Greenwich CT, Residential Real Estate Blog and Analysis: March 28th
Saturday, March 29, 2014 at 8:52AM
Jared Randall
Greenwich, CT Residential Real Estate Blog and Analysis:  
March 28th
  
A weekly analysis brought to you by Greenwich Real Estate Guy.
  

 

I would like to apologize for the last few weeks.  The spring market is upon us and I have been busy with clients and showings.  However, the numbers, analysis, and open houses are completely up to date.

The above magnificent English Manor is located at 9 Mayo Avenue.  The first reason I was drawn to this property is that it is past the gates of the Belle Haven Association.  However, the home sits outside of the association.  Hence, you get the benefit of the security gate without the fees of the association.  The home was built in 2012, and while walking through it feels like it has not been lived in.   I was struck by the details of the finishes.  I loved the molding of the arches, the complement of the colors of the wood with the color of the paint on the walls.  There is a 1,500 s.f. basement, a heated pool, four bedrooms, five full and one half baths, three fire places, and the list goes on and on.  However, for me it is the location.  The ability to walk out your door and go for walks within the Belle Haven Association, as well as being close to train and Greenwich Avenue's shops and restaurants.  The home has been on the market for 18 days and is listed at $5.75M.

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 547 total properties for sale in Greenwich.  That is up 30 since March 1. Thirty new properties is a nice size jump, but when realizing that there were 114 new listings, a net of thirty does not seem so bad.  Last year at this time we had 598 total properties for sale based on my April 5th, 2013 newsletter.  Hence, it is a ten percent more competitive market this year than last year.

 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

 

We have had 38 properties sell so far in March.  Keeping on pace for the past few years.

 

New Listings

We have had 114 new listings so far in March.  This is up from last year but down from 2011 and 2012.  

 

 

  
Year to Date Sold

 

The $500K to $1M range continue to see increases.  It jumped another 3 percent to 22%.  We are still seeing an improvement in properties priced over $2M from last year.  However, the lower priced homes have made a push in the 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
0-$500K 10.2 6.0 7.0
$500K-$1M 9.7 8.6 9.0
$1M-$1.5M 5.5 9.5 8.9
$1.5M-$2M 8 14.5 13.6
$2M-$3M 4.7 9.2 11.6
$3M-$4M 11 13.1 11.8
$4M-$5M 11.9 8.9 13.1
$5M-$7.5M 20.7 32.0 39.5
$7.5M-$10M n/a n/a 71.5
$10M+ 22.4 27.2 42.0

 

 

 

 
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
0-$500K 4.26 4.4 5.2 4.2 4 4.2 4 3.8
$500K-$1M 4.65 4.9 4.6 3.4 3.2 3 3.8 4.4
$1M-$1.5M 4.96 5.2 4.6 3.6 3 3.5 4 4.1
$1.5M-$2M 5.61 5.6 5.1 5 4.7 5 6.4 6.1
$2M-$3M 7.84 9.1 8.3 6.3 5.4 5.9 6.9 8
$3M-$4M 20.22 23.4 21.3 17.1 15.8 16.3 15.3 16.5
$4M-$5M 22 23.9 25.3 18.8 14.1 15 13.7 13.7
$5M-$7.5M 40.8 31.6 26.4 25 21.5 22.2 24 25.1
$7.5M-$10M 44.8 52.1 58.8 53.1 46.3 46.3 46.3 42.9
$10M+ 272 103.2 92.1 72.2 61.5 66 63 66
 

 

 

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 30th
  
 
 Below are the 25 Open Houses for Sunday.  I will be hosting the open house at 36 Valleywood Road.  Stop by and say hello.

 

 

 

Street Name Area List Price Time Listing Office
112 Putnam Park Greenwich $535K 1-4 p.m. BHHS
27 Byram Terrace Greenwich $575K 2-4 p.m. Coldwell
5 Kinsman Lane Greenwich $875K 1-3 p.m. Shore and Country
40 Ettl Lane #14 Greenwich $875K 2-4 p.m. Weichert
13 Pleasant Street Cos Cob $885K 1-3 p.m. Sothebys
201 Cat Rock Road Cos Cob $1.175M 1-4 p.m. BHHS
123 East Elm Street Greenwich $1.195M 2-4 p.m. Coldwell
35 Center Drive Old Greenwich $1.195M 1-3 p.m. Halstead
304 Orchard Street Greenwich $1.285M 1-4 p.m. Sothebys
1017 North Street Greenwich $1.295M 2-4 p.m. Coldwell
15 Stonebrook Lane Cos Cob $1.35M 12-3 p.m. Coldwell
16 Orchard Place #B Greenwich $1.395M 2-4 p.m. Coldwell
6 Highview Avenue Old Greenwich $1.395M 1-3 p.m. Coldwell
36 Valleywood Road Cos Cob $1.495M 2-4 p.m. Houlihan Lawrence
469 Taconic Road Greenwich $1.599M 1-4 p.m. Weichert
16 Orchard Place #A Greenwich $1.75M 2-4 p.m. Coldwell
69 Hillcrest Park Road Old Greenwich $2.195M 12-2 p.m. Newbridge
13 St. Claire Aenue Old Greenwich $2.195M 1-3 p.m. Sothebys
6 Gaston Farm Road Greenwich $2.325M 1-3 p.m. Coldwell
333 Sound Beach Avenue Old Greenwich $2.345M 2-4 p.m. Shore and Country
55 Shore Road Old Greenwich $2.349M 1-3 p.m. Weichert
35 Keofferam Road Old Greenwich $2.695M 1-3 p.m. Coldwell
1 Ginkgo Lane Greenwich $3.375M 1-3 p.m. Shore and Country
20 Langhorne Lane Greenwich $6.195M 1-3 p.m. Coldwell
18 Pinecroft Road Greenwich $6.2M 1-4 p.m. BHHS

 

 

 

 

 

 

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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.

 

 

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