Greenwich CT, Residential Real Estate Blog and Analysis: July 31st

Greenwich, CT Residential Real Estate Blog and Analysis:   July 31st

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

I typically only feature Greenwich properties.  However, I came across the above pictured Southport Harbor country house located at 210 Sasco Hill Road.  It has 330' of direct waterfront, the longest on the harbor and dock.  I love the infinity pool that looks out the harbor.  In addition to the pool, the house was custom designed and built in green mode around 2000.  Beautiful maple floors throughout, with a conservatory, an eat-in kitchen, all with spectacular views.  New master bedroom, with renovated his and hers bath with Carrara marble.  The lower level is above grade, has a bedroom, full bath, exercise room, spa room, office and access to the main terrace and gardens.  My favorite is that you can view exceptional sunsets and sunrises.  The listing price is $6.695M. As many of you know the idea of this blog was to help educate readers on their markets.  That can become tough when there are so many different enclaves, neighborhoods, and sections in Greenwich.  At lunch with a friend this week they mentioned picking a couple of specific areas to run queries for and discuss.  I loved the idea so will be featuring one to two areas each week.  Feel free to email me if you would like a specific area featured in the upcoming week.  This week we will tackle Old Greenwich Elementary and Riverside Elementary districts. Old Greenwich Elementary Market Last year on July 31st there were 48 properties vs. 49.  However, last year there were 17 pending deals compared to only 9 this year.  In the hot $1M-$2M market there are only currently 4 homes for sale, where last year at this time there were 14.  Conversely there are 9 over $6M currently with no pending deals, where at this time last year there were only 5 available with 2 pending deals.  At this time last year there were 46 properties sold compared to 43 this year, down 6.5% from last year.  The median price has dropped from $2.3M to $1.912M down 16.9% Riverside Elementary Market Last year on July 31st there were 37 properties compared to 45 this year.  One would think that would make it a more difficult market.  However, last year at this time there were 9 pendings currently we have 16 pendings.  Also, all 16 pendings under $4M where as last year two of the nine pendings were above $4M.  There have been 51 sold properties ytd vs. 41 last year at this date, that is up 24.4% from last year.  Also, the median price has gone from $2.25M to $2.3M up 3.4%. 2nd Quarter Analysis There are currently 676 properties for sale in Greenwich.  Last year at this time there were 690 properties.  When you look at the charts below you will see that we had an incredible June ending a great 2nd Quarter for the market.  With the long winter we had this year, it seems a lot got pushed back and we had 131 closed properties in June.  We have had 135 new listings come on in June, so will be interesting to see if this new inventory helps or hurts the market.  The single family homes sold grew by 15% in the 2nd quarter over the last year, and the median price grew 9%. To see how much of an impact June had on the market scroll down to the months on average chart below.  Please click on the below reports for more specific information.  The Q2 report is exceptional and really dives into different sections of the community. Q2 and June Reports for Markets Q2 Greater Greenwich Report Greenwich June Monthly Report Cos Cob June Monthly Report Riverside June Monthly Report Old Greenwich June Monthly 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 As you can tell by the above graph.  We have had a great two months.  May and June really made up for a slower March and April and have pulled us ahead of last year's numbers.  In June 131 properties sold compared to 101 in June of last year. New Listings We had 135 new listings in June compared to 124 new listings last year.  Thus demonstrating we are more competitive than last year.  As we enter typically the slowest time of the year in the next two months I am intrigued to see if we can keep the momentum.    Year to Date Sold Below is what I said last month.  The inventory that hit the market in the lower numbers really help push the market.  We had a 50% growth sold in the $500K-$1M market in June where that price range grew from 57 properties sold to 82 in just one month.   "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 6/30/15 0-$500K 4.5 4 9.6 9.6 5.4 $500K-$1M 6.3 4.2 7.5 8.6 7.4 $1M-$1.5M 4.8 4.5 6 5.5 4 $1.5M-$2M 6.9 7 8.8 8.1 6.5 $2M-$3M 10.1 8 14 15 11.6 $3M-$4M 31 20.5 25.5 25.3 16.2 $4M-$5M 54.3 26.6 30.3 27.3 17.2 $5M-$7.5M 49.1 30.2 34.6 31.7 23.8 $7.5M-$10M 20.4 36 31.3 36.4 49.6 $10M+ 41.7 76.5 80.5 86 103.1 Notice the huge fall in the months on average to sell through the inventory.  Everything had a dramatic drop in just one month, except for the over $7.5M range.  This just shows how much June positively affected the market.  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 August 2nd    Below are the 50 open houses on Sunday.  The first is a rental and the rest are for sale.  Enjoy your weekend. Street Name Area List Price Time Listing Office 7 Brookside Park Old Greenwich $5K 12-3 p.m. RE/MAX 37 Mianus View Cos Cob $8.5K 1-4 p.m. BHHS 7 Heusted Drive Old Greenwich $8.5K 1-4 p.m. BHHS 107 Halstead Avenue Greenwich $419K 2-4 p.m. Raveis 10 Windy Knolls Greenwich $539K 1-3 p.m. Coldwell Banker 453 Putnam #4I Cos Cob $546.2K 1-4 p.m. Raveis 7 River Road #305 Cos Cob $625K 12-2 p.m. Douglas Elliman 302 River Run Greenwich $648K 1-4 p.m. BHHS 17 Pilgrim Drive Greenwich $699K 1-3 p.m. Coldwell Banker 7 Brookside Park Old Greenwich $785K 12-3 p.m. RE/MAX 30 Cambridge Drive Greenwich $895K 1-4 p.m. New England Land 14 The Avenue Greenwich $949K 12-3 p.m. Raveis 50 Church Street #8 Greenwich $985K 1-4 p.m. BHHS 84 Cognewaugh Road Cos Cob $1.049M 12-3 p.m. BHHS 19 Nearwater Lane Riverside $1.35M 2-4 p.m. Sotheby's 41 Leonard Avenue Riverside $1.395M 1-4 p.m. Sotheby's 153 Lake Avenue Greenwich $1.495M 2-4 p.m. Coldwell Banker 24 Shore Road Old Greenwich $1.595M 2-4 p.m. David Ogilvy 365 Round Hill Road Greenwich $1.695M 1-3 p.m. Davenport  108 Glenville Road Greenwich $1.79M 12:30-2 p.m. DMK Real Estate 18 Halock Drive Greenwich $1.795M 11-1 p.m. Raveis 225 Milbank #A Greenwich $1.825M 1-3 p.m. Houlihan Lawrence 48 Locust Road Greenwich $1.85M 2-4 p.m. David Ogilvy 37 Mianus View Cos Cob $1.895M 1-4 p.m. BHHS 7 Heusted Drive Old Greenwich $1.9M 1-4 p.m. BHHS 69 Mallard Drive Greenwich $1.995M 1-3 p.m. Sotheby's 10 Park Avenue Old Greenwich $1.999M 2-4 p.m. Coldwell Banker 82 Butternut Hollow Greenwich $2.275M 2-4 p.m. Coldwell Banker 35 Indian Harbor #A Greenwich $2.45M 1-3 p.m. Douglas Elliman 139 North Street Greenwich $2.495M 1-4 p.m. New England Land 33 Pleasant Street Riverside $2.495M 1-4 p.m. BHHS 39 Indian Harbor #B Greenwich $2.6M 1-3 p.m. Douglas Elliman 6 Interlaken Road Greenwich $2.775M 12-2 p.m. Raveis 4 Game Cock Road Greenwich $2.895M 1-3 p.m. Halstead 97 Shore Road Old Greenwich $2.995M 2-4 p.m. Houlihan Lawrence 45 W. Brother Drive Greenwich $2.995M 1-3 p.m. Coldwell Banker 50 Lockwood Drive Old Greenwich $3.495M 1:30-3:30 p.m. Raveis 50 Lockwood (land) Old Greenwich $3.495M 1:30-3:30 p.m. Raveis 98 North Street Greenwich $3.75M 1-4 p.m. Coldwell Banker 70 Sherwood Avenue Greenwich $3.775M 1-4 p.m. Charles Paternina 28 Old Camp Lane Cos Cob $3.795M 2-4 p.m. The Riverside Realty 8 Dearfield Drive Greenwich $3.825M 1-3 p.m. Raveis 31 Owenoke Way Riverside $3.895M 1-3 p.m. BHHS 25 Cutler Road Greenwich $3.95M 2-4 p.m. Coldwell Banker 26 Stillman Lane Greenwich $4.5M 1:30- 4 p.m. Coldwell Banker 390 Lake Avenue Greenwich $4.85M 2-4 p.m. BHHS 851 Lake Avenue Greenwich $4.85M 1-4 p.m. BHHS 303 Milbank Avenue Greenwich $6.4M 1-3 p.m. Coldwell Banker 35 Winding Lane Greenwich $6.995M 12-2 p.m. Coldwell Banker                                                                                                                                                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.