Greenwich, CT Residential Real Estate Blog and Analysis: September 26th

Greenwich, CT Residential Real Estate Blog and Analysis:   September 26th    A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

I have been knocked out of commission for the last few days with a nasty bug, so the only update is the open house list.  Enjoy your weekend. The magnificent home above is located at 475 Round Hill Road.  This sprawling traditional estate is set on four spectacular rolling acres complete with a horse barn and Gunite pool.  Personally I loved the details from the great front door to the incredible floors, and custom moldings.  There are six bedrooms six full baths, with one half bath on 4.2 acres.  The home is 8,359 s.f. has a beautiful kitchen, screened in porch for your cocktail hours, and great master suite.  The home is currently listed at $8.25M. Last week we discussed the price per square foot metric.  One of the many reasons I decided to work for Houlihan Lawrence because of their research, statistics and reporting.  This is one of the reports I love the most.  This is just for the town of Greenwich (not including Riverside, Cos Cob or Old Greenwich).  This spells out the market better than most documents.  I can run this query based on your customized search if you would like as well.  However, for Greenwich, one can see the listings are up 7%, and the pending properties are up 4% while the sold properties are up 3% but the median sold price is up 20%. Greenwich Overview   In regards to price per square foot, I feel this is the best tool to look at.  Again, I can customize these, but for the point of this newsletter this is the analysis on the active properties in all of Riverside. Riverside Active Conversely, here are the numbers for the sold in Riverside: Riverside Sold As discussed over the summer we felt there would be an influx of inventory.  the market did not disappoint over the last two weeks as we currently have 714 properties for sale, up 40 from just two weeks ago. In the amount of transactions August what was not disappointing which is a good sign.  Actually, we had the same amount (92) in August of 2013 as we did in 2014. This is the first month in a while that has not been below last year, which is a great sign.   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. 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 still cannot seem to catch up to last years number of transactions.  The year started off hot, and has since dwindled.  We are down 10-15% every month the last few months.  However, this month we at least equaled the amount as last year. New Listings We had 62 new listings last month as you can see sill higher than last year but on par with the few years before that.    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 September 28th       Below are the 48 open houses this weekend.   Street Name Area List Price Time Listing Office 365 Round Hill Greenwich $7.5K 1-3 p.m. Weichert 92 Wesskum Wood Old Greenwich $11.5K 1-3 p.m. Sotheby's 151 Water Street Greenwich $470K 11-1 p.m. Coldwell Banker 3 Hollow Wood Lane Greenwich $499K 2-4 p.m Raveis 184 Peck Avenue #4 Greenwich $535K 2-4 p.m Coldwell Banker 104 River Run Greenwich $549K 2-4 p.m BHHS 453 E Putnam #3B Cos Cob $565K 1-3 p.m. Weichert 436 Valley Road Cos Cob $749K 1-3 p.m. Coldwell Banker 24 Pleasant Street Cos Cob $859K 1-3 p.m. Weichert 2 Gerald Court Riverside $869K 2-4 p.m Coldwell Banker 48 Spring Street #8 Greenwich $949K 12-2 p.m. Coldwell Banker 7 Sickle Bar Lane Riverside $995K 2-4 p.m Shore and Country 6 Pintail Lane Greenwich $1.315M 1-4 p.m. BHHS 392 Davis Avenue Greenwich $1.395M 1-4 p.m. Raveis 323 Cognewaugh Road Cos Cob $1.395M 2-4 p.m Raveis 30 Sundance Drive Cos Cob $1.395M 2-4 p.m Raveis 52 Benjamin Street Old Greenwich $1.399M 1-4 p.m. BHHS 365 Round Hill Greenwich $1.595M 10-12:30 p.m. Weichert 21 Heusted Drive Old Greenwich $1.595M 1-4 p.m. Benedict 45 William Street #A Greenwich $1.68M 1-4 p.m. BHHS 233 Milbank #8 Greenwich $1.795M 1-3 p.m. Houlihan Lawrence 16 Mackenzie Glen Greenwich $1.799M 1-4 p.m. Raveis 39 Bowman Drive Greenwich $1.89M 1-4 p.m. Raveis 5 Idar Court #B Greenwich $1.899M 1-3 p.m. Relocation Group 244 Stanwich Road Greenwich $1.925M 1-3 p.m. Sotheby's 127 Sound Beach Old Greenwich $1.995M 1-3 p.m. Shore and Country 55 Shore Road Old Greenwich $2.195M 1-3 p.m. Weichert 270 Palmer Hill Riverside $2.25M 1-4 p.m. Raveis 54 Sundance Drive Cos Cob $2.295M 2-4 p.m Raveis 18 Hawkwood Lane Greenwich $2.45M 2-4 p.m Houlihan Lawrence 505 E Putnam Greenwich $2.595M 1-4 p.m. BHHS 420 North Street Greenwich $2.795M 1-4 p.m. Sotheby's 14 Cove Ridge Lane Old Greenwich $2.85M 1-4 p.m. Coldwell Banker 106 Patterson Avenue Greenwich $2.85M 1-4 p.m. Raveis 265 Valley Road Cos Cob $2.995M 1-4 p.m. Higgins Group 50 Indian Head Riverside $3.1995M 1-3 p.m. Coldwell Banker 44 Cedar Cliff Road Riverside $3.4M 1-3 p.m. Coldwell Banker 343 Taconic Road Greenwich $3.495M 1-4 p.m. Raveis 29 Byfield Lane Greenwich $3.595M 1-3 p.m. Raveis 15 Lexington Avenue Greenwich $3.695M 1-2:30 p.m. Coldwell Banker 95 Connecticut Avenue Greenwich $3.695M 3-4 p.m. Coldwell Banker 20 Carpenters Brook Greenwich $3.8M 11-2 p.m. Coldwell Banker 98 North Street Greenwich $3.999M 12-2 p.m. Coldwell Banker 31 Owenoke Way Riverside $4.395M 1-3 p.m. BHHS 22 Stillman Lane Greenwich $4.99M 1-3 p.m. Weichert 30 Vineyard Lane Greenwich $5.1M 1-3 p.m. Coldwell Banker 20 Langhorne Lane Greenwich $5.995M 1:30-3:30 p.m. Coldwell Banker 229 Bedford Road Greenwich $6.795M 1-4 p.m. Raveis 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.