Greenwich CT, Residential Real Estate Blog and Analysis: October 10th

Greenwich, CT Residential Real Estate Blog and Analysis:   October 10th    A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

There are times as a Realtor where you walk into a home and you get a wow factor.  Obviously, being a Realtor in Greenwich, this can happen quite often.  The above pictured 47 Shore Road is one of these homes.  This home has everything in my opinion.  There is incredible outdoor space with a phenomenal patio including two outdoor fireplaces, a beautiful outdoor kitchen, culminating in the perfect entertainment spot.  The main home has six bedrooms, with four full baths. The home is set up with a smart home system so you can have the lights and a/v controlled by iPads.  The kitchen is immaculate and opens perfectly into the family room with fireplace. There is a two bedroom cottage on the property as well perfect to rent out or have guests from out of town.  The house boasts a fantastic lower level equipped with a gym, bedroom, bath and a playroom.  All encompassing there are 5,712 s.f. 8 bedrooms, 6 and one half baths and three fireplaces.  The house went up for rent three days ago, and on the first day received three offers.  However, the house is also for sale and is offered at $4.75M. All charts and numbers have been updated.  I have also included a link to the 3rd Quarter Market Report my firm puts out for your review.  3rd Quarter Market Report As We currently have 699 properties available in Greenwich down from 714 a couple of weeks ago.  The numbers for September were very positive.  We had 59 properties sell vs 47 last year in the month of September.  Percentage wise the strongest month we have had since the first quarter.   I have invested in my own MLS Search for my readers.  This will give access to a lot of the listing information I have.  Also, if I have already set you up with your personal portal, you will now be able to search your own searches outside of what I set up for you.  Feel free to test out and search properties.  I feel the best attribute is that you can save your own search and choose to get alerts as new properties come on to the market, properties are sold, or change in price.  All specific to your customized search.  Hence, you will speed up your learning curve, becoming an expert in the specific market you care about. 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   As you can see from above a great September for us.  The first month since January where we have double digit percentage growth in amount of transactions over last year. New Listings We had 157 new listings in September very comparable to last year's 160.    Year to Date Sold The percentages have leveled off and are sustaining, all percentages are the same vs. the end of last month.   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.  This one below is the amount of months on average to sell through our current inventory based on 2014 ytd sold numbers by price range. Price Range 1/31/14 2/28/14 3/28/14 4/25/14 5/16/14 7/31/14 0-$500K 10.2 6.0 7.0 6.1 5.5 5.6 $500K-$1M 9.7 8.6 9.0 8.7 8.6 5.2 $1M-$1.5M 5.5 9.5 8.9 10.3 7.8 6.4 $1.5M-$2M 8 14.5 13.6 18.4 17.8 11 $2M-$3M 4.7 9.2 11.6 14.3 14.2 11.1 $3M-$4M 11 13.1 11.8 14.2 14.5 10.4 $4M-$5M 11.9 8.9 13.1 14.4 22.1 17.7 $5M-$7.5M 20.7 32.0 39.5 59 56.6 32 $7.5M-$10M n/a n/a 71.5 51 31.5 59.5 $10M+ 22.4 27.2 42.0 22.7 33.8 29.9   I believe these chart above and below best show the Greenwich market.  If you look at the months on average to sell through the inventory I believe it best shows the market.  I have done two reports, one based on last year's activity and one based on this year's activity.  You will see that across the board the months on average are down year to date, which may seem counter intuitive if I am saying that the transactions are down.  However, the end of July is typical when the least amount of inventory is out there, due to being past the spring market and before the fall market.  Hence, when you compare it to the chart with the 2013 activity you see that the months on average are higher. The chart below is the amount of months on average to sell throughcurrent inventory based on all of 2013 sold numbers by price range.  Price Range 8/30/13 9/30/13 10/25/13 11/30/13 12/30/13 1/31/14 2/28/14 3/28/14 4/25/14 5/16/14 7/31/14 0-$500K 4.26 4.4 5.2 4.2 4 4.2 4 3.8 3.7 4 4.1 $500K-$1M 4.65 4.9 4.6 3.4 3.2 3 3.8 4.4 5.2 5.4 4.7 $1M-$1.5M 4.96 5.2 4.6 3.6 3 3.5 4 4.1 5.6 5.4 5.8 $1.5M-$2M 5.61 5.6 5.1 5 4.7 5 6.4 6.1 7.2 7.1 8.7 $2M-$3M 7.84 9.1 8.3 6.3 5.4 5.9 6.9 8 9.1 10.3 9.7 $3M-$4M 20.22 23.4 21.3 17.1 15.8 16.3 15.3 16.5 19.8 18.5 19.8 $4M-$5M 22 23.9 25.3 18.8 14.1 15 13.7 13.7 18 21 22.7 $5M-$7.5M 40.8 31.6 26.4 25 21.5 22.2 24 25.1 28.4 32 26.5 $7.5M-$10M 44.8 52.1 58.8 53.1 46.3 46.3 46.3 42.9 46.3 48 58.3 $10M+ 272 103.2 92.1 72.2 61.5 66 63 66 54 67.5 70.5 I find these two charts to be very intriguing.  One can see the huge discrepancy based on the 2013 numbers between the luxury market and under $3M.  However, at the top if we use the inventory based on the ytd sold numbers it is not as definitive. The luxury market is doing much better than last year and each market seems to be doing relatively well.   Open Houses for October 12th       Below are the19 open houses this weekend.   Street Name Area List Price Time Listing Office 28 Rippowam #A Cos Cob $3.5K 2-4 p.m. David Ogilvy 2 Idar Court #A Greenwich $11K 1-3 p.m. Coldwell Banker 53 Rodwell Avenue #A Greenwich $494K 1-3 p.m. Keller Williams 453 E Putnam #1D Cos Cob $549K 1-4 p.m. New England Land 1 Scott Road Greenwich $649K 2-4 p.m. Coldwell Banker 1017 North Street Greenwich $1.275M 11-1 p.m. Douglas Elliman 6 Ferris Drive Old Greenwich $1.295M 1-3 p.m. Keller Williams 34 Oval Avenue Riverside $1.495M 1-3 p.m. Houlihan Lawrence 30 Old Stone Bridge Cos Cob $1.595M 2-4 p.m. BHHS 233 Milbank Avenue #8 Greenwich $1.795M 1-4 p.m. Houlihan Lawrence 17 Oval Avenue Riverside $1.869M 2-4 p.m. Shore and Country 88 Dingletown Greenwich $2.395M 1-4 p.m. William Pitt Sotheby's 69 Mallard Drive Greenwich $2.45M 12-2 p.m. Sotheby's 2 Idar Court #A Greenwich $2.475M 1-3 p.m. Coldwell Banker 5 Lake Drive Riverside $2.795M 1-3 p.m. BHHS 420 North Street Greenwich $2.795M 1-4 p.m. Sotheby's 35 Upland Drive Greenwich $3.995M 12-2 p.m. Raveis 30 Vineyard Lane Greenwich $4.85M 1-4 p.m. Coldwell Banker 11 N Crossway Old Greenwich $5.995M 1-3 p.m. Shore and Country Best,                                                                                                                                                         Jared Randall                                                 Join my Mailing List Houlihan Lawrence Greenwich                     Search Properties www.greenwichrealestateguy.com                Forward to a Friend cell:  203-273-1034                                         View My Website email:  jrandall@houlihanlawrence.com     Like me on Facebook            Mortgage Information There are two individuals I feel most confident about when it comes to home mortgages.  One in Manhattan and one in Greenwich.  They are Jeff Ihrig of First Republic in Manhattan, and in Greenwich I prefer Treena David-Chirico of Wells Fargo NMLSR ID 404288. Jeff can be reached at 646-372-5181.  Treena's phone number is 203-618-3923.  You can go to her website to input your specific information to receive rates.  Her website is www.wfhm.com/treena-david-chirico.