Greenwich, CT Residential Real Estate Blog and Analysis: December 5th

Greenwich, CT Residential Real Estate Blog and Analysis:  

  December 5th

A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

I am on vacation this week in Florida.  I apologize for the delay in getting the open house list out to you.  The open house list has been updated for this week.   Please click on the above picture to see a video of the home at 8 Seagate Road in Riverside.  This home has one of the most beautiful views of any I have seen.  The 190 degree panoramic view of Old Greewich, the Sound, to Manhattan in the distance is breathtaking.  The walkout to Elias Point just adds to the scenery.  The home sits up high so has not been affected by any storm.  The Harbor Point Association adds to the privacy and quaintness of the location.  Yet, you are on the water in Riverside, close to everything.  The home contains five bedrooms, five baths, and two fireplaces.  It sits on 1.01 acres and has 6,534 s.f.   I have also included a link to the 3rd Quarter Market Report my firm puts out for your review. 3rd Quarter Market Report  You will be able to review the charts in detail below.  Quick synopsis is that we are down 9% in transactions vs. the same time last year.  Median prices are up 12.5%.  Inventory is up 2.8%, yet pendings are up 6.5%.   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.  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   When looking above you can see that April through July are what really hurt us this year.  The beginning of the year and the last couple of months have held up very well.  Unfortunately, April through July is the busiest part of the year. New Listings We had 87 new listings in October.  This is a little less than the past two years.    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 through current 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 December 7th       Below are the 27 Open houses for this week. Street Name Area List Price Time Listing Office 148 E. Elm Street #1 Greenwich $5.2K 10-12 p.m. Coldwell Banker 30 Old Stone Bridge Cos Cob $8.5K 2-4 p.m. BHHS 10 Ridge Street #B Greenwich $8.5K 1-3 p.m. Houlihan Lawrence 53 Rodwell #A Greenwich $470K 1-1 p.m. Keller Williams 107 River Run Greenwich $525K 2-4 p.m. BHHS 23 Center Drive Old Greenwich $1.095M 1-3 p.m. Halstead 210 Lyon Farm Greenwich $1.224M 2-4 p.m. Raveis 1017 North Street Greenwich $1.275M 2-4 p.m. Douglas Elliman 17 Manor Road Old Greenwich $1.295M 1-4 p.m. Coldwell Banker 51 Glen Road Greenwich $1.395M 1-3 p.m. BHHS 30 Old Stone Bridge Cos Cob $1.595M 2-4 p.m. BHHS 142 Sound Beach Old Greenwich $1.699M 1-3 p.m. Sotheby's 233 Milbank #8 Greenwich $1.795M 1-3 p.m. Houlihan Lawrence 55 Shore Road Old Greenwich $1.998M 1-3 p.m. Weichert 69 Mallard Drive Greenwich $2.45M 1-3 p.m. Sotheby's 10 Ridge Street #B Greenwich $2.595M 1-3 p.m. Houlihan Lawrence 420 North Street Greenwich $2.699M 1-4 p.m. Sotheby's 7 Gisborne Place Old Greenwich $2.995M 1-3 p.m. Coldwell Banker 50 Lockwood Avenue Old Greenwich $3.495M 1:30-3:30 p.m. Raveis 122 Clapboard Ridge Road Greenwich $3.6M 1-3 p.m. David Ogilvy 70 Sherwood Avenue Greenwich $3.975M 1-4 p.m. Charles Paternina 31 Owenoke Way Riverside $4.295M 1-3 p.m. BHHS 22 Stillman Lane Greenwich $4.995M 1-3 p.m. Coldwell Banker 20 Langhorne Lane Greenwich $5.995M 11-1 p.m. Raveis 158 Clapboard Ridge Road Greenwich $6.295M 1-4 p.m. Coldwell Banker 14 Golf Club Road Greenwich $6.85M 12-2 p.m. Coldwell Banker 12 Byfield Lane Greenwich $7.499M 1-4 p.m. BHHS   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.