Greenwich CT, Residential Real Estate Blog and Analysis: August 9th

Greenwich, CT Residential Real Estate Blog and Analysis:  August 9th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

The above colonial is located at 2 Buxton Lane in Riverside. The aspects I loved about this house was the feeling as I walked in.  The black lacquered hand rail set against the white spindles of the staircase to the way the house flowed from room to room stayed with me.  There were top of the line appliances in the kitchen opening to a large eating area.  Four of the five bedrooms were en suite.  One could tell the house has been very well taken care of, and is move in ready.  The 4,700 s.f. includes a walk out basement.  The home is located in the Riverside Elementary, and Eastern Middle School district.  The price is $2.95M and  came on the market on August 5th. 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. We had 16 new properties and 29 sold properties last week.   We went from 652 total available properties to 649.  However, if you look at my newsletter for June 7th (you can find atwww.greenwichrealestateguy.com/blog) one will see that the total inventory was 716 properties.  This a 9.4% drop in inventory in two months.  Now, we typically see inventory drop in the summer months with August typically the slowest, then it picks back up in September and October, only to fall again toward the end of the year.  It will be interesting to see if we grow back up to 716 properties. 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.  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

We continue to see the sold numbers increase.  The market is definitely stronger than the last few years.  We are only ten days into August and we are more than half of the sold for the last few years.  New Listings We had 91 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 August 11th      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, and Mark Pruner for publishing the list on Greenwich Patch.   Address Town Price Time Broker 1465 E Putnam #122 Old Greenwich 4449.5K 2-4 PM Coldwell Bnkr 193 Putnam Park #193 Greenwich $450K 2-4 PM Coldwell Bnkr 98 Valley Road #2 Cos Cob $488.5K 1-3 PM Raveis 40 W Elm Street #5C Greenwich $545K 2-4 PM RAVE01 51 Forest Avenue #152 Old Greenwich $558K 1-4 PM Prudential 28 Riversville Road Greenwich $649K 1-3 PM Coldwell Bnkr 13 Fletcher Avenue Greenwich $665K 1-3 PM Weichert 25 Indian Harbor Dr. #4 Greenwich $679.5K 1-3 PM Weichert 53 William Street #A Greenwich $775K 1-4 PM Prudential 197 Sheephill Road #D Riverside $825K 2-4 PM Coldwell Bnkr 22 Georgetowne N Greenwich $895K 1-4 PM EDWA01 35 E Lyon Farm Drive #35 Greenwich $1.095M 1-3 PM Coldwell Bnkr 83 Lancer Road Riverside $1.1M 2-4 PM Coldwell Bnkr 51 Circle Drive Greenwich $1.25M 2-4 PM Coldwell Bnkr 43 Long Meadow Road Riverside $1.285M 1-3 PM Coldwell Bnkr 28 Mianus View Terrace Cos Cob $1.549M 1-5 PM Weichert 44 Nicholas Avenue Greenwich $1.592M 2-4 PM Higgins Grp 15 Linwood Avenue Riverside $1.655M 2-4 PM Weichert 6 Stanwich Lane Greenwich $1.725M 2-4 PM Coldwell Bnkr 5 Darmouth Road Cos Cob $1.995M 1-3 PM Sotheby's 64 S. Park Avenue Old Greenwich $2.195M 1-4 PM Sotheby's 184 Shore Road Old Greenwich $2.2M 1-4 PM Coldwell Bnkr 335 Valley Road Cos Cob $2.25M 1-4 PM Raveis 16 Lakeview Drive Riverside $2.595M 1-4 PM Prudential 10 Newton Street Riverside $2.895M 1-4 PM Prudential 240 Riverside Avenue Riverside $3.199M 1-3 PM Coldwell Bnkr 522 North Street Greenwich $3.3M 2-4 PM Coldwell Bnkr 26 Twin Lakes Lane Riverside $3.399M 2-5 PM Raveis 585 Round Hill Road Greenwich $4.495M 2-4 PM Coldwell Bnkr 98 North Street Greenwich $4.85M 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. 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%

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