Greenwich CT, Residential Real Estate Blog and Analysis: October 17th

Greenwich, CT Residential Real Estate Blog and Analysis:   October 17th    A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

Dear Jared    I would like to take a minute to thank everyone.  We just ended the third quarter.  There are over 1,120 Realtors in Greenwich and when counting my private sales I ranked 12th in gross volume for the third quarter.  I truly appreciate everyone who takes the time to read and follow this blog as well as those of you who have used me and continue to tell your friends about me.  Thank you.  The charts are as of end of Q3, the open house list has been updated. 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 19th       Below are the 62 open houses this weekend.   Street Name Area Time List Price Listing Office 5 Grove Street Cos Cob 3-5 p.m. $3.8K Coldwell Banker 12 Lockwood Drive Old Greenwich 1-3 p.m. $5.6K Weichert 45 William Street #A Greenwich 1-4 p.m. $6.5K BHHS 5 Grimes Road Old Greenwich 2-4 p.m. $13K Coldwell Banker 95 Connecticut Avenue Greenwich 11-1 p.m. $16K Coldwell Banker 1535 E. PUTNAM #301 Old Greenwich 1-3 p.m. $295K Houlihan Lawrence 53 Rodwell Avenue #A Greenwich 1-3 p.m. $494K Keller Williams 104 River Run Greenwich 2-4 p.m. $529K BHHS 453 E. Putnam #3B Cos Cob 1-3 p.m. $565K Weichert 13 Fletcher Avenue Greenwich 1-4 p.m. $650K Weichert 303 Bruce Park Greenwich 12-3 p.m. $699K Weichert 33 Morgan Avenue Greenwich 2-4 p.m. $780K Coldwell Banker 57 Richmond Drive Old Greenwich 2-4 p.m. $895K Coldwell Banker 48 Spring Street #8 Greenwich 12-2 p.m. $949K Coldwell Banker 14 Cat Rock Road Cos Cob 1-4 p.m. $965K BHHS 7 Essex Road Greenwich 1-3 p.m. $985K Raveis 35 Center Drive Old Greenwich 1-3 p.m. $1.085M Halstead 285 Bruce Park #A Greenwich 1-3 p.m. $1.195M Weichert 285 Bruce Park #B Greenwich 1-3 p.m. $1.195M Weichert 201 Cat Rock Road Cos Cob 1-4 p.m. $1.195M BHHS 323 Cognewaugh Road Cos Cob 2-4 p.m. $1.225M Raveis 1017 North Street Greenwich 11-2 p.m. $1.275M Douglas Elliman 6 Ferris Drive Old Greenwich 1-4 p.m. $1.295M Keller Williams 12 Lockwood Drive Old Greenwich 1-3 p.m. $1.295M Weichert 392 Davis Avenue Greenwich 12-3 p.m. $1.395M Raveis 73 Stonehedge Drive Greenwich 1-3 p.m. $1.398M Coldwell Banker 75 Taconic Road Greenwich 2-4 p.m. $1.499M Raveis 365 Round Hill Road Greenwich 1-3 p.m. $1.595M Weichert 45 William Street #A Greenwich 1-4 p.m. $1.68M BHHS 84 Perkins Road Greenwich 1-3 p.m. $1.785M Newbridge 233 Milbank Avenue #8 Greenwich 2-4 p.m. $1.795M Houlihan Lawrence 14 Palmer Terrace Riverside 2-4 p.m. $1.85M Raveis 172 Cognewaugh Cos Cob 12-2 p.m. $1.999M Coldwell Banker 24 Bedford Road Greenwich 12-2 p.m. $2.15M Raveis 55 Shore Road Old Greenwich 1-5 p.m. $2.195M Weichert 39 Skylark Road Greenwich 1-3 p.m. $2.2M Houlihan Lawrence 16 Crescent Road Riverside 2-4 p.m. $2.295M Coldwell Banker 54 Sundance Drive Cos Cob 1-3 p.m. $2.299M Raveis 285 Bruce Park Greenwich 1-3 p.m. $2.39M Weichert 2 Idar Court #A Greenwich 1-3 p.m. $2.475M Coldwell Banker 10 Ridge Street #B Greenwich 2-4 p.m. $2.595M Houlihan Lawrence 5 Sylvan Lane Old Greenwich 1-3 p.m. $2.75M Coldwell Banker 522 North Street Greenwich 1-4 p.m. $2.785M Shore and Country 420 North Street Greenwich 1-4 p.m. $2.795M Sotheby's 106 Patterson Avenue Greenwich 1-4 p.m. $2.85M Raveis 265 Valley Road Cos Cob 1-4 p.m. $2.995M Higgins Group 7 Gisborne Place Old Greenwich 2-4 p.m. $2.995M Coldwell Banker 32 Sawmill Lane Greenwich 2-4 p.m. $3.195M Houlihan Lawrence 44 Cedar Cliff Road Riverside 1-4 p.m. $3.4M Coldwell Banker 9 Stallion Trail Greenwich 1-4 p.m. $3.45M BHHS 5 Grimes Road Old Greenwich 2-4 p.m. $3.595M Coldwell Banker 15 Lexington Avenue Greenwich 11-1 p.m. $3.695M Coldwell Banker 95 Connecticut Avenue Greenwich 11-1 p.m. $3.695M Coldwell Banker 98 North Street Greenwich 12-2 p.m. $3.85M Coldwell Banker 38 Bramble Lane Riverside 1-4 p.m. $3.895M BHHS 70 Sherwood Avenue Greenwich 10-4 p.m. $3.975M Charles Paternina 400 Stanwich Road Greenwich 2-4 p.m. $4.295M Coldwell Banker 36 DAY ROAD Greenwich 2-4 p.m. $4.495M Coldwell Banker 30 Vineyard Lane Greenwich 1-3 p.m. $4.85M Coldwell Banker 20 Langhorne Lane Greenwich 2-4 p.m. $5.995M Raveis 158 Clapboard Ridge Greenwich 2-4 p.m. $6.295M Coldwell Banker 14 Golf Club Road Greenwich 1:30-3:30 p.m. $6.85M Coldwell Banker 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.