Greenwich CT, Residential Real Estate Blog and Analysis: August 2nd

Greenwich, CT Residential Real Estate Blog and Analysis:  August 2nd A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

My clients and I were able to procure the above colonial 1/2 of a block from Sound Beach Avenue in Old Greenwich.  5 West End Court is steps away from coffee, bagels, shops, restaurants, train, elementary school, and minutes from the beach at Tod's Point.  Scroll down to the open house list and you can see that most of the properties under $1M are condos.  In this negotiation there were once again multiple offers, but by taking specific measures in the presentation of our offer we were able to distinguish ourselves and win the negotiation.  We closed for $960K which actually was less than the house appraised for in the mortgage process.  I am very excited for the new owners. 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 10 new properties and 14 sold properties to end July.   Since, these numbers will not affect the charts I have left them the same.  I believe the point made last week best sums up the market.  The months on average points are staying relatively similar.  We ar still experiencing a hot market under $2M.  Even though the  $2M to $3M range Months on Average is similar to a few months ago the activity has grown, signifying that the market is moving up in price range.  In my opinion we are seeing the beginning stage of the $2M to $3M market becoming more competitive.  In my opinion now is the time to jump price ranges if at all possible.  For example, if you sell in the $1.5M to $3M range and buy in the over $3M range, I feel you will do incredibly well.   As mentioned last week: 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 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.  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 August 4th      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 171 Putnam Park #171 Greenwich $409K 1-4 PM Prudential 2 Cary Road Riverside $429K 1-3 PM Coldwell Bnkr 40 W Elm Street #5C Greenwich $545K 1-3 PM Raveis 88 Southfield Avenue #203 Stamford $648K 2-4 PM Prudential 265 Bruce Park Avenue Greenwich $649K 1-3 PM Coldwell Bnkr 25 Indian Harbor Drive #4 Greenwich $679.5K 1-3 PM Weichert 15 Lafayette Court #4A Greenwich $775K 1-3 PM Coldwell Bnkr 32 Cliff Avenue #3 Greenwich $819K 1-3 PM FF Realty 28 Bonwit Road Riverside $899K 1-3 PM Coldwell Bnkr 35 E Lyon Farm Drive #35 Greenwich $1.095M 2-4 PM Coldwell Bnkr 26 Indian Field Road Greenwich $1.188M 1-3 PM Shore & Cntry 21 Mallard Drive Greenwich $1.25M 1-3 PM Coldwell Bnkr 41 Leonard Avenue Riverside $1.495M 1-4 PM Prudential 28 Mianus View Terrace Cos Cob $1.549M 1-4 PM Weichert 15 Linwood Avenue Riverside $1.685M 1-4 PM Weichert 11 Angus Lane Greenwich $2.195M 2-4 PM Raveis 64 Park Avenue Old Greenwich $2.195M 3-5 PM Sotheby's 35 Keofferam Road Old Greenwich $2.795M 1-3 PM Shore & Cntry 1076 Lake Avenue Greenwich $3.295M 1-3 PM Coldwell Bnkr 36 Brookridge Drive Greenwich $3.475M 1-4 PM Prudential 15 Dearfield Lane Greenwich $3.495M 1-4 PM Prudential 26 Twin Lakes Lane Riverside $3.599M 2-5 PM Raveis 9 Wahneta Road Old Greenwich $3.65M 2-4 PM Shore & Cntry 56 Milbank Avenue #B Greenwich $3.995M 2-4 PM Coldwell Bnkr 7 Binney Lane Old Greenwich $4.195M 2-4 PM Grnwich Fine Prop       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%