jaredrandall - Greenwich Market Trends

Greenwich, CT Residential Real Estate Blog and Analysis:

June 19th

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

www.greenwichrealestateguy.com

Happy Father's Day weekend to all of the fathers out there. With Sunday being Father's Day there are not as many open houses as usual. My charts are as of May 31st. Also, I have included links to the May reports that Houlihan Lawrence puts out for each town, and Greater Greenwich as a whole.

Pictured above is 30 Oneida Drive. This English style Carriage House directly on the waterfront of the Long Island Sound. It is zoned in half acre lot size zone, but this lot is 1.42. Hence, one can add on and ultimately have over 12,000 s.f. of a home. Personally, I love the aesthetics. This home has the old feel of the stone carriage house but the interior feels like new construction with high moldings, luxurious bathrooms, and gourmet eat-in kitchen. The location is second to none. Not only, is the house on the Long Island Sound, but being located in the private association of Indian Harbor, it is incredibly close to Greenwich Avenue and the railroad. The price is $4.895M.

May Analysis

As we see the busiest part of the year start to slow down, the numbers are positive. We had matched the highest amount of closed listings in May over the past five years with 91. Also, we had 182 properties come on the market in May. There is a strong belief that one of the aspects holding our market back is lack of quality new listings, especially in the $2M-$3M range, so the fact we had a good amount of new listings we will see if that affects the summer and fall markets.

When diving into the new listings and subsequently the current inventory, I think it will be a good sign for the market. As of April 30 there were 318 active properties priced over $3M (which is the slower end of the market typically). As of May 31st we had 309 active properties priced over $3M. Conversely, under $3M we had 354 properties as of April 30, while as of May 31st we had 388 properties. Hence, the new listings that hit the market were primarily in the price ranges that properties are moving faster. This will let us see how strong the market is. If we see improvement in the closed properties in the Fall months compared to the last few years then we can make the jump that the lack of inventory is slowing us down. However, if we do not see a jump, then the market may be more stagnant.

Here is the link to the 1st Quarter Market Report my firm puts out for your review.

1st Quarter Report

Below are the May reports Houlihan Lawrence puts out:

May Greater Greenwich Report

May Old Greenwich Report

May Riverside Report

May Cos Cob Report

May Greenwich Report

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 had a great May with 91 properties close. That matched 2013 as the highest May in the last several years.

New Listings

We had 181 new properties listed in Greenwich in May which is impressive and outdid April of this year, which we rarely see. We will see if the demand is there to help push the market into the Spring.

Year to Date Sold

As mentioned in the first section this past month was a really good month based on the numbers. We had a lot of inventory hit the market but it is in the right price ranges. The biggest jump was the $500K to $1M and the $2M-$3M ranges. We also had a great May in regards to closed properties.

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. The first chart is the 2014 inventory vs. sold numbers. The second chart is inventory today vs. sold properties.

Price Range	1/31/14	2/28/14	3/28/14	4/25/14	5/16/14	7/31/14	12/31/14
0-$500K	10.2	6.0	7.0	6.1	5.5	5.6	3
$500K-$1M	9.7	8.6	9.0	8.7	8.6	5.2	3.7
$1M-$1.5M	5.5	9.5	8.9	10.3	7.8	6.4	4.4
$1.5M-$2M	8	14.5	13.6	18.4	17.8	11	6.7
$2M-$3M	4.7	9.2	11.6	14.3	14.2	11.1	7
$3M-$4M	11	13.1	11.8	14.2	14.5	10.4	9
$4M-$5M	11.9	8.9	13.1	14.4	22.1	17.7	18.4
$5M-$7.5M	20.7	32.0	39.5	59	56.6	32	25.1
$7.5M-$10M	n/a	n/a	71.5	51	31.5	59.5	21.6
$10M+	22.4	27.2	42.0	22.7	33.8	29.9	35.2

Price Range	2/28/15	3/30/15	4/30/15	5/31/15
0-$500K	4.5	4	9.6	9.6
$500K-$1M	6.3	4.2	7.5	8.6
$1M-$1.5M	4.8	4.5	6	5.5
$1.5M-$2M	6.9	7	8.8	8.1
$2M-$3M	10.1	8	14	15
$3M-$4M	31	20.5	25.5	25.3
$4M-$5M	54.3	26.6	30.3	27.3
$5M-$7.5M	49.1	30.2	34.6	31.7
$7.5M-$10M	20.4	36	31.3	36.4
$10M+	41.7	76.5	80.5	86

Looking at these two charts really shows the market and the difference between last year. The numbers typically go up in April, as that is the month that the most amount of inventory hits the market. It is interesting to see this year's change in the months on average vs. the same time last year.

Open Houses for June 21st

Below are the 13 open houses this weekend.

Street Name	Area	List Price	Time	Listing Office
16 Hickory Drive	Greenwich	$925K	1-4 p.m.	Sotheby's
30 Buxton Landing	Riverside	$1.295M	2-4 p.m.	Coldwell Banker
23 Dorchester Lane	Riverside	$1.375M	1-3 p.m.	Coldwell Banker
69 Mallard Drive	Greenwich	$1.995M	1-3 p.m.	Sotheby's
54 Sundance Drive	Cos Cob	$1.995M	2-4 p.m.	Raveis
338 Sound Beach	Old Greenwich	$2.595M	1-3 p.m.	Halstead
39 Indian Harbor #B	Greenwich	$2.6M	1-4 p.m.	Douglas Elliman
11 Pintail Lane	Greenwich	$2.85M	12-2 p.m.	Houlihan Lawrence
18 Grimes Road	Old Greenwich	$3.15M	1-4 p.m.	BHHS
70 Sherwood Avenue	Greenwich	$3.775M	10-4 p.m.	Charles Paternina
67 Sound Beach	Old Greenwich	$3.795M	1-4 p.m.	Coldwell Banker
303 Milbank Avenue	Greenwich	$6.4M	Sat. 1-3 p.m.	Coldwell Banker
198 Shore Road	Old Greenwich	$6.8M	2-4 p.m.	Halstead

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 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.