jaredrandall - Greenwich Market Trends

Greenwich, CT Residential Real Estate Blog and Analysis:

February 28th

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

www.greenwichrealestateguy.com

The above colonial was renovated in 2013 and is located in Old Greenwich. The address is 14 Edgewater Drive. This is my favorite property under $2M currently on the market. If you have read this newsletter for a while, you know location is the most important aspect for me. This home is a couple of blocks away from the Elementary School, shops, restaurants, and train of Old Greenwich. I also love homes that have period details, but have been renovated. I love the wrap around porch, as well as the patio in the back with the outdoor fireplace. This great home for gathering has four bedrooms, two full baths, and one half bath. It sits on .17 of an acre and is listed at 2,286 s.f. and is listed at $1.995M.

The newsletter has had a lot of new subscribers over the last month so I wanted to take a second to explain the sections. The first section is the featured property, with a short weekly roundup of the market. The next couple of sections are charts and analysis of the market concluding with a months on average chart so one can see how their price range is doing compared to other price ranges as well as compared to earlier months and years. Following the analysis is the Open house list. I use a myriad of sources including the Greenwich Times, Greenwich Multiple Listing Service, Fairfield County Multiple Listing Service, as well as Real Estate websites such as Trulia and Zillow.

We currently have 517 total properties for sale in Greenwich. That is up 14, from last week and 29 from two weeks ago, which is 5.6% growth. However, looking back at my February 22nd newsletter from last year we had 563 properties for sale. So, all and all we are still more competitive of a market than last year. In the past week we have had 41 new listings compared to seven properties that closed.

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

This is the first month in a long time that our sold numbers did not match last year. My opinion is that it is a one off, we will have to see if it becomes a trend.

New Listings

As you can see the inventory has finally started to pick up. We had more new listings this month than the previous four years.

Year to Date Sold

There is a big jump in the $500K to $1M price range jumping from 16% to 19% of the total inventory sold. That is a big jump for just one week. However, when looking at last year's February 22nd newsletter 68% of the properties sold year to date were under $2M. This year that has dropped 16 percentage points to 52%.

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. Obviously, one month is not enough of a sample size, so I have created two months on average charts. 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
0-$500K	10.2	6.0
$500K-$1M	9.7	8.6
$1M-$1.5M	5.5	9.5
$1.5M-$2M	8	14.5
$2M-$3M	4.7	9.2
$3M-$4M	11	13.1
$4M-$5M	11.9	8.9
$5M-$7.5M	20.7	32.0
$7.5M-$10M	n/a	n/a
$10M+	22.4	27.2

$7.5M-$10M is n/a as we have not had a property sell in that price range this year. As you can tell by the almost doubling of the $0-$500K range this week it has more than cut the moa in half.

The chart below is the amount of months on average to sell throughcurrent inventory based on all of 2013 sold numbers by price range. As you see, the small small sample size skews a bit, but could also show the beginning of trends.

Price Range	8/30/13	9/30/13	10/25/13	11/30/13	12/30/13	1/31/14	2/28/14
0-$500K	4.26	4.4	5.2	4.2	4	4.2	4
$500K-$1M	4.65	4.9	4.6	3.4	3.2	3	3.8
$1M-$1.5M	4.96	5.2	4.6	3.6	3	3.5	4
$1.5M-$2M	5.61	5.6	5.1	5	4.7	5	6.4
$2M-$3M	7.84	9.1	8.3	6.3	5.4	5.9	6.9
$3M-$4M	20.22	23.4	21.3	17.1	15.8	16.3	15.3
$4M-$5M	22	23.9	25.3	18.8	14.1	15	13.7
$5M-$7.5M	40.8	31.6	26.4	25	21.5	22.2	24
$7.5M-$10M	44.8	52.1	58.8	53.1	46.3	46.3	46.3
$10M+	272	103.2	92.1	72.2	61.5	66	63

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 March 2nd

Below are the 21 Open Houses for Sunday. SInce, it may be the last time you venture outside for days after the storm comes Sunday evening, why not see some houses :) Stay safe.

Street Name	Area	List Price	Time	Listing Office
138 N. Water Street	Greenwich	$525K	12-3 p.m.	Coldwell
53 Rodwell Ave #A	Greenwich	$549K	1-4 p.m.	Raveis
20 High Street	Greenwich	$575K	12-2 p.m.	Coldwell
103 E. Elm Street	Greenwich	$595K	1-3 p.m.	Keller
53 William Street #A	Greenwich	$725K	1-4 p.m.	Sothebys
2 Nimitz Place	Old Greenwich	$795K	1-3 p.m.	Coldwell
73 William Street	Greenwich	$799K	1-3 p.m.	Coldwell
40 Ettl Lane #14	Greenwich	$875K	1-4 p.m.	Weichert
13 Pleasant Street	Cos Cob	$885K	1-3 p.m.	Sothebys
19 Wescott Street	Riverside	$1.027M	1-3 p.m.	Coldwell
42 Ridge Street	Cos Cob	$1.099M	1-3 p.m.	Sothebys
14 W. End Avenue	Old Greenwich	$1.195M	1-3 p.m.	BHHS
160 Valley Road	Cos Cob	$1.195M	2-4 p.m.	Raveis
12 River Lane	Cos Cob	$1.559M	1-4 p.m.	Coldwell
469 Taconic Road	Greenwich	$1.679M	1-3 p.m.	Weichert
315 Field Point	Greenwich	$2.095M	1-4 p.m.	BHHS
55 Shore Road	Old Greenwich	$2.349M	1-3 p.m.	Weichert
65 Winthrop Drive	Riverside	$2.595M	1-3 p.m.	Raveis
268 Palmer Hill Road	Riverside	$2.895M	2-4 p.m.	Raveis
72 Shore Road	Old Greenwich	$3.175M	2-4 p.m.	Raveis
20 Langhorne Lane	Greenwich	$6.195M	1-3 p.m.	Coldwell

Best,

Jared Randall Join my Mailing List

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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.

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.