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

Greenwich, CT Residential Real Estate Blog and Analysis:   June 26th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com 8 Willow Road

Thank you to all of the new subscribers as of late.  Above is the featured property I choose each week.  Below are monthly reports, a link to set up your own queries and searches,  charts and graphs on what I feel are the most important gauges of the market, and the open house list with links for Sundays.  Please do not hesitate to reach out if you would like to view the featured property, or any other properties.  Also, I would be happy to give an evaluation of your house, or run any analysis for you.  My cell is 203-273-1034 and email is jrandall@houlihanlawrence.com. Pictured above is 8 Willow Road.  This center hall colonial is listed as having 5,187 s.f. five bedrooms with four full baths and two half baths.  There are also two fireplaces.  There is a great terrace for entertaining.  The living room has three-exposure recess that opens to the terrace.  While the family room is two stories with a fireplace, that has great french doors that also open to the terrace.  There is a fabulous playroom as well.  However, the location is what sets this property apart.  Not only is it in one of the most desirable neighborhoods of Riverside, there is also deeded access to Willowmere beach.  The property has been on the market for eight days and the asking price is $3.795M. 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 28th    Below are the 60 open houses this weekend.   Street Name Area List Price Time Listing Office 30 Old Stone Bridge Cos Cob $8.5K 1-3 p.m. BHHS 37 Mianus View Cos Cob $8.5K 1-4 p.m. BHHS 188 Cognewaugh Cos Cob $10.5K 12-4 p.m. Designer Realty 153 Putnam Park Greenwich $495K 1-4 p.m. Sotheby's 35 Putnam Park Greenwich $499K 1-4 p.m. BHHS 30 Edgewood #A Greenwich $600K 1-3 p.m. Coldwell Banker 30 Edgewood #B Greenwich $625K 1-3 p.m. Coldwell Banker 148 Putnam Park Greenwich $629K 2-4 p.m. Coldwell Banker 35 Rockmere Ave Old Greenwich $689K 1-4 p.m. BHHS 5 Glen Street #403 Greenwich $749K 1-4 p.m. Coldwell Banker 63 Indian Harbor Greenwich $815K 2-4 p.m. Coldwell Banker 7 Brookside Park Old Greenwich $840K 1-4 p.m. RE/MAX 18 Halsey Drive Old Greenwich $855K 1-3 p.m. Keller Williams 9 Muriel Place Greenwich $865K 12-3 p.m. The Relocation Group 14 The Avenue Greenwich $969K 12-2 p.m. Raveis 172 Field Point #9 Greenwich $985K 2-4 p.m. BHHS 172 Field Point #7 Greenwich $1.195M 1-3 p.m. Sotheby's 210 Lyon Farm Greenwich $1.197M 1-3 p.m. Raveis 61 Gregory Road Cos Cob $1.225M 2-4 p.m. Raveis 30 Edgewood Ave Greenwich $1.225M 1-3 p.m. Coldwell Banker 36 Sherwood Ave Greenwich $1.295M 1-3 p.m. Raveis 23 Dorchester Lane Riverside $1.375M 1-3 p.m. Coldwell Banker 16 Jada Lane Greenwich $1.39M 2-4 p.m. Coldwell Banker 41 Leonard Avenue Riverside $1.395M 1-4 p.m. Sotheby's 7 Chapel Lane Riverside $1.395M 1-3 p.m. Houlihan Lawrence 45 William Street #A Greenwich $1.545M 1-4 p.m. BHHS 70 Bedford Road Greenwich $1.625M 1-3 p.m. Coldwell Banker 0 Doubling Road Greenwich $1.695M 1-3 p.m. Sotheby's 6 Carriage Road Cos Cob $1.775M 1-3 p.m. Coldwell Banker 108 Glenville Road Greenwich $1.892M 12:30-2 p.m. DMK 37 Mianus View Cos Cob $1.895M 1-4 p.m. BHHS 7 Heusted Drive Old Greenwich $1.9M 1-4 p.m. BHHS 7 Anderson Road Greenwich $1.95M 1-4 p.m. BHHS 69 Mallard Drive Greenwich $1.995M 1-3 p.m. Sotheby's 19 Pine Ridge Greenwich $1.995M 1-3 p.m. Sotheby's 35 Duncan Drive Greenwich $1.995M 1-4 p.m. BHHS 10 Park Avenue Old Greenwich $1.999M 1-3 p.m. Coldwell Banker 15 Dawn Harbor Riverside $2M 1-3 p.m. Sotheby's 280 Riversville Road Greenwich $2.1M 12-2 p.m. Coldwell Banker 39 Lockwood Drive Old Greenwich $2.15M 2-4 p.m. Houlihan Lawrence 19 Dingletown Road Greenwich $2.325M 1-4 p.m. Hoffman 57 Gregory Road Cos Cob $2.395M 1-3 p.m. Houlihan Lawrence 44 Orchard Place #B Greenwich $2.45M 1-4 p.m. BHHS 180 Stanwich Road Greenwich $2.6M 1-4 p.m. BHHS 900 Lake Avenue Greenwich $2.995M 2-4 p.m. Raveis 147 Old Church  Greenwich $2.995M 2-4 p.m. Houlihan Lawrence 124 Birch Lane Greenwich $3.245M 2-4 p.m. Coldwell Banker 27 Cobb Island Drive Greenwich $3.295M 2-4 p.m. Houlihan Lawrence 188 Cognewaugh Cos Cob $3.45M 12-4 p.m. Designer Realty 70 Sherwood Ave Greenwich $3.775M 1-4 p.m. Charles Paternina 58 Ridge Street Greenwich $3.85M 2-4 p.m. Sotheby's 31 Owenoke Way Riverside $3.895M 1-4 p.m. BHHS 15 Wyckham Hill Greenwich $3.995M 1-4 p.m. BHHS 14 Sherwood Farm Greenwich $3.995M 1-4 p.m. Halstead 56 Milbank #2 Greenwich $4.25M 3-5 p.m. Coldwell Banker 0 Doubling Road Greenwich $4.495M 1-3 p.m. Sotheby's 26 Stillman Lane Greenwich $4.6M 1:30-4 p.m. Coldwell Banker 560 Lake Avenue Greenwich $4.995M 12-3 p.m. Coldwell Banker 6 Andrews Farm Greenwich $5.8M 2-4 p.m. Coldwell Banker 12 Byfield Lane Greenwich $5.999M 1-3 p.m. BHHS 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.