Greenwich, CT Residential Real Estate Blog and Analysis: June 27th

Greenwich, CT Residential Real Estate Blog and Analysis:   June 27th    A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

I focused this week on updating the stats and open houses.  The stats tell a very interesting story.Since, I like the above mentioned house so much I have kept it the same as the property of the week. 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 beginning  of summer. The first three months of 2014 we sold 128 properties vs 122 properties in 2013 which is up 4%.  However, the last three months April-June, we have sold 215 in 2014 down from 265 in 2013.  This is down 19% for the last three months and down 12% YTD.  Also, compared to this time last year we have 711 properties for sale in Greenwich compared to 692 last year.  Throughout this year we have typically been below inventory against last year.   The couple of positives in the market is that we have 110 properties that have met all of their contingencies and are just waiting for a close date.  With another 71 properties that are under contingent contract.   Another of the positives vs. last year is the luxury market, we have sold 8 properties over $10M which is more than all of last year.  When you look at the charts you will see the market leans more and more toward the buyer as you go up in price range.  This shows that this is the best time to trade up in price range.  If you can sell in the $2M-$3M range you will have a market where the buyers are looking, but if you buy in the $3M-$5M range you will buy in a market where it is less competitive. 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 shows the difference in the first three months vs. the last three months.  You can see that June was lower than the last three years, that is a tad skewed as June of 2011 was the last month before tax advantage changed.  New Listings We had 158 new listings in May and 130 in June. We had more listings in June than the past few years, where May was more in line.    Year to Date Sold The percentages have leveled off.  The biggest differential is that the $2M-$3M grew two percentage points, while the $3M-$4M dropped two percentage points.  This shows that it is the perfect time to jump up in price range current.   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 29th       Below are the 43 open houses this Sunday. Street Name Area List Price Time Listing Office 268 Palmer Hill Road Riverside $13K 1-3 p.m. Raveis 4 Lafayette Court #2D Greenwich $575K 1-4 p.m. Raveis 28 Rippowam Road #2A Cos Cob $660K 2-4  p.m. Raveis 8 Nedley Lane Greenwich $699K 1-3 p.m. Coldwell 106 Putnam Park Greenwich $719K 1-3 p.m. Real Living 70 Riverdale #1004 Greenwich $730K 2-4  p.m. Raveis 30 Bruce Park Avenue Greenwich $749K 12-3 p.m. Weichert 25 Harold Avenue Greenwich $749K 1-3 p.m. Coldwell 6 Buena Vista Drive Greenwich $839K 2-4  p.m. Weichert 40 Ettl Lane #14 Greenwich $855K 2-4  p.m. Weichert 307 Lyon Farm Greenwich $1.05M 1-3 p.m. Coldwell 35 Center Drive Old Greenwich $1.085M 2-4  p.m. Halstead 3 Game Cock Road Greenwich $1.118M 2-4  p.m. Weichert 78 Glen Ridge Road Greenwich $1.249M 1-3 p.m. Coldwell 347 Riversville Road Greenwich $1.295M 1-4 p.m. Coldwell 392 Davis Avenue Greenwich $1.495M 1-4 p.m. Raveis 104 Stonehedge Drive Greenwich $1.545M 1-3 p.m. Halstead 365 Round Hill Road Greenwich $1.595M 1-3 p.m. Weichert *3 Game Cock Road Greenwich $1.795M 2-4  p.m. Weichert 20 Ridge Street Greenwich $1.795M 1-3 p.m. Sotheby's 55 Hillcrest Park Old Greenwich $1.85M 2-4  p.m. Raveis 39 Bowman Drive Greenwich $1.89M 1-4 p.m. Raveis 24 Bedford Road Greenwich $2.15M 12-2 p.m. Raveis 55 Shore Road Old Greenwich $2.195M 1-3 p.m. Weichert 50 Orchard Place East Greenwich $2.25M 12-4 p.m. Greenwich Realty 45 Old Stone Bridge Cos Cob $2.25M 1-3 p.m. Sotheby's 4 Robin Place Old Greenwich $2.295M 1-3 p.m. BHHS 16 Somerset Lane Riverside $2.35M 1-3 p.m. Sotheby's 30 South End Court Old Greenwich $2.395M 1-3 p.m. Shore and Country 268 Palmer Hill Road Riverside $2.895M 1-3 p.m. Raveis 17 Tomac Avenue Old Greenwich $2.985M 2-4  p.m. Ravies 36 Shore Road Old Greenwich $2.995M 2-4  p.m. Houlihan Lawrence 188 Cognewaugh Road Cos Cob $3.25M 1-4 p.m. Designer Realty 180 North Street Greenwich $3.425M 1:30-3:30 p.m. Coldwell 349 Sound Beach Avenue Old Greenwich $3.575M 2-4  p.m. Sotheby's 29 Byfield Lane Greenwich $3.595M 1-3 p.m. Raveis 20 Carpenters Brook Greenwich $4.1M 1-3 p.m. Coldwell 15 Lexington Avenue Greenwich $4.15M 1-3 p.m. Coldwell 98 North Street Greenwich $4.295M 11-1 p.m. Coldwell 70 Sherwood Avenue Greenwich $4.475M 3-6 p.m. Charles Paternina 19 Shoal Point Lane Riverside $4.85M 12-2 p.m. Coldwell 22 Stillman Lane Greenwich $4.99M 1-4 p.m. Weichert 11 N. Crossway Old Greenwich $6.25M 2-4  p.m. Shore and Country 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.