jaredrandall - Greenwich Market Trends

Greenwich, CT Residential Real Estate Blog and Analysis:

June 5th

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

www.greenwichrealestateguy.com

All charts, graphs and open house list with links are up to date.

Pictured above is 11 Pintail Lane. This updated colonial sits on .37 of an acre and is listed as 3,368 s.f. There are six bedrooms with the master suite as my favorite. The sitting area oversees the gardens, nice sized walk in closets, as well as an incredible bathroom. I envision cocktails on the porch during the summer. However, what draws me the most is the easy living aspect of the location. It is close to Greenwich Avenue, the Milbrook Club, and all of the great features of the in-town living. This property came on yesterday and is priced at $2.85M.

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 is the Greater Greenwich April report:

April Greater 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.