Greenwich CT, Residential Real Estate Blog and Analysis: August 14th

Greenwich, CT Residential Real Estate Blog and Analysis:   August 14th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com 27 Perryridge

Dear Greenwich,   This will be the last blog entry until the week after Labor Day.  The above pictured charming colonial is located at 27 Perryridge Road.  Perryridge is a beautiful tree lined street that is close to everything Greenwich has to offer.  Less than a few blocks from Greenwich Avenue, Whole Foods, private schools, parks, shopping and restaurants.  This home has four bedrooms, two full baths, and one half bath.  The home is listed at 2,208 s.f. and sits on .19 of an acre.  There is a nice master suite with walk-in closet.  Other aspects I liked were the deck, patio and yard.  Great for entertaining.  The price is $1.945M. I believe if you scroll down to the pie charts you will see the market in a snapshot.  There are still two different markets the under $2M or $3M and the over $2M or $3M market. "Looking at these two graphs, I believe really sum up the market.  The below $2M market equates to 64% of the sold properties this year. However, looking below the inventory in that market equates to 37% of the available inventory.  If you add in the $2M-$3M market then you are looking at 79% of sold properties to 56% of the market.  Conversely the over $2M market is 63% of our total inventory and only makes up 36% of the sold properties this year."   To further illustrate the point if you look down to the months on average graph you will see it in better detail.  "This really shows the difference between the markets.  Every price point under $2M is less than 7 months.  While, $2M-$5M ranges between 11 months and 15 months.  $5M-$10M ranges from 21 months to 47 months and over $10M it would take 120 months to sell through the inventory at the current pace." Market reports  North Mianus School The amount of sold properties year to date have increased by one unit.  However, if you look at the year over year the units is down 25% from last year.  If you look at the supply and demand ratio it is even higher than last year.  Thus telling us the units are down due to the lack of inventory.  We are down 13% in listings from this time last year. Mid Country Report This is an interesting report.  As one dives into it, the market is pretty similar to last year.  However, the main takeaway is that units are down 8.8% but the prices are up 5.7%.  This is due to the $4M to $6M market.  You will notice that market is up 64% with 21 sold properties this year to date vs. 13 last year to date.  The $2M-$3M range is down 31% in sold properties, but you will notice the listings are down 22% leading me to believe it is the lack on inventory in that price range that is hurting the market. This is a great article that was in Bloomberg a couple of weeks ago, written by Oshrat Armiel: Greenwich Mansions Linger on Market as Condos Sale Fast 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 hav 652 available properties in Greenwich today.  We have sold 512 properties.  You can see July has been comparable to the past few years, only less than 2013.   New Listings We had 98 new listings in the month of July, which is less than last year, but still a healthy number.      Year to Date Sold Looking at these two graphs, I believe really sum up the market.  The below $2M market equates to 64% of the sold properties this year. However, looking below the inventory in that market equates to 37% of the available inventory.  If you add in the $2M-$3M market then you are looking at 79% of sold properties to 56% of the market.  Conversely the over $2M market is 63% of our total inventory and only makes up 36% of the sold properties this year.   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 7/31/15 0-$500K 4.5 4 9.6 9.6 5.4 5.3 $500K-$1M 6.3 4.2 7.5 8.6 7.4 6.8 $1M-$1.5M 4.8 4.5 6 5.5 4 3.3 $1.5M-$2M 6.9 7 8.8 8.1 6.5 5.8 $2M-$3M 10.1 8 14 15 11.6 11.6 $3M-$4M 31 20.5 25.5 25.3 16.2 13.1 $4M-$5M 54.3 26.6 30.3 27.3 17.2 15.5 $5M-$7.5M 49.1 30.2 34.6 31.7 23.8 20.9 $7.5M-$10M 20.4 36 31.3 36.4 49.6 47 $10M+ 41.7 76.5 80.5 86 103.1 120.8 This really shows the difference between the markets.  Every price point under $2M is less than 7 months.  While, $2M-$5M ranges between 11 months and 15 months.  $5M-$10M ranges from 21 months to 47 months and over $10M it would take 120 months to sell through the inventory at the current pace. Open Houses for August 16th    Below are the 33 open houses on Sunday. Street Name Area List Price Time Listing Office 7 River Road #304 Cos Cob $3.4K 1-3 p.m. Coldwell Banker 24 Bedford Road Greenwich $6.975K 12-2 p.m. Raveis 81 Riverside Avenue Riverside $8K 1-4 p.m. BHHS 17 Wescott Street Riverside $8.25K 2-4 p.m. BHHS 147 Putnam Park Greenwich $485K 2-4 p.m. Raveis 153 Putnam Park Greenwich $495K 1-3 p.m. Sotheby's 453 Putnam #4I Cos Cob $499K 3-5 p.m. Raveis 98 Silo Circle Riverside $575K 12-2 p.m. Douglas Elliman 24 Morgan Avenue Greenwich $599K 1-4 p.m. BHHS 7 River Road #304 Cos Cob $637.9K 1-3 p.m. Coldwell Banker 5 Glen Street #304 Greenwich $729K 1-3 p.m. Coldwell Banker 42 Ridge Street Cos Cob $899K 1-3 p.m. Raveis 265 Pemberwick Greenwich $925K 1-4 p.m. Raveis 259 Bruce Park Greenwich $950K 2-4 p.m. Coldwell Banker 41 Leonard Avenue Riverside $1.369M 9-9 p.m. Sotheby's 74 Howard Road Greenwich $1.575M 1-4 p.m. Raveis 24 Shore Road Old Greenwich $1.595M 1-3 p.m. David Ogilvy 6 Carriage Road Cos Cob $1.65M 1-3 p.m. Coldwell Banker 18 Oval Avenue Riverside $1.699M 1-4 p.m. Raveis 29 Coventry Lane Riverside $1.849M 2-4 p.m. Coldwell Banker 48 Locust Road Greenwich $1.85M 2-4 p.m. David Ogilvy 81 Riverside Avenue Riverside $1.895M 1-4 p.m. BHHS 65 Overlook Drive Greenwich $1.899M 1-3 p.m. Sotheby's 54 Sundance Drive Cos Cob $1.995M 2-4 p.m. Raveis 10 W. End Avenue Old Greenwich $1.995M 2-4 p.m. Houlihan Lawrence 10 Park Avenue Old Greenwich $1.999M 2-4 p.m. Coldwell Banker 60 Cat Rock Road Cos Cob $2.25M 1-4 p.m. Raveis 64 Park Avenue Old Greenwich $2.25M 2-4 p.m. Coldwell Banker 14 Long View Avenue Riverside $3.695M 2-4 p.m. Houlihan Lawrence 98 North Street Greenwich $3.75M 1-4 p.m. Coldwell Banker 1 Wyckham Hill Greenwich $5.5M 1-4 p.m. Raveis 303 Milbank Avenue Greenwich $6.4M 1-4 p.m. Coldwell Banker 35 Winding Lane Greenwich $6.995M 12-3 p.m. Coldwell Banker 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.

Comments

[sonatta]

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