725M 1-4 PM Prudential 164 Dolphin Cove Quay Stamford $2.065M 1-4 PM Prudential 5 Darmouth Road Cos Cob $1.995M 1-3 PM Sotheby's 15 Palmer Terrace Riverside $2.599M 1-3 PM Raveis 59 Hillside Drive Greenwich $2.695M 2-4 PM Raveis 30 Sherwood Avenue Greenwich $2.85M 1-4 PM Prudential 1076 Lake Avenue Greenwich $3.295M 1-3 PM Coldwell Bnkr 5 Keofferam Road Old Greeenwich $3.31M 2-4 PM Shore & Cntry Prop 516 Round Hill Road Greenwich $7.975M 1-3 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%