Greenwich CT, Residential Real Estate Analysis and Blog: January 18th

Greenwich, CT Residential Real Estate Analysis: January 18th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

The above beautiful colonial is located at 33 Ballwood Road in Old Greenwich.  Although this house may not stand out as much from the outside, the inside has everything.  The top floor is an old style bar with movie theatre seating.  The basement comes equipped with a walk in wine cellar, an exercise room, family room, sauna and full bath.  The house is listed at 4,268 s.f. but feels almost like twice as much.  Every foot is useable.  It has five bedrooms, with five and one half baths.  There are water views as it is south of the village, and has deeded access to the Sound.  The house just came on the market on January 16th with an asking price of $4.195M.  I had mentioned last week that the inventory in the last six months of the year dropped 40%.  I expected to see the inventory explode in the beginning of this year.  So, far in the last week, we have already seen an uptick.  So far this month we have had 71 new properties, 44 of which have come on the market in the last month.  In 2011 we had 75 for the month of January and in 2012 89 new properties were listed.  We are on track to beat those numbers, but we are still low in inventory as you can see by the chart I showed last week: Price Range Months on Avg 06/12 Months on Avg 01/05/12 0-$500K 6.36 4.96 $500K-$1M 7.98 3.88 $1M-$1.5M 11.48 7.22 $1.5M-$2M 10.86 7 $2M-$3M 15.27 8.64 $3M-$4M 21.82 12.4 $4M-$5M 37.33 17.5 $5M-$7.5M 30.92 19.4 $7.5M-$10M 57 25.84 $10M+ 40.21 36 I have updated the charts with the month to date numbers.  The pie chart of the Available Properties is as of 01/18.  The pie chart with the ytd sales, is updated to only show the 28 properties that have sold so far this year.  Hence, that chart's percentages will change from week to week until we get more data.  The month on average to sell through, I will be using the full year rates of closed properties for 2012 as I feel that will give us the most consistent numbers.   While I still believe that we are not completely over the hump in Greenwich, especially in the higher price ranges, I do feel there is a temporary time frame where sellers can get a premium on their properties because the inventory is so low.  I also believe come March we will see a huge influx of inventory, which will soften the market, and create opportunities to buy.    My personal opinion is that the best way to understand where the market is to analyze it from a price range standpoint.  Then, to be able to see the amount of inventory versus the amount of properties sold in each price range gives us the best sense of the market.  Scroll down to see these broken down as months on average it would take to sell through the current inventory.  Due to the fact that most of my charts are based on month end and year to date data I have left the charts the same so you can view 2012 as a year for the first few weeks of this year before updating till 2013 to give us more time to get more transactions.  You can compare the current weeks numbers against the numbers from previous newslettersat www.greenwichrealestateguy.com/blog.  As always, if you have a house in mind you would like to see, please do not hesitate to call me.    I would like to thank Mark Pruner for mentioning me in the Greenwich Patch.  Mark also does his own synopsis of the Greenwich Market at www.greenwichstreets.com.  I have updated the mortgage information on the bottom of the newsletter as well. 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   As mentioned and seen above, there was tremendous activity in December.  We sold 89 this past December vs. 40 the year before.  We discussed in the first section that we were seeing a high number of new inventory come on, the positive is we are also following it up with a good January in regards to sold properties. New Listings As you see in the chart above through the first few weeks of January you already see the inventory is outpacing the past few years.    Year to Date Sold I was pleasantly surprised that even though we have only sold 28 properties ytd, the percentages were not completely off from the end of the year.  The $500K-$1M grew to 42% and we have not had a property sell over the $7.5M range, yet but the other ranges stayed relatively similar. Year to Date Available    We saw the inventory grow this month as so far we have had 71 new properties compared to 28 sold properties, but for the most part we are trending in a positive manner.  We may outpace the sold numbers from the last couple of years, which in my opinion would bode very well with December being so busy.    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.   Price Range MOA 01/05 MOA 01/12 0-$500K 4.96 5.76 $500K-$1M 3.88 3.94 $1M-$1.5M 7.22 7.59 $1.5M-$2M 7 8.04 $2M-$3M 8.64 9.48 $3M-$4M 12.4 13.77 $4M-$5M 17.5 17.5 $5M-$7.5M 19.4 19.76 $7.5M-$10M 25.84 22.15 $10M+ 36 36.85  **to calculate months on average I used the full year of 2012 sold properties in each price range Obviously the months on average were the lowest at the end of the year.  The uncertainty of the fiscal cliff, as well as the election (most properties that closed in December were negotiated before election was finalized), and uncertainty of taxes.  Not to mention if people are going to take their house off of the market they will tend to do it over the holidays. Open Houses January 20th      Below are all of the Greenwich Open Houses for Sunday.  Click on the link it will take you to the listing.  21 Mallard is listed twice as the first is the rental listing and the second is the for sale listing.  Address Town List Price Time Broker 21 Mallard Drive Greenwich $5K 12-4 PM Coldwell Bnkr 21 Byram Road Greenwich $399K 1-3 PM Marr & Caruso 16 Morgan Avenue Greenwich $475K 1-4 PM Prudential 73 Weaver Street #23 Greenwich $899K 2-4 PM Coldwell Bnkr 21 Mallard Drive Greenwich $1.095M 12-4 PM Coldwell Bnkr 32 Ferncliff Road Cos Cob $1.195M 1-4 PM Prudential 31 Westview Place Riverside $1.3M 1:30-3:30 PM Coldwell Bnkr 3 Fairfield Avenue Old Greenwich $1.599M 1-3 PM Raveis 191 North Street Greenwich $1.95M 1:30-3:30 PM Coldwell Bnkr 6 Ledge Road Old Greenwich $3.35M 1-3 PM Coldwell Bnkr 78 Doubling Road Greenwich $6.1M 1-4 PM Sotheby's Mortgage Information The two individuals I feel most confident about when it comes to home mortgages are Jeff Ihrig of First Republic in the city and Iliad Estrada of Connecticut Home Mortgage. Jeff can be reached at 646-372-5181. Rates below courtesy of Iliad Estrada.  She can be reached at 203-637-6202. CT Mortgage Rates Product Interest Rates Annual Percentage Rate 15 YR Fixed Conforming 2.375% 2.608% 30 YR Fixed Conforming 3.100% 3.235% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 3.500% 3.619% 5/1 YR ARM Conforming 2.100% 2.892% 5/1 YR ARM Jumbo 2.125% 2.880% 10/1 YR ARM Jumbo 2.875% 3.062% Updated: December 14th

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

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

Dear Jared   The above pictured new construction is located at 320 Valley Road in Cos Cob.  The house is situated at the top of a small hill and climbs up even farther giving you beautiful sky line views.  It across the street from the Mianus Pond, with beautiful views from the three floors of the pond.  There are ten foot ceilings given the home a very open feel as well making it feel larger than the advertised 3,346 s.f.  It has three bedrooms, and three and two half baths sitting perched on .28 acres of land.  With the size of the lot there is not a huge yard, but there are a couple areas of small lawn that would suffice in my opinion.  I think it is a great entrance point into a new construction at $1.795M.  If you read this weekly, you might realize that I am more bearish than most realtors at this time.  However, as I mentioned in last week's newsletter, December was the busiest December in over a decade. The uncertainty with the election, the fiscal cliff, and the overall market contributed to the drastic influx of sold properties.  The aftermath of that activity is very low inventory in Greenwich.  The statistics below address the average time it takes to sell through properties in various price ranges.  Last week's available properties were the fewest of the whole year, at every price range. As a result, we are experiencing much shorter timelines.  This chart shows the difference from end of June to last week's statistics.  As you can see, on average the timing decreased by 40%. Price Range Months on Avg 06/12 Months on Avg 01/05/12 0-$500K 6.36 4.96 $500K-$1M 7.98 3.88 $1M-$1.5M 11.48 7.22 $1.5M-$2M 10.86 7 $2M-$3M 15.27 8.64 $3M-$4M 21.82 12.4 $4M-$5M 37.33 17.5 $5M-$7.5M 30.92 19.4 $7.5M-$10M 57 25.84 $10M+ 40.21 36 Hence, I believe this is the perfect time to buy and/ or sell property in Greenwich.   While I still believe that we are not completely over the hump in Greenwich, especially in the higher price ranges, I do feel there is a temporary time frame where sellers can get a premium on their properties because the inventory is so low.  I also believe come March we will see a huge influx of inventory, which will soften the market, and create opportunities to buy.  To illustrate why I believe the market is where it is, please read this article that was in the Wall Street Journal a couple of weeks ago titled Luxury Snaps Back.  Please note that even though article is only a couple of weeks old, the data is six months old.  It references Q2 2012 data for the charts.  You can see in the article that Greenwich is pretty far behind the rest of the country.  However, given our low inventory, I feel we will see a month or two of a pretty competitive market.  I then think it will soften again, as we get an influx of inventory in March.  And most likely, ticking back up to catch up with the rest of the country after the first six months of the year.  Obviously, there's no guarantees, but  these are my opinions based on the facts at hand.  On the listing side, I feel now is the time to get the property listed so one can take advantage of the tight inventory and be ready for the busy season. I will be hosting an open house at 90 Buckfield Lane on Sunday from 1-4 p.m.  So please come by and say hi. My personal opinion is that the best way to understand where the market is to analyze it from a price range standpoint.  Then, to be able to see the amount of inventory versus the amount of properties sold in each price range gives us the best sense of the market.  Scroll down to see these broken down as months on average it would take to sell through the current inventory.  Due to the fact that most of my charts are based on month end and year to date data I have left the charts the same so you can view 2012 as a year for the first few weeks of this year before updating till 2013 to give us more time to get more transactions.  You can compare the current weeks numbers against the numbers from previous newslettersat www.greenwichrealestateguy.com/blog.  As always, if you have a house in mind you would like to see, please do not hesitate to call me.   I would like to thank Mark Pruner for mentioning me in the Greenwich Patch.  Mark also does his own synopsis of the Greenwich Market at www.greenwichstreets.com.  I have updated the mortgage information on the bottom of the newsletter as well. 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   As mentioned and seen above, there was tremendous activity in December.  We sold 89 this past month vs. 40 the year before.  When we compare that to the new listings we see that this will put pressure on the inventory, as we only had 30 new listings in the month of December.  This is the first time this year we have eaten into the inventory.  That coupled with the amount of houses that were withdrawn or expired, we see a dramatic affect on the months on average of the inventory. Feel free to see the difference by looking at older issues at www.greenwichrealestateguy.com/blog. New Listings    Year to Date Sold As the end of the year slows down we do not see a tremendous change in the percentages.  We saw a one percent growth in the $1M-$1.5M and one percent decline in $500K-$1M. Year to Date Available    With the flurry of sold properties to end the year and people taking their homes off the market at the end of the year, we see some fluctuation in this chart.  The $1M-$1.5M grew a percent, while the $2M-$3M dropped two percentage points.  The $7.5M-$10M and over $10M both grew a percentage as well.  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.  Due to the reasons discussed above we have seen drops in most price categories.   In the $0-$500K range we have dropped to 4.96 months on average to sell through, the lowest in 2012.  $500K-$1M  we have 3.88 months, another year low.  In the $1M-$1.5M we have 7.22 a drop of three months from the last newsletter and year low. $1.5M-$2M we have 7 months, a drop of just under two months.  $2M-$3M we have 8.64 months, a drop of three and a half months.  $3M-$4M we have 12.4 months, a drop of five months. $4M-$5M we have 17.5 months, a drop of a month. $5M-$7.5M we have 19.4 months, a drop of four months. $7.5-$10M we have 25.84 a , a drop of seven months.  $10M and above we have 36 months. As you can see all price ranges saw big drops, except for the over $10M price range.  I am interested to see how these numbers hold up.  Undoubtedly they will grow as more properties come available, but I am curious to see if they grow to the points they were just a few weeks ago.  My personal opinion is that it will continue to be slow through the first half of the year, and the properties that are negotiated on in March and April will close in June and July and we will see things start to gain momentum.     Open Houses January 13th      Below are all of the Greenwich Open Houses for Sunday.  If you click on the link it will take you to the listing.  I will be hosting the open house at 90 Buckfield Lane. Address Town List Price Time Broker 2 Cary Rd Riverside $449K 1-3 PM Coldwell Bnkr 4 Caroline Place Greenwich $599K 12-3 PM Raveis 6 Booth Court Greenwich $669K 2-4 PM Raveis 98 Putnam Park #98 Greenwich $695K 1-3 PM Raveis 115 River Road #10 Cos Cob $775K 1-4 PM Prudential 11 Maple Street Cos Cob $829K 1-4 PM Raveis 20 Maplewood Drive Cos Cob $895K 1-4 PM Prudential 128 Riverside Avenue Riverside $995K 1-4 PM Prudential 500 River Road #5 Cos Cob $1.05M 1-4 PM Prudential 49 Indian Mill Road Cos Cob $1.25M 1-4 PM Raveis 4 Nickel Street Greenwich $1.298M 2-4 PM Round Hill Prtnrs 631 Long Ridge Road #12 Stamford $1.395M 1-4 PM Prudential 186 Field Point Road #6A Greenwich $1.395M 1-4 PM Round Hill Prtnrs 16 Norton Lane Old Greenwich $1.45M 1-3 PM Raveis 44 Duncan Drive Greenwich $1.495M 2-4 PM Grnwch Fine Prop 90 Buckfield Lane Greenwich $1.495M 1-4 PM Prudential 318 Valley Road Cos Cob $1.795M 2-4 PM Coldwell Bnkr 320 Valley Road Cos Cob $1.795M 2-4 PM Coldwell Bnkr 11 Londonderry Drive Greenwich $1.795M 2-4 PM Raveis 112 Taconic Road Greenwich $1.995M 1-4 PM Prudential 35 Shore Road Old Greenwich $2.695M 2-4 PM Grnwch Fine Prop 55 Will Merry Lane Greenwich $2.995M 2-4 PM Coldwell Bnkr 530 North Street Greenwich $2.995M 1-4 PM Raveis 76 Cat Rock Road Cos Cob $3.295M 1-4 PM Coldwell Bnkr 4 Cove Ridge Ln/Hendrie Dr Ext Old Greenwich $3.995M 1-4 PM Coldwell Bnkr 3 Cherry Blossom Lane Greenwich $4.495M 2-4 PM Coldwell Bnkr 212 Taconic Road Greenwich $4.495M 1-4 PM Prudential 487 North Street Greenwich $5.495M 2-4 PM Coldwell Bnkr Mortgage Information The two individuals I feel most confident about when it comes to home mortgages are Jeff Ihrig of First Republic in the city and Iliad Estrada of Connecticut Home Mortgage. Jeff can be reached at 646-372-5181. Rates below courtesy of Iliad Estrada.  She can be reached at 203-637-6202.   CT Mortgage Rates Product Interest Rates Annual Percentage Rate 15 YR Fixed Conforming 2.375% 2.608% 30 YR Fixed Conforming 3.100% 3.235% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 3.500% 3.619% 5/1 YR ARM Conforming 2.100% 2.892% 5/1 YR ARM Jumbo 2.125% 2.880% 10/1 YR ARM Jumbo 2.875% 3.062% Updated: December 14th

Greenwich CT, Residential Real Estate Analysis and Blog: January 6th

Greenwich, CT Residential Real Estate Analysis: January 4th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

I apologize I have not sent the newsletter for the last few weeks.  My wife and I welcomed our third son on December 20th.  I felt it fitting to do a review of the properties I have featured this year to help show the state of the market.  I started featuring properties in July for the newsletter.  The above pictured house is the first house I featured, 2 Parsonage Road.  It sold on December 21st, and I had the pleasure of representing the buyers in the transaction.  In the area year to date properties have sold for an average of 94.57% of the last listed price.  My clients and I were able to get the above property for 80.32% of the listed price when we started negotiating. The list price at that time was $4.295M.   Date featured Address Price Status Last listed Price June 29th 2 Parsonage $4.295M Sold $3.45M July 6th 450 North Street $4.195M Executed Contract $3.875M July 13th 59 Club Road $3.895M Expired $3.295M July 20th 1 Finney Lane $1.795M Sold $1.665M July 27th 126 Parsonage $4.325M Active $3.925M August 3rd 16 Manor Road $1.795M Expired $1.795M August 10th 11 Butternut Hollow $2.295M Withdrawn $2.195M August 17th 21 Watchtower Lane $2.345M Withdrawn $2.345M August 24th 121 Clapboard Ridge $2.999.999M Expired $2.999.999M September 7th 81 Sherwood Place $1.425M Executed Contract $1.425M September 21st 15 East Point Lane $7.85M Active $7.45M September 28th 64 Hillcrest Park $3.495M Active $3.195M October 5th 20 Maplewood Drive $895K Active $895K October 12th 17 Welwyn Road $4.195M Sold $3.85M October 19th 21 Ridge Road $1.195M Contingent Contract $11.95M October 26th 180 North Street $3.899M Active $3.85M November 9th 44 Winthrop $4.195M Active $4.195M November 16th 82 Glenville Road $3.875M Expired $3.875M November 30th 50 Zaccheus Mead Lane $6.695M Active $6.695M December 7th 5 Bridle Path Lane $6.95M Executed Contract $6.295M     In the above chart the last listed price is the last listed price for any category other than sold.  If, the property was sold, the price is the sold price.  When you scroll down for the updated statistics you will see an incredible spike in sold properties in December.  As I have been mentioning for the last few months, I anticipated a huge spike with the uncertainty of the election, fiscal cliff, and tax changes.  However, we went from 40 sold properties in December of 2011 to 89 properties in December of 2012.  It will be interesting to see how January and February play out.  I have updated the mortgage rates as of December 14th below.   My personal opinion is that the best way to understand where the market is to analyze it from a price range standpoint.  Then, to be able to see the amount of inventory versus the amount of properties sold in each price range gives us the best sense of the market.  Scroll down to see these broken down as months on average it would take to sell through the current inventory.  You can compare the current weeks numbers against the numbers from previous newsletters at www.greenwichrealestateguy.com/blog. As always, if you have a house in mind you would like to see, please do not hesitate to call me.   I would like to thank Mark Pruner for mentioning me in the Greenwich Patch.  Mark also does his own synopsis of the Greenwich Market at www.greenwichstreets.com.  I have updated the mortgage information on the bottom of the newsletter as well. 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   As mentioned and seen above, there was tremendous activity in December.  We sold 89 this past month vs. 40 the year before.  When we compare that to the new listings we see that this will put pressure on the inventory, as we only had 30 new listings in the month of December.  This is the first time this year we have eaten into the inventory.  That coupled with the amount of houses that were withdrawn or expired, we see a dramatic affect on the months on average of the inventory. Feel free to see the difference by looking at older issues at www.greenwichrealestateguy.com/blog. New Listings    Year to Date Sold As the end of the year slows down we do not see a tremendous change in the percentages.  We saw a one percent growth in the $1M-$1.5M and one percent decline in $500K-$1M. Year to Date Available    With the flurry of sold properties to end the year and people taking their homes off the market at the end of the year, we see some fluctuation in this chart.  The $1M-$1.5M grew a percent, while the $2M-$3M dropped two percentage points.  The $7.5M-$10M and over $10M both grew a percentage as well.  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.  Due to the reasons discussed above we have seen drops in most price categories.   In the $0-$500K range we have dropped to 4.96 months on average to sell through, the lowest in 2012.  $500K-$1M  we have 3.88 months, another year low.  In the $1M-$1.5M we have 7.22 a drop of three months from the last newsletter and year low. $1.5M-$2M we have 7 months, a drop of just under two months.  $2M-$3M we have 8.64 months, a drop of three and a half months.  $3M-$4M we have 12.4 months, a drop of five months. $4M-$5M we have 17.5 months, a drop of a month. $5M-$7.5M we have 19.4 months, a drop of four months. $7.5-$10M we have 25.84 a , a drop of seven months.  $10M and above we have 36 months. As you can see all price ranges saw big drops, except for the over $10M price range.  I am interested to see how these numbers hold up.  Undoubtedly they will grow as more properties come available, but I am curious to see if they grow to the points they were just a few weeks ago.  My personal opinion is that it will continue to be slow through the first half of the year, and the properties that are negotiated on in March and April will close in June and July and we will see things start to gain momentum.   Open Houses January 6th      Below are all of the Greenwich Open Houses for Sunday.  If you click on the link it will take you to the listing.    Address Town List Price Time Broker 1525 E. Putnam Avenue #409 Old Greenwich $258K 1-3 PM Keller Williams 4 Caroline Place Greenwich $599K 12-3 PM Raveis 230 Valley Road Cos Cob $650K 2-4 PM Raveis 98 Putnam Park #98 Greenwich $695K 1-3 PM Raveis 2 Gerry Street Greenwich $749K 2-4 PM Raveis    Mortgage Information The two individuals I feel most confident about when it comes to home mortgages are Jeff Ihrig of First Republic in the city and Iliad Estrada of Connecticut Home Mortgage. Jeff can be reached at 646-372-5181. Rates below courtesy of Iliad Estrada.  She can be reached at 203-637-6202.   CT Mortgage Rates Product Interest Rates Annual Percentage Rate 15 YR Fixed Conforming 2.375% 2.608% 30 YR Fixed Conforming 3.100% 3.235% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 3.500% 3.619% 5/1 YR ARM Conforming 2.100% 2.892% 5/1 YR ARM Jumbo 2.125% 2.880% 10/1 YR ARM Jumbo 2.875% 3.062% Updated: December 14th

Greenwich CT, Residential Real Estate Analysis and Blog: December 7th

Greenwich, CT Residential Real Estate Analysis: December 7th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

The above house is a direct waterfront in Riverside, that was left untouched by the storm surge of Hurricane Sandy.  There are very few opportunities to own direct waterfront in Greenwich.  5 Bridle Path is located within Harbor Point Association, a gated community with a private beach and boat dock.  The house is listed as 4,269 on 1.02 acres of land containing five bedrooms and three and one half baths.  The inside of the house has been freshly painted and new stained floors, add to the appeal of relaxing on the porch with the views of Greenwich Point.  The price is $6.25M.  Scroll down for more detailed statistics regarding the market.  My personal opinion is that the best way to understand where the market is to analyze it from a price range standpoint.  Then, to be able to see the amount of inventory versus the amount of properties sold in each price range gives us the best sense of the market.  Scroll down to see these broken down as months on average it would take to sell through the current inventory.  You can compare the current weeks numbers against the numbers from previous newsletters at www.greenwichrealestateguy.com/blog As always, if you have a house in mind you would like to see, please do not hesitate to call me.   I would like to thank Mark Pruner for mentioning me in the Greenwich Patch.  Mark also does his own synopsis of the Greenwich Market at www.greenwichstreets.com.  I have updated the mortgage information on the bottom of the newsletter as well. 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   There was a onslaught of closed properties on the last day of November to push the sold above 2011 and 2012 numbers extending our streak to five months.  However, we are still seeing new listings out number the sold properties.  To put this into perspective, over the last three months we have had 162 properties sold vs. 269 new listings coming on. New Listings The positive here was that the new listings in November was less than the number of new listings in 2011.    Year to Date Sold As the end of the year slows down we do not see a tremendous change in the percentages.  We saw a one percent growth in the $7.5M to $10M range. Year to Date Available    We saw a one percent drop in the $0-$500K range range and a one percent growth in $3M-$4M. 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.  We are currently 49 weeks through the year. In the $0-$500K range we have seen a big drop from 7 months to 5.7 months on average to sell through.  $500K-$1M  we have 4.63 months.  In the $1M-$1.5M we have 10.34 months. $1.5M-$2M we have 8.78 months.  $2M-$3M we have 12.07 months.  $3M-$4M we have 17.2, $4M-$5M we have 19.22 drop of a month. $5M-$7.5M we have 23.39months. $7.5-$10M we have 32.89, a drop of eight months.  $10M and above we have 36.53 months a gain of a month. Open Houses December 9th      Below are all of the Greenwich Open Houses for Sunday.  If you click on the link it will take you to the listing.  It should be a beautiful Sunday, so enjoy.  The first on the list is for rent. Address Town List Price Time Broker 127 Havemeyer Place Greenwich $11K 1-3 PM Raveis 1535 E Putnam Avenue #402 Old Greenwich $389.5K 1-3 PM Raveis 1 Douglas Drive Greenwich $649K 1-4 PM Prudential 21 Greenwich Hills Drive #21 Greenwich $679K 2-4 PM Raveis 64 Richland Road Greenwich $699K 1-3 PM Coldwell 77 Havemeyer Ln #212 Old Greenwich $755K 1-4 PM Real Living 78 River Road #2 Cos Cob $785K 2-4 PM Greenwich Fine 18 Annjim Drive Greenwich $895K 1-4 PM Prudential 9 Sinawoy Road Cos Cob $950K 1-4 PM Prudential 21 Mallard Drive Greenwich $1.095M 1-4 PM Coldwell 44 Lockwood Lane Riverside $1.25M 12-2 PM Raveis 116 Lockwood Road Riverside $1.275M 2-4 PM Raveis 53 Locust Street #A Greenwich $1.399M 1-4 PM Coldwell 16 Norton Lane Old Greenwich $1.45M 1-3 PM Raveis 70 Bedford Road Greenwich $1.7M 2-4 PM Coldwell 45 Riverside Lane Riverside $1.775M 1-3 PM Coldwell 127 Havemeyer Place Greenwich $1.797M 1-3 PM Raveis 29 Hunting Ridge Road Greenwich $1.95M 2-4 PM Greenwich Fine 12 Ricki Beth Lane Old Greenwich $2.45M 1-3 PM Prudential 50 Hillcrest Park Road Old Greenwich $2.699M 1-3 PM Raveis 5 Dawn Harbor Lane Riverside $2.7M 1-3 PM Coldwell 64 Hillcrest Park Road Old Greenwich $3.195M 1-3 PM Sotheby's 27 Chieftans Road Greenwich $3.595M 2-4 PM Greenwich Fine 487 North Street Greenwich $5.495M 2-4 PM Coldwell   Mortgage Information The two individuals I feel most confident about when it comes to home mortgages are Jeff Ihrig of First Republic in the city and Iliad Estrada of Connecticut Home Mortgage. Jeff can be reached at 646-372-5181. Rates below courtesy of Iliad Estrada.  She can be reached at 203-637-6202.    CT Mortgage Rates Product Interest Rates Annual Percentage Rate 15 YR Fixed Conforming 2.375% 2.608% 30 YR Fixed Conforming 3.000% 3.133% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 3.625% 3.746% 5/1 YR ARM Conforming 2.100% 2.944% 5/1 YR ARM Jumbo 2.250% 2.975% 10/1 YR ARM Jumbo 3.000% 3.171% Updated: Friday, November 9, 2012

Greenwich CT, Residential Real Estate Analysis and Blog: November 30th

Greenwich, CT Residential Real Estate Analysis: November 30th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

The house that intrigued me the most this week was 50 Zaccheus Mead Lane.  As I walked in I was awestruck by the 19th Century Barn interior that the owners have done an incredible job keeping the feel of the time.  The room is spacious and open.  The wood rafters and gorgeous granite stone fireplaces on each side of the room, with the stone chimney's climbing the side walls stand out with their timeless beauty.  Moving from that room to the rest of the house that was renovated in 2000 are five bedrooms, and 6 and one half bathrooms.  It is listed as being 5,684 s.f. sitting on 2 acres of land.  The price of the home is $6.695M. Scroll down for more detailed statistics regarding the market.  My personal opinion is that the best way to understand where the market is to analyze it from a price range standpoint.  Then, to be able to see the amount of inventory versus the amount of properties sold in each price range gives us the best sense of the market.  Scroll down to see these broken down as months on average it would take to sell through the current inventory.  You can compare the current weeks numbers against the numbers from previous newsletters at www.greenwichrealestateguy.com/blog. As always, if you have a house in mind you would like to see, please do not hesitate to call me.   I would like to thank Mark Pruner for mentioning me in the Greenwich Patch.  Mark also does his own synopsis of the Greenwich Market at www.greenwichstreets.com.  I have updated the mortgage information on the bottom of the newsletter as well.  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   I believe these two graphs sum up the market perfectly.  In November we had 37 properties sold while 45 new properties were listed on the Greenwich MLS. This is a little concerning as this breaks the streak of four consecutive months in which we sold more properties than we did in the same month the last two years.  New Listings With the Thanksgiving Holiday coupled with us coming to the end of the year we did not see the amount of new listings grow very much over the last couple of weeks.  We ended November at 45 new listings compared to 52 in November of last year.    Year to Date Sold As the end of the year slows down we do not see a tremendous change in the percentages.  We saw a one percent growth from 30 to 31 in the $500K-$1M range and a one percent drop in the $1.5-$2M range. Year to Date Available    We saw a one percent drop in the $500K-$1M range and a one percent growth in $1M-$1.5M. 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.  We are currently 48 weeks through the year. In the $0-$500K range we have 7 months on average to sell through, which is a month decline in the past two weeks. $500K-$1M  we have 5.12 months.  In the $1M-$1.5M we have 10.53 months. $1.5M-$2M we have 9.34 months.  $2M-$3M we have 12.07 months.  $3M-$4M we have 16.98 a drop of over a month, $4M-$5M we have 20.4 drop of a month. $5M-$7.5M we have 24.12 months. $7.5-$10M we have 40.6 months.  $10M and above we have 36.63 months a gain of a month.   Open Houses December 2nd      Below are all of the Greenwich Open Houses for Sunday.  If you click on the link it will take you to the listing.  It should be a beautiful Sunday, so enjoy.  The first three on the list are for rent. Address Town List Price Time Broker 115 River Road #10 Cos Cob $4.1K 1-4 PM Prudential 45 Close Road Greenwich $12.5K 1-4 PM Prudential 212 Taconic Road Greenwich $23K 1-4 PM Prudential 1465 E Putnam Avenue #418 Old Greenwich $279K 1-4 PM Raveis 230 Valley Road Cos Cob $650K 2-4 PM Raveis 98 Putnam Park #98 Greenwich $695K 1-3 PM Raveis 64 Richland Road Greenwich $699K 1-3 PM Coldwell Bnkr 133 Lake Avenue Greenwich $749K 1-4 PM Prudential 115 River Road #10 Cos Cob $775K 1-4 PM Prudential 1 Glen Street #1A Greenwich $855K 1-3 PM Colonial PropSearch 25 Griffith Road Riverside $999K 2-4 PM Raveis 73 Weaver Street #16 Greenwich $999.5K 1-3 PM Halstead 21 Mallard Drive Greenwich $1.095M 1-4 PM Coldwell Bnkr 32 Ferncliff Road Cos Cob $1.195M 1-4 PM Prudential 73 Weaver Street #18 Greenwich $1.195M 1-3 PM Raveis 116 Lockwood Road Riverside $1.275M 2-4 PM Raveis 90 Buckfield Lane Greenwich $1.495M 1-4 PM Prudential 43 Stag Lane Greenwich $1.85M 2-4 PM Sotheby's 25 Midwood Drive Greenwich $2.195M 1-4 PM Edwards & Assoc. 530 North Street Greenwich $2.995M 1-4 PM Raveis 26 Stag Lane Greenwich $3.39M 12-2 PM Advantage Rlty 28 Brynwood Lane Greenwich $3.85M 1-3 PM Ogilvy 1333 King Street Greenwich $3.895M 1-3 PM Coldwell Bnkr 4 Cove Ridge Ln/Hendrie Drive  Old Greenwich $3.995M 1-3 PM Coldwell Bnkr 44 Winthrop Drive Riverside $4.195M 1-4 PM Prudential 212 Taconic Road Greenwich $4.495M 1-4 PM Prudential 45 Close Road Greenwich $4.999M 1-4 PM Prudential 11 Club Road Riverside $6.995M 1-4 PM Prudential   Mortgage Information The two individuals I feel most confident about when it comes to home mortgages are Jeff Ihrig of First Republic in the city and Iliad Estrada of Connecticut Home Mortgage.  Jeff can be reached at 646-372-5181.  Rates below courtesy of Iliad Estrada.  She can be reached at 203-637-6202. CT Mortgage Rates Product Interest Rates Annual Percentage Rate 15 YR Fixed Conforming 2.375% 2.608% 30 YR Fixed Conforming 3.000% 3.133% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 3.625% 3.746% 5/1 YR ARM Conforming 2.100% 2.944% 5/1 YR ARM Jumbo 2.250% 2.975% 10/1 YR ARM Jumbo 3.000% 3.171% Updated: Friday, November 9, 2012