Greenwich, CT Residential Real Estate Blog and Analysis: June 20th

Greenwich, CT Residential Real Estate Blog and Analysis:   June 20th    A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

The above beautiful setting is located at 36 Shore Road in Old Greenwich.  Direct waterfront on Tomac Cove priced at $3.295M.  The house is listed at 3,529 s.f. with incredible Long Island Sound views. The house holds four bedrooms, three full baths, and two fireplaces.  With 100 feet of direct waterfront I thought this was the perfect house to feature for the first weekend of summer. I have not had a chance to update the graphs, but currently overall in Greenwich we are about 11% down from last year in unit sales.  With how strong January started this is a disappointment.  The positive is prices are up.  However, last year we had a very difficult luxury market.  Properties over $10M sold at a snail's pace last year.  When you couple that with the fact that the highest residential property in the United States sold in Greenwich this year it makes sense that the properties are rising.  We continue to see the lower priced markets be the most competitive but are seeing promising signs in the $3M-$4M range.  In my opinion this would be a good time to trade up in the market in Greenwich.  As the lower price points are more competitive than the higher, so if you can jump a price range you will be adding value. 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.   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 mentioned above we finished April with only 55 properties sold down 13% from last year.  May looks even scarier with only 30 sold halfway through the month.  New Listings We have 90 new listings already half way through May.  A little concerning that new listings are up and sales are down.  Luckily, we do have the 190 properties under contract or pending.    Year to Date Sold The percentages are starting to level off as we get through the year.  The biggest jump over the last few weeks was the $1.5M-$2M range where it went from 15%-17%.   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 0-$500K 10.2 6.0 7.0 6.1 5.5 $500K-$1M 9.7 8.6 9.0 8.7 8.6 $1M-$1.5M 5.5 9.5 8.9 10.3 7.8 $1.5M-$2M 8 14.5 13.6 18.4 17.8 $2M-$3M 4.7 9.2 11.6 14.3 14.2 $3M-$4M 11 13.1 11.8 14.2 14.5 $4M-$5M 11.9 8.9 13.1 14.4 22.1 $5M-$7.5M 20.7 32.0 39.5 59 56.6 $7.5M-$10M n/a n/a 71.5 51 31.5 $10M+ 22.4 27.2 42.0 22.7 33.8   I believe these chart above and below best show the Greenwich market.  We had an influx of inventory lately.  However, if you look at the specific price ranges 0-$500K dropped from 7 months to 5.5.  When looking closely you notice over the last six weeks the under $1.5M became more competitive, where the $1.5M-$4M became less competitive adding approximately three months per price range.  The $4M-$7.5M range is ice cold, and the luxury market of over $7.5M has actually done pretty well. 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 0-$500K 4.26 4.4 5.2 4.2 4 4.2 4 3.8 3.7 4 $500K-$1M 4.65 4.9 4.6 3.4 3.2 3 3.8 4.4 5.2 5.4 $1M-$1.5M 4.96 5.2 4.6 3.6 3 3.5 4 4.1 5.6 5.4 $1.5M-$2M 5.61 5.6 5.1 5 4.7 5 6.4 6.1 7.2 7.1 $2M-$3M 7.84 9.1 8.3 6.3 5.4 5.9 6.9 8 9.1 10.3 $3M-$4M 20.22 23.4 21.3 17.1 15.8 16.3 15.3 16.5 19.8 18.5 $4M-$5M 22 23.9 25.3 18.8 14.1 15 13.7 13.7 18 21 $5M-$7.5M 40.8 31.6 26.4 25 21.5 22.2 24 25.1 28.4 32 $7.5M-$10M 44.8 52.1 58.8 53.1 46.3 46.3 46.3 42.9 46.3 48 $10M+ 272 103.2 92.1 72.2 61.5 66 63 66 54 67.5 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 June 22nd       Below are the 54 Open Houses for Sunday.    Street Name Area List Price Time Office 171 Putnam Park Greenwich $425K 1-4 p.m. BHHS 453 Putnam Avenue #4H Cos Cob $575K 1-4 p.m. BHHS 1 Scott Road Greenwich $695K 1-3 p.m. Coldwell 70 Riverdale Avenue #1004 Greenwich $730K 12-2 p.m. Raveis 303 Bruce Park Avenue Greenwich $749K 12-3 p.m. Weichert 1 Idlewild Manor Greenwich $789K 1-3 p.m. Coldwell 51 Forest Avenue #75 Old Greenwich S799K 2-4 p.m. Weichert 6 Buena Vista Drive Greenwich $839K 1-3 p.m. Weichert 37 Amherst Drive Riverside $895K 1-3 p.m. Raveis 160 Valley Road Cos Cob $995K 2-4 p.m. Raveis 73 Mead Avenue Greenwich $995K 1-4 p.m. Raveis 15 Lyon Farm Greenwich $1.195M 1-3 p.m. Sotheby's 172 Field Point #4 Greenwich $1.225M 1-3 p.m. Sotheby's 1017 North Street Greenwich $1.249M 2-4 p.m. Coldwell 7 Ronald Avenue Cos Cob $1.275M 12-2 p.m. Coldwell 347 Riversville Road Greenwich $1.295M 1-4 p.m. Coldwell 73 Stonehedge Drive Greenwich $1.438M 1-3 p.m. Coldwell 51 Glen Road Greenwich $1.487M 1-4 p.m. BHHS 469 Taconic Road Greenwich $1.499M 1-3 p.m. Weichert 392 Davis Avenue Greenwich $1.57M 1-3 p.m. Raveis 148 E. Elm Street Greenwich $1.595M 1-4 p.m. New England Land 365 Round Hill Road Greenwich $1.595M 2-4 p.m. Weichert 75 Taconic Road Greenwich $1.599M 1-3 p.m. Sotheby's 31 Widgeon Way Greenwich $1.675M 2-4 p.m. Raveis 106 Hunting Ridge Greenwich $1.695M 1-4 p.m. BHHS 65 Fairfield Road Greenwich $1.695M 1-3 p.m. Raveis 24 Shore Road Old Greenwich $1.695M 2-4 p.m. Houlihan Lawrence 2 Carriage Road Cos Cob $1.995M 2-4 p.m. Coldwell 333 Sound Beach Old Greenwich $2.065M 1-3 p.m. Shore and Country 11 Circle Drive Greenwich $2.15M 1-4 p.m. BHHS 24 Bedford Road Greenwich $2.15M 2-4 p.m. Raveis 55 Shore Road Old Greenwich $2.195M 1-3 p.m. Weichert 21 Martin Dale Greenwich $2.25M 1-3 p.m. Sotheby's 4 Robin Place Old Greenwich $2.295M 1-4 p.m. BHHS 270 Palmer Hill Riverside $2.35M 1-4 p.m. Raveis 27 Dandy Drive Cos Cob $2.395M 1-3 p.m. Sotheby's 10 Newton Street Riverside $2.595M 2-4 p.m. BHHS 33 Pleasant Street Riverside $2.749M 1-3 p.m. Keller Williams 151 Shore Road Old Greenwich $2.795M 1-3 p.m. Shore and Country 5 Lake Drive Riverside $2.895M 2-4 p.m. BHHS 34 Grossett Road Riverside $3.295M 1-3 p.m. Halstead 44 Cedar Cliff Road Riverside $3.4M 1-3 p.m. Coldwell 180 North Street Greenwich $3.425M 11-12:30 p.m. Coldwell 20 Heronvue Road Greenwich $3.5M 2-4 p.m. Coldwell 150 Riverside Avenue Riverside $3.85M 1-3 p.m. Sotheby's 18 Perryridge Road Greenwich $3.995M 1-3 p.m. Houlihan Lawrence 38 Bramble Lane Riverside $3.995M 1-4 p.m. BHHS 20 Carpenters Brook Greenwich $4.1M 1-3 p.m. Coldwell 1 Midwood Road Greenwich $4.395M 2-4 p.m. Houlihan Lawrence 26 Glen Avon Drive Riverside $4.495M 2-4 p.m. BHHS 19 Shoal Point Lane Riverside $4.85M 10-12:00 p.m. Coldwell 27 Stillman Lane Greenwich $5.199M 1-3 p.m. Sotheby's 20 Langhorne Lane Greenwich $6.195M 1-3 p.m. Coldwell 158 Clapboard Ridge Greenwich $6.449M 1-3 p.m. Coldwell   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.

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