Greenwich CT, Residential Real Estate Blog and Analysis: September 11th

Greenwich, CT Residential Real Estate Blog and Analysis:   September 11th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

Now that summer is coming to an end, we can see the start of the Fall Market in full effect.  Scroll down to the open house list with links and you will find 74 open houses this weekend in Greenwich, more than we have had since the spring market.  I will update the charts and graphs to include August next week.   The above featured home is located at 9 Mackenzie Glen.  The home was built in 2006 and feels brand new.  One can tell it has been well cared for.  The home boasts six bedrooms with seven full baths and one half bath, and is listed as 6,483 s.f.  The entrance to the home has soaring ceilings, and throughout the house the ceiling height is great.  The flow transitions from room to room easily, with great outdoor stone terraces.  There are five fireplaces throughout with a great lower level as well.  The master bedroom is one of the highlights with his and her dressing rooms.  The location is phenomenal as well as it is off of North Street, so you can easily navigate to town and everything Greenwich offers is right there.  The price is $5.65M. 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 September 13th    Below are the 74 open houses for Sunday. Street Name Area List Price Time Listing Office 16 Manor Road Old Greenwich  $7.5K 1-4 p.m. BHHS 47 Putnam Park #1 Greenwich $405K 1-3 p.m. Raveis 1465 Putnam #119 Old Greenwich  $429.9K 1-3 p.m. Raveis 119 Spruce Street Greenwich $575K 2-4 p.m. Douglas Elliman 7 River Road #305 Cos Cob $625K 11-1 p.m. Douglas Elliman 79 Pemberwick #A Greenwich $629K 1-4 p.m. BHHS 302 River Run Greenwich $648K 2-4 p.m. BHHS 36 Silo Circle Riverside $648K 1-4 p.m. BHHS 4 Relay Court Cos Cob $660K 1-3 p.m. Raveis 21 Upland Street Greenwich $789K 2-4 p.m. Anderson Asoociates 16 Lia Fail Cos Cob $799K 1-3 p.m. Raveis 17 Salem Street Cos Cob $849K 11-1 p.m. Coldwell Banker 1 Cary Road Riverside $865K Sat.2-5 p.m. Davenport 42 Orchard Street Cos Cob $875K 1-3 p.m. Raveis 265 Pemberwick Greenwich $925K 1-4 p.m. Raveis 84 Cognewaugh Cos Cob $1.049M 12-3 p.m.  BHHS 6 Riverview Court Greenwich $1.095M 12-4 p.m. BHHS 3 Wyndover Lane Cos Cob $1.195M 10-12 p.m. Keller Williams 30 Buxton Landing Riverside $1.199M 1-3 p.m. Coldwell Banker 6 North Street Cos Cob $1.199M 1-3 p.m. Raveis 7 Alec Templeton Greenwich $1.25M 1-3 p.m. Higgins 10 Rainbow Drive Riverside $1.275M 1-4 p.m. Houlihan Lawrence 7 Chapel Lane Riverside $1.295M 2-4 p.m. Houlihan Lawrence 7 Cottontail Road Cos Cob $1.35M 1-3 p.m. Sotheby's 29 Windsor Lane Cos Cob $1.385M 2-4 p.m. Raveis 26 Lancer Road Riverside $1.399M 1-4 p.m. Raveis 4 North Street Cos Cob $1.399M 1-3 p.m. Greenwich Realty 44 Summit Road Riverside $1.435M 1-4 p.m. BHHS 48 Davenport Ave Greenwich $1.5M 1-4 p.m. Coldwell Banker 65 Fairfield Road Greenwich $1.595M 1-4 p.m. Raveis 21 Lia Fail Cos Cob $1.695M 1-3 p.m. Raveis 10 Hilton Heath Cos Cob $1.695M 1-4 p.m. BHHS 18 Oval Avenue Riverside $1.699M 1-4 p.m. Raveis 70a Sinawoy Cos Cob $1.725M 1-4 p.m. Coldwell Banker 16 Manor Road Old Greenwich  $1.795M 1-4 p.m. BHHS 225 Milbank #A Greenwich $1.825M 2-4 p.m. Houlihan Lawrence 155 Stanwich Road Greenwich $1.845M 11-2 p.m. BHHS 55 Summit Road Riverside $1.85M 1-4 p.m. Sotheby's 2 Spruce Street Riverside $1.865M 1-4 p.m. Coldwell Banker 7 Heusted Drive Old Greenwich $1.9M 1-4 p.m. BHHS 315 Field Point Greenwich $1.939M 1-4 p.m. BHHS 10 West End Old Greenwich $1.995M 2-4 p.m. Houlihan Lawrence 24 Nutmeg Drive Greenwich $1.995M 1-4 p.m. BHHS 2 Grimes Road Old Greenwich $1.99985M 1-3 p.m. Houlihan Lawrence 10 Park Avenue Old Greenwich $1.99999M 2-4 p.m. Coldwell Banker 11 Pintail Lane Greenwich $2.15M 2-4 p.m. Houlihan Lawrence 33 Pleasant Street Riverside $2.349M 1-4 p.m. BHHS 39 Indian Harbor A Greenwich $2.45M 1-3 p.m. Douglas Elliman 101 Lockwood Rd Riverside $2.45M 12-2 p.m. Coldwell Banker 300 Stanwich Road Greenwich $2.495M 2-4 p.m. Sotheby's 16 and 21 Lia Fail Cos Cob $2.495M 1-3 p.m. Raveis 39 Midbrook Lane Old Greenwich  $2.49999M 1-3 p.m. Raveis 37 Byfield Lane Greenwich $2.525M 1-4 p.m. BHHS 215 Shore Road Greenwich $2.595M 2-4 p.m. Houlihan Lawrence 39 Indian Harbor B Greenwich $2.6M 1-3 p.m. Douglas Elliman 64 Butternut Hollo Greenwich $2.795M 2-4 p.m. Raveis 8 Patricia Lane Cos Cob $2.975M 1-4 p.m. BHHS 45 W. Brother Greenwich $2.995M 2-4 p.m. Coldwell Banker 124 Birch Lane Greenwich $3.245M 1-3 p.m. Coldwell Banker 50 Lockwood Ave Old Greenwich $3.25M 11-12:30 Raveis 8 Dearfield Drive Greenwich $3.395M 1-3 p.m. Raveis 21 Pecksland Road Greenwich $3.45M 3-5 p.m. Sotheby's 14 Long View Riverside $3.695M 2-4 p.m. Houlihan Lawrence 98 North Street Greenwich $3.75M 1-3 p.m. Coldwell Banker 8 Willow Road Riverside $3.795M 2-4 p.m. Houlihan Lawrence 14 Sherwood Farm Greenwich $3.795M 1-4 p.m. Halstead 400 Stanwich Road Greenwich $3.995M 1-4 p.m. Coldwell Banker 19 Desiree Drive Greenwich $3.995M 1-3 p.m. David Ogilvy 56 Milbank Ave #2 Greenwich $3.995M 2-5 p.m. Coldwell Banker 524 North Street Greenwich $4.295M 1-4 p.m. BHHS 19 Shoal Point Riverside $4.325M 2-4 p.m. Coldwell Banker 41 Cliffdale Road Greenwich $4.499M 2-4 p.m. Coldwell Banker 1 Ashton Drive Greenwich $4.6M 12-2 p.m. Douglas Elliman 68 Birch Lane Greenwich $6.595M 1-3 p.m. Sotheby's 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.