Greenwich CT, Residential Real Estate Blog and Analysis: September 13th

Greenwich, CT Residential Real Estate Blog and Analysis:  September 13th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

The above property is located at 26 Broad Avenue on the Belle Haven Peninsula of Greenwich.  The picture is of the view as you walk into the entry of the house.  I love the location as it is just outside the gates of Belle Haven, so one does not have to pay the Belle Haven Association taxes.  The house sits on a perch, in my opinion adding to the views.  The Master Suite is on the first floor with a breathtaking view from the bed.  I could imagine every morning starting off right waking up to that view.  The location is second to none, as it is a great neighborhood for walking, close to Belle Haven Club, and close to town, for shopping.  There is a finished lower level with a fireplace that leads out to the pool.  The house has seven bedrooms, seven baths, and one half bath.  It is listed as 8,425 s.f. and sits on 1.2 acres of land.  The price is $6.795M. This week we had 80 new properties and 27 sold properties bringing the total inventory up to 775.  I had mentioned a couple of weeks ago that the inventory would grow.  However, just two weeks ago we were at 611 properties.   I have updated the links, charts, and months on average.  I have started a new months on average based on the sales of this year so you can compare  the differences.  If there is one thing to take away from this newsletter it is the differences between the under $3M market and the over $3M market.  Now, is the perfect time to sell under $3M and buy over $3M.  Currently, the under $3M price ranges have nine months on average or less to sell through, where the over $3M price ranges are 25 months or more.  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. 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

Properties Sold   "This chart says it all in my opinion.  Look at the last five months and you can see the amount of movement compared to other months over the past few years.  The big jump in June of 2011 was due to the changes in transfer taxes.  As well as the big jump in December of 2012 was due to the fiscal cliff.  If you take those two months out, you can see just how amazing of a run we have had over the past five months.  I personally do believe that the end of August is when there is a strain on inventory as a lot of people take their homes off the market while on vacation etc.  I believe we will see a lot of inventory come on the market in the next three weeks.  I am intrigued to see if we get up to that 716 mark we had in June."  This is what I wrote two weeks ago.  As you can see by the numbers it did not take long to get back to that number. New Listings We have had 80 new properties come on to the market this month.  As you can see we are half way through the month and over half of the new properties we have seen in the past few years.  This works both ways as it is a sign owners feel the market is better but it also adds to the surplus inventory.    Year to Date Sold  We are not seeing a huge change in the percentages of the properties that have sold.  They are staying relatively consistent.  I do see the over $10M market moving off of the 0% over the next month or two.    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 6/12/13 1/5/13 2/1/13 2/22/13 3/22/13 4/26/13 5/31/13 6/28/13 7/26/13 8/30/13 9/13/13 0-$500K 6.36 4.96 5.76 5.28 5.12 4.95 5.76 5.76 6.24 5.11 6.24 $500K-$1M 7.98 3.88 4.22 4.22 4.72 5.11 5.5 5.55 5.5 5.16 7.83 $1M-$1.5M 11.48 7.22 7.34 7.1 7.22 8.2 9.3 8.81 7.95 7.59 11.38 $1.5M-$2M 10.86 7 8.55 9.06 8.68 9.44 9.19 8.8 8.5 7.53 9.57 $2M-$3M 15.27 8.64 9.72 10.2 9.96 12.24 13.8 12.6 12.12 11.76 14.16 $3M-$4M 21.82 12.4 13.77 16.22 17.55 20.88 22.66 22 20.22 20.22 24 $4M-$5M 37.33 17.5 16.5 18.5 21.5 27.5 28 27.5 23.5 21.99 26 $5M-$7.5M 30.92 19.4 20.47 20.47 20.82 23.64 25.76 26.82 26.47 24 25.05 $7.5M-$10M 57 25.84 22.15 22.15 25.84 26.76 31.38 33.2 32.3 25.84 28.61 $10M+ 40.21 36 36.85 40.28 38.57 36 38.57 36 31.71 29.14 38.57 **to calculate months on average in this chart I used the full year of 2012 sold properties in each price range   The numbers we have tracked to decide the months on average have been based on last year's sold numbers.  Now that we have gone through eight months of the year,  about to hit the fall market I feel it is a good time to show the months on average based on year to date information.  This shows the discrepancy of the markets between the upper end and the lower end.  Obviously, the over $10M is skewed as only one property has closed year to date.  Hence, the 272 months on average it would take.   Next month it will come down dramatically.  I will continue to show both charts so you can see the trends compared to earlier months above when using last year's property sold numbers and then you can see the true pace of the market using year to date's numbers. Price Range 8/30/13 9/13/13 0-$500K 4.26 4.3 $500K-$1M 4.65 5.6 $1M-$1.5M 4.96 6.4 $1.5M-$2M 5.61 6.5 $2M-$3M 7.84 9.2 $3M-$4M 20.22 24.8 $4M-$5M 22 25.9 $5M-$7.5M 40.8 28.7 $7.5M-$10M 44.8 52.6 $10M+ 272 190.8 ** to calculate months on average in this chart I used year to date 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 September 15th      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 List Price Time Broker 11 Edgewood Drive Greenwich $7,950 1-3 PM Weichert 52 Lafayette Place #4H Greenwich $339.9K 2-4 PM Coldwell Bnkr 79 Harbor Drive Stamford $465K 1-4 PM Prudential 9 River Road #418 Cos Cob $595K 2-4 PM Real Living 49 Albin Road Stamford $629K 1-3 PM Prudential 18 Booth Place Greenwich $649K 2-4 PM Raveis 25 Indian Harbor Dr #4 Greenwich $649.5K 1-3 PM Weichert 85 Putnam Park Greenwich $657K 2-5 PM Greene Rlty Grp 12 Circle Drive Ext Greenwich $695K 2-4 PM Raveis 62 Valley Road Cos Cob $729K 2-4 PM Raveis 3 Green Lane Greenwich $749K 2-5 PM Prudential 32 Cliff Avenue #3 Greenwich $799K 1-3 PM FF Rlty 51 Forest Avenue #159 Old Greenwich $799K 1-4 PM Prudential 197 Sheephill Road #D Riverside $825K 2-4 PM Coldwell Bnkr 19 Stuart Drive Old Greenwich $899K 12-3 PM Raveis 82 Northfield Avenue #A Greenwich $998K 2-5 PM Prudential 160 John Street Greenwich $1M 10-1 PM Advantage Rlty Grp 7 Edgewood Drive Greenwich $1.05M 2-4 PM Coldwell Bnkr 26 Indian Field Road Greenwich $1.175M 1-3 PM Shore & Cntry 14 Stag Lane Greenwich $1.195M 1-3 PM Coldwell Bnkr 633 Steamboat Road #1 Greenwich $1.3M 2-4 PM Coldwell Bnkr 240 Palmer Hill Road Old Greenwich $1.375M 2-4 PM Sotheby's 286 E. Middle Patent Rd Greenwich $1.397M 2-4 PM Coldwell Bnkr 41 Leonard Avenue Riverside $1.495M 1-4 PM Prudential 15 Linwood Avenue Riverside $1.599M 1-4 PM Weichert 276 Southfield Avenue Stamford $1.725M 1-4 PM Prudential 469 Taconic Road Greenwich $1.799M 2-4 PM Greenwich Fine Prop 147 Lockwood Road Riverside $1.85M 2-4 PM Prudential 31 Chapel Lane Riverside $1.995M 2-4 PM Shore & Cntry 164 Dolphin Cove Quay Stamford $1.999M 1-4 PM Prudential 11 Angus Lane Greenwich $2.195M 2-4 PM Raveis 44 Orchard Place #A Greenwich $2.25M 2-4 PM Coldwell Bnkr 55 Shore Road Old Greenwich $2.25M 1-3 PM Coldwell Bnkr 14 Joshua Slocum Dock Stamford $2.28M 1-4 PM Prudential 299 Palmer Hill Road Riverside $2.399M 1-4 PM Raveis 83 Burning Tree Road Greenwich $2.45M 2-4 PM Coldwell Bnkr 16 Lakeview Drive Riverside $2.595M 1-4 PM Prudential 208 Dolphin Cove Quay Stamford $2.695M 1-4 PM Prudential 242 Dolphin Cove Quay Stamford $2.995M 1-4 PM Prudential 9 Roberta Lane Greenwich $3.1M 2-4 PM Sotheby's 40 Winthrop Drive Riverside $3.195M 1-4 PM Coldwell Bnkr 34 Saddle Rock Road Stamford $3.2M 2-4 PM Prudential 76 Cat Rock Road Cos Cob $3.295M 2-4 PM Coldwell Bnkr 71 Shore Road Old Greenwich $3.295M 1-3 PM Raveis 26 Twin Lakes Lane Riverside $3.399M 1-3 PM Raveis 16 Grant Avenue Old Greenwich $3.495M 3-5 PM New England Land 5 Sylvan Lane Old Greenwich $3.5M 1-3 PM Raveis 35 Willow Road Riverside $3.595M 1-3 PM Coldwell Bnkr 9 Wahneta Road Old Greenwich $3.65M 1-3 PM Shore & Cntry 9 Tyler Lane Riverside $3.965M 1-4 PM Blue Chip Prop 20 West End Avenue Old Greenwich $4.189M 1-4 PM Higgins Grp 18 Pinecroft Road Greenwich $6.5M 1-4 PM Prudential   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