Greenwich, CT Residential Real Estate Analysis: August 24th

Greenwich, CT Residential Real Estate Analysis: August 24th A weekly analysis brought to you by Jared Randall. www.greenwichrealestateguy.com

The above newly renovated colonial is 121 Clapboard Ridge Road in Mid Country.  I wanted to pick a property that in my opinion will move fast, so we can see the state of the market on a property that I believe is priced right.  In the coming weeks as changes happen with this property I will update all of you.  I love the detail and the renovations on the inside of the home, from the coffered ceilings to the basement.  The house sits on 2.25 acres of a beautiful lawn which ends at a small lake.  There are six bedrooms, and five and a half baths.  All of the bedrooms are ensuite.  The basement is finished with an exercise room, and another family room.  The price for this home is one dollar under $3M. While the market seems to be moving along around the same pace as of last year on a whole, we are seeing some interesting trends over the last month.  As I will delve into deeper in the statistics section below, we have seen the $2M-$3M price range get much more competitive over the last month or so. Thank you for those of you who have given feedback in regards to what you would like to see.  With this feedback I have made a couple of changes.  I have added links to the Open House List.  Now, if you click on the address of the Open House section it will take you to the listing.  Also, I have added rentals to the open house list.  Please do not hesitate to give feedback.  The highest compliment I can receive is the referral of someone you know who is looking to buy or sell their home. Call me with their name and number so I can give them the first class service they deserve. **The information on the featured property is from the Greenwich MLS.

Properties Sold   I discussed before that July was the best month in five years for sold properties.  As you can see by the above graph, August is the last month where there is good volume of trading traditionally.  Last year there were sixty nine properties closed in August. This year we are headed to a similar number as we currently stand at fifty four so far this month. New Listings We have had fifty new listings so far in August, four less than the amount of properties sold.  I believe it is important to look at supply vs. demand when analyzing this market.  So, even though we may be having a great few months in properties sold, if the amount of inventory is also consistently growing then we are continuing the same trends.  Hence, even though the amount of sold properties are growing it is important we see if the inventory is declining.  Unfortunately, that is not the case yet.    Year to Date Sold   I believe these two charts let us see the true current state of the market.  Most importantly, that each price range constitutes it's own market.  If we look back from a little over a month ago at these same charts (all previous editions are posted under the blog section of  www.greenwichrealestateguy.com) we see an interesting trend.  From the July 20th newsletter, we have seen the 0-$500K, $500K-$1M, and the $1M-$1.5M markets each drop 2 percentage points respectively.  While in that five week span we see that the $1.5M-$2M grow one percentage point and remarkably the $2M-$3M price range jump three percentage points.  To simplify; in just five weeks the $2M-$3M price range has gained three percentage points over every other price range  in the total year to date properties sold.     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.  We are currently 33 weeks through the year. In the $0-$500K range we have 7.23 months on average to sell through. $500K-$1M  we have 6.59 months.  That is almost a one month drop off in just a week in an already competitive price point.  In the last week 8 properties sold in this range.  In the $1M-$1.5M we have 10 months. $1.5M-$2M we have 8.95 months. $2M-$3M we have 12.24 months.  This is half of a month's drop in just one week.  $3M-$4M we have 18.47 months. $4M-$5M we have 30.26 months. Although this is a two month drop, we cannot read too much into it as it is the reflection of just one property selling.  $5M-$7.5M we have 26.76 months. $7.5-$10M we have 40.34 months. $10M and above we have 40 months.  We see all the ranges under three million moving slightly down. Open Houses August 26th      Below are all of the Greenwich Open Houses for Sunday.  As mentioned above if you click on the link it will take you to the listing.  I apologize for not having the link for 12 Baldwin Farms Road. Address Town List Price Time Broker 80 Laddins Rock Rd Old Greenwich $579K 1-4 PM Prudential 18 Stone Ave #4 Greenwich $580K 2-4 PM Coldwell Bnkr 18 Stone Ave #3 Greenwich $594K 2-4 PM Coldwell Bnkr 358 Long Ridge Rd Stamford $599K 1-4 PM Prudential 51 Forest Ave #156 Old Greenwich $695K 1-4 PM FF Realty 38 Cary Rd Greenwich $749K 1-3 PM Edwards 19 Pintail Ln Greenwich $1.25M 1-4 PM Prudential 10 Stepping Stone Ln Greenwich $1.825M 1-4 PM Prudential 5 Dawn Harbor Ln Riverside $2.785M 2-4 PM Coldwell Bnkr 39 Williow Rd Riverside $2.8M 2-4 PM Coldwell Bnkr 21 Indian Head Rd Riverside $4.1M 3-5 PM Sotheyby's 125 Cat Rock Rd Cos Cob $4.175M 12-2 PM Higgins Grp 487 North St, Lots 2 and 3 Greenwich $5M 2-4 PM Coldwell Bnkr 487 North St Lots 5 and 6 Greenwich $6M 2-4 PM Coldwell Bnkr 12 Baldwin Farms South Greenwich $6.15M 2-4 PM Summit 487 North St Lot 1 Greenwich $6.95M 2-4 PM Coldwell Bnkr 487 North St Greenwich $16M 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 2.625% 2.863% 30 YR Fixed Conforming 3.375% 3.514% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 3.990% 4.116% 5/1 YR ARM Conforming 2.250% 3.081% 5/1 YR ARM Jumbo 2.250% 3.060% 10/1 YR ARM Jumbo 3.375% 3.453%  *as of July 15th

Greenwich, Ct Residential Real Estate Analysis: August 17th

Greenwich, CT Residential Real Estate Analysis: August 17th A weekly analysis brought to you by Jared Randall. www.greenwichrealestateguy.com

The above beautiful colonial is 21 Watchtower Lane in Old Greenwich.  This house is relatively new as it was built in 2006 and houses 5,498 s.f. of living space.  It sits on a level property of .42 of an acre complete with a hot tub and pool.  This four bed, four and a half bath, has a nice open floor plan with a gourmet kitchen. There is a finished basement with with a huge playroom, an exercise room, and is wired for a home theatre.  The price is $2.345M and has been on the market since May 9th of this year.  Thank you for those of you who have given feedback in regards to what you would like to see.  With this feedback I have made a couple of changes.  I have added links to the Open House List.  Now, if you click on the address of the Open House section it will take you to the listing.  Also, I have added rentals to the open house list.  Please do not hesitate to give feedback.  The highest compliment I can receive is the referral of someone you know who is looking to buy or sell their home. Call me with their name and number so I can give them the first class service they deserve. **The information on the featured property is from the Greenwich MLS.

Properties Sold   I discussed before that July was the best month in five years for sold properties.  Through the first couple of weeks August we are at 33 properties sold.  Things were slower the second week than the first week, which makes sense with vacations etc.  However, it puts us a little behind the numbers from last year for August. New Listings Through the first couple of weeks of August we have had thirty three new properties listed on the Greenwich GLMS.  Which, is the same amount of sold. I believe it is important to look at supply vs. demand when analyzing this market.  So, even though we may be having a great few months in properties sold, if the amount of inventory is also consistently growing then we are continuing the same trends.  Hence, even though the amount of sold properties are growing it is important we see if the inventory is declining.  So far even with more properties selling we are seeing close to the same amount of new properties listed.    Year to Date Sold   I believe these two charts let us see the true current state of the market.  Most importantly, that each price range constitutes it's own market.  By looking at these two charts we continue to see that the stress of the market is on the $500K-$1M where 30% of all properties have sold.  However, we have seen slight changes as  the $500K-$1M range dropped a percent while the $1.5M-$2M and $2M-$3M both grew a percent to 15%.  Even though these are slight it shows there is more competition in those ranges currently.  When one combines $500K-$2M we have 67% of the sold, but only 45% of the available properties.  Conversely, only 3% of the properties sold are $4M-$5M, but is 8% of our current inventory.  When one combines $3M-$5M one sees that it is 10% of the sold but 19% of the inventory.     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.  We are currently 33 weeks through the year. In the $0-$500K range we have 7.23 months on average to sell through. $500K-$1M  we have 7.2 months. $1M-$1.5M we have 9.75 months. $1.5M-$2M we have 8.72 months. $2M-$3M we have 12.81 months.  $3M-$4M we have 18.47 months. $4M-$5M we have 32.21 months. $5M-$7.5M we have 26.87 months. $7.5-$10M we have 43.15 months. $10M and above we have 38.92 months.  We see all the ranges under three million moving slightly down.  While the $3M-$5M ranges moving up with the biggest move in the $4M-$5M range moving up two months.  We did see the $7.5M-$10M and $10M and up ranges move down. Open Houses August 12th      Below are all of the Greenwich Open Houses for Sunday.  As mentioned above if you click on the link it will take you to the listing.  Lastly, the first three are on for rent. Address Town List Price Open House Time Broker 19 Miltiades Av RV $4.975K/mo 2-4 PM SCPR01 21 Lake Dr RV $10.3K/mo 1-3 PM SCPR01 75 Connecticut Av GR $12.5K/mo 1-4 PM RAVE01 60 Valley Rd #A CC $645K 2-4 PM RAVE01 132 Henry St GR $650K 1-3 PM WEIC01 29 Westview Pl RV $659K 1-3 PM RAVE01 51 Forest Ave #156 OG $695K 12-3 PM FF Realty 60 Valley Rd #B CC $699.5K 2-4 PM RAVE01 38 Carey Rd GR $749K 1-3 PM Edwards & Assoc 39 Cross Ln CC $1.05M 1-3 PM WEIC01 19 Miltiades Av  RV $1.195M 2-4 PM SCPR01 23 Dorchester Ln RV $1.295M 2-4 PM Greenwich Fine Prop 90 Buckfield Ln GR $1.75M 1-4 PM PRCT01 75 Harding Rd OG $2.05M 2-4 PM SCPR01 75 Connecticut Av GR $2.649M 1-4 PM RAVE01 21 Lake Dr RV $2.695M 1-3 PM SCPR01 1361 King St GR $2.85M 1-4 PM RAVE01 1 Tyler Ln RV $3.19M 2-4 PM WEIC01 38 Meadowbank Rd OG $3.3M 1-3 PM RAVE02 125 Cat Rock Rd CC $4.175M 1-3 PM KAVO01 4 Cove Ridge Ln/Hendrie Dr Ext OG $4.195M 1-3 PM COBA02 38 Keofferam Rd OG $4.495M 1-4 PM RAVE02 487 North St, Lots 2 and 3 GR $5M 2-4 PM COBA01 487 North St Lot #5&6 GR $6M 2-4 PM COBA01 487 North St Lot 1 GR $6.995M 2-4 PM COBA01 487 North St GR $16M 2-4 PM COBA01 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 2.625% 2.863% 30 YR Fixed Conforming 3.375% 3.514% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 3.990% 4.116% 5/1 YR ARM Conforming 2.250% 3.081% 5/1 YR ARM Jumbo 2.250% 3.060% 10/1 YR ARM Jumbo 3.375% 3.453%  *as of July 15th

Greenwich, CT Residential Real Estate Analysis, August 10th

Greenwich, CT Residential Real Estate Analysis: August 10th A weekly analysis brought to you by Jared Randall. www.greenwichrealestateguy.com

The above Colonial is 11 Butternut Hollow Rd.  This four bed, three and a half bath, has a nice open floor plan.  It is listed with having 4,067 square feet of living space.  There also is a finished basement with laundry, bathroom, and open area.  I enjoyed the large eat in kitchen, with french doors exiting to the large deck.  The yard is beautiful with a little brook running through the backyard and a nice little walkway over the brook.  This home sits on two acres, with a nice level yard.  The price is $2.295M and has been on the market since March 12, of this year.  The house was listed at $2.695M in September of 2009 and lowered a couple times to $2.295M before being taken off of the market in September of 2010. In July we had 74 single family homes sold, and 11 condos/co-ops sold.  This is the most since 2007.  I would caution that although this is a good sign, we must remember that July 2011 was off due to the conveyance tax that went into affect July 1, 2011.  Hence, there was a flurry to close in June of 2011.  For the months June and July we were still a tad behind 2011 numbers.  Also, ytd we have sold 326 single family compared to 349 in 2011.  We are slightly outpacing 2011 numbers in condos/co-ops with 71 selling this year and 68 in 2011.  So, even though July was the best in five years, the real barometer will be how September does as August is usually a slow month for Real Estate in Greenwich.  The highest compliment I can receive is the referral of someone you know who is looking to buy or sell their home. Call me with their name and number so I can give them the first class service they deserve. **The information on the featured property is from the Greenwich MLS.

Properties Sold   I discussed above that July was the best month in five years for sold properties.  Through the first ten days of August we are at 31 properties sold as well, which is also a hot start.  I would still like to see September and October be strong before we say things have turned around.  However, if we continue with this pace we may be seeing the start of the climb back upwards. New Listings Through the first ten days of August we have had thirty new properties listed on the Greenwich GLMS.  I believe it is important to look at supply vs. demand when analyzing this market.  So, even though we may be having a great few months in properties sold, if the amount of inventory is also consistently growing then we are continuing the same trends.  So, even though the amount of sold properties are growing it is important we see if the inventory is declining.  So far even with more properties selling we are seeing close to the same amount of new properties listed. Year to Date Sold   I believe these two charts let us see the true current state of the market.  Most importantly, that each price range constitutes it's own market.  By looking at these two charts we continue to see that the stress of the market is on the $500K-$1M where 31% of all properties have sold.  Yet only 18% of the available properties are in the $500K-$1M.  When one combines $500K-$2M we have 58% of the sold, but only 38% of the available properties.  Conversely, only 3% of the properties sold are $4M-$5M, but is 8% of our current inventory.  When one combines $3M-$5M one sees that it is 24% of the sold but 35% of the inventory.     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. In the $0-$500K range we have 7.38 months on average to sell through. $500K-$1M  we have 7.24 months. $1M-$1.5M we have 10.37 months. $1.5M-$2M we have 9.16 months. $2M-$3M we have 13.25 months.  $3M-$4M we have 19.75 months. $4M-$5M we have 30.92 months. $5M-$7.5M we have 25.37 months. $7.5-$10M we have 46.2 months. $10M and above we have 42 months. The two biggest moves, were that the above $10M months to sell dropped five months, but this was do to just one property selling.  The other range that dropped was the $2M-$3M which dropped .75 of one month or around three weeks, which is significant given it was over just a four day period. Open Houses August 12th      Below are all of the Greenwich Open Houses for Sunday.  Enjoy your week. Address Town List Price Time Broker 80 LADDINS ROCK RD OG 579K 1-4 PM PRCT01 51 Forest Ave #156 OG 695K 1-4 PM FF Realty 42 Mead Ave CC 775K 12-2 PM Sotheby's 9 SINAWOY RD CC 950K 1-4 PM PRCT01 17 RONALD LN CC 979K 1-3 PM RAVE04 39 CROSS LN CC $1.05M 1-3 PM WEIC01 3 Park Ave OG $1.1M 2-4 PM COB 86 Lower Cross Rd GR $1.349M 1-4 PM Weichert 485 JUNE RD OT $1.695M 1-3 PM COBA02 68 LOCKWOOD RD RV $1.729M 1-4 PM PRCT01 65 LOCKWOOD LN RV $1.769M 1-4 PM PRCT01 49 PECKSLAND RD GR $1.795M 2-4 PM SCPR01 1 TYLER LN RV $3.19M 2-4 PM WEIC01 125 CAT ROCK RD CC $4.175M 1-3 PM KAVO01 585 ROUND HILL RD GR $4.495M 2-4 PM COBA01 212 TACONIC RD GR $4.795M 1-4 PM PRCT01 45 Close Rd GR $4.999M 2-4 PM PRCT01 487 NORTH ST, LOTS 2&3 GR $5M 2-4 PM COBA01 487 NORTH ST LOT #5&6 GR $6M 2-4 PM COBA01 487 NORTH ST LOT 1 GR $6.995M 2-4 PM COBA01 487 NORTH ST GR $16M 2-4 PM COBA01 Mortgage Information The two individuals I feel most confident about when it comes to home mortgages are Jeff Ihrig of HSBC and Iliad Estrada or Ct. Home Mortgage. Jeff's rates can be found at:  http://www.us.hsbc.com/1/2/3/personal/home-loans  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 2.625% 2.863% 30 YR Fixed Conforming 3.375% 3.514% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 3.990% 4.116% 5/1 YR ARM Conforming 2.250% 3.081% 5/1 YR ARM Jumbo 2.250% 3.060% 10/1 YR ARM Jumbo 3.375% 3.453%  *as of July 15th

Greenwich, CT Residential Real Estate Analysis: August 3rd A weekly analysis brought to you by Jared Randall. www.greenwichrealestateguy.com The recently built, well designed Colonial pictured above is 16 Manor Road, Old Greenwich.  This four bed, three and a half bath, has a nice open floor plan.  It is listed with having 2,676 square feet of living space.  It has a finished basement that is not included in the square footage adding approximately 1,300 more sf.  It was constructed in 2007, giving a newer feel to the home.  The location is great as well.  It is only a few steps away from Binney Park, few minutes from the train, school, and town.  This home sits on a quarter acre, with a nice level yard.  The price is $1.795M, down from the original price of $1.85M and has been on the market for 93 days.  The end of August had a flurry of action with 13 properties closing in the last four days.  As, we have seen most of the year, most of that activity was in the lower price ranges.  Eleven of the thirteen were under the 3M range.  Even though we out paced July of 2011 numbers we must remember June of 2011 was exceptionally active due to the conveyance tax.    The highest compliment I can receive is the referral of someone you know who is looking to buy or sell their home. Call me with their name and number so I can give them the first class service they deserve.                                                                                                                                               Properties Sold   I have mentioned that the spike in June of 2011's sold properties were due to a conveyance tax.  Hence, we need to look at June and July together, and possibly even August.  Although we had 80 properties close in July compared to 61 in 2011, we are still off of the two month cumulative of 2011.  We had 170 properties close in June and July of 2012 compared to 206 in the same amount of time last year.  The positive is we are catching up and if sellers are concerned with the taxes that are set to hit in 2013 we could see a spike in the closes at the end of the year. New Listings     July of this year we had 74 new listings compared to 61 in 2011.  Even though we are catching up in the properties sold, we are seeing more and more inventory added to the market.  Hence, we cannot get through the inventory suggesting it is still a tough market for sellers.  September is usually when the market picks back up.     Year to Date Sold   I believe these two charts let us see the true current state of the market.  Most importantly, that each price range constitutes it's own market.  As one can see above 69% of the properties that have sold this year are under $2M.  Yet as you see below the properties priced under $2M only constitute 45% of the homes listed for sale.  This is even more drastic under $1M.  40% of the properties sold are under $1M but only 23% of the current available properties are under $1M.  Conversely, 17% of the properties sold are over $3M, yet is 40% of our current inventory.  In the last week we did see three of the thirteen properties that were sold between the $2M-$3M range, which is 23%.  As you see above that range is typically 14%.     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. In the $0-$500K range we have 7.38 months on average to sell through. $500K-$1M  we have 7.24 months. $1M-$1.5M we have 10.37 months. $1.5M-$2M we have 9.16 months. $2M-$3M we have 13.25 months.  $3M-$4M we have 19.75 months. $4M-$5M we have 30.92 months. $5M-$7.5M we have 25.37 months. $7.5-$10M we have 46.2 months. $10M and above we have 42 months. The two biggest moves, were that the above $10M months to sell dropped five months, but this was do to just one property selling.  The other range that dropped was the $2M-$3M which dropped .75 of one month or around three weeks, which is significant given it was over just a four day period. Open Houses August 5th      Below are all of the Greenwich Open Houses. Enjoy your week. Address Town List Price Time Broker 157 Putnam Park Greenwich $295K 1-4 PM Prudential 24 Wessels Pl Greenwich $541K 2-4 PM Raveis 27 Bible St Cos Cob $549K 1-4 PM Prudential 80 Laddins Rock Rd Old Greenwich $579K 11-2 PM Prudential 47 Lafayette Pl   #4-I Greenwich $639K 1-4 PM Prudential 60 Valley Rd #A Cos Cob $645K 2-4 PM Raveis 51 Forest Ave Old Greenwich $695K 1-4 PM FF Realty 19 Wescott St Greenwich $779K 1-3 PM Coldwell Bnkr 20 West End Av (Rear) Old Greenwich $950K 2-5 PM Raveis 20 West End Av(Rear) Old Greenwich $950K 2-5 PM Raveis 349 Riversville Rd Greenwich $1.049M 1-4 PM Raveis 86 Lower Cross Rd Greenwich $1.349M 1-4 PM Weichert 19 Pintail Rd Greenwich $1.399M 3-5 PM Prudential 25 Oval Av Riverside $1.595M 2-4 PM Raveis 6 Finney Knoll Ln Riverside $1.85M 1-3 PM Shore & Cntry 9 S End Ct Old Greenwich $1.999M 2-5 PM Raveis 191 North St Greenwich $2.4M 1-3 PM Coldwell Bnkr 39 Shore Rd Old Greenwich $2.895M 2-4 PM Greenwich Fine Prop 39 Willow Rd Riverside $2.95M 2-4 PM Coldwell Bnkr 35 Shore Rd Old Greenwich $2.995M 2-4 PM Greenwich Fine Prop 1 Tyler Court Riverside $3.19M 2-4 PM Weichert 38 Meadowbank Rd Old Greenwich $3.3M 1-3 PM Raveis 623 Steamboat Rd   #A Greenwich $3.495M 2-4 PM Ogilvy 623 Steamboat Rd   #B Greenwich $4.45M 2-4 PM Ogilvy 212 Bedford Rd Greenwich $4.775M 1-3 PM Prudential   Mortgage Information The two individuals I feel most confident about when it comes to home mortgages are Jeff Ihrig of HSBC and Iliad Estrada or Ct. Home Mortgage. Jeff's rates can be found at:  http://www.us.hsbc.com/1/2/3/personal/home-loans  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 2.625% 2.863% 30 YR Fixed Conforming 3.375% 3.514% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 3.990% 4.116% 5/1 YR ARM Conforming 2.250% 3.081% 5/1 YR ARM Jumbo 2.250% 3.060% 10/1 YR ARM Jumbo 3.375% 3.453%  *as of July 15th

Greenwich, CT Residential Real Estate Analysis: July 27th

Greenwich, CT Residential Real Estate Analysis: July 27th A weekly analysis brought to you by Jared Randall. www.greenwichrealestateguy.com The beautiful home pictured above is 126 Parsonage.  I have discussed in previous weeks that I am a fan of this street.  It balances mid-country lot and home size with a proximity to town. This 5,546 s.f. home sits on 1.4 acres.  If you take a look at the link above, you will see the beautiful patio with the outdoor fireplace that opens onto a spacious deck.  It boasts 5 bedrooms and 4.5 baths.  The kitchen is pristine and open.  And also of note, there is a basement yet to be finished-so there's opportunity to add to the value and square footage.  As far as price, the property was listed for sale in February of 2011 for $4.975M and the price steadily dropped until it hit $4.325M in September of 2011, and subsequently was taken off of the market in February of 2012.  It just came back on two weeks ago with a different Listing Broker. It is listed at $4.25M which in my opinion is a good starting point for this property. As you will be see by looking below we may be seeing a trend of the more expensive markets starting to see some movement.  For a few weeks now, we have seen the higher end properties close.  This week continues the trend, as four of the nineteen properties sold were over $3M or 21%.  Year to date over $3M has only accounted for 16%.   This Sunday I will be doing an open house at 65 Lockwood Lane in Riverside. I believe this is a great value located in a cul de sac within walking distance to schools and train. This could be used as an investment property or a residence.  It has an updated kitchen, and backs up to Eastern Middle School field.  The owner's children could walk to school out of the backyard and never walk along a street. The highest compliment I can receive is the referral of someone you know who is looking to buy or sell their home. Call me with their name and number so I can give them the first class service they deserve.         Properties Sold   The I have mentioned that the spike in June of 2011's sold properties were due to a conveyance tax.  Hence, we need to look at June and July together, and possibly even August.  This week we passed last July's sold properties numbers.  We have sold 67 properties month to date where we had sold 61 last year.  Together for June and July we have sold 157 this year, with last year at 181 properties sold.  In the last week we had a strong week selling 18 properties.  My guess is when July ends and we look at June and July of 2011 vs. 2012 we will be about ten percent behind.  A more positive sign than what it was looking like just a week ago. New Listings     Month to date we have 62 new listings.  July of 2011 there were 61 new listings.  We will obviously outpace that with a few more days left in July.  However, the positive being that we have sold 7.5% more than the new listings month to date.  This is the first month we have seen that trend, it will be interesting to see if it holds.  September is usually when the market picks back up.  Not to mention with the new Affordable Health Care taxes I wonder if people will try to sell their house before the end of the year to save the 3.8% tax.    Year to Date Sold   I believe these two charts let us see the true current state of the market.  Most importantly, that each price range constitutes it's own market.  As one can see above 69% of the properties that have sold this year are under $2M.  Yet as you see below the properties priced under $2M only constitute 45% of the homes listed for sale.  This is even more drastic under $1M.  40% of the properties sold are under $1M but only 23% of the current available properties are under $1M.  Conversely, 17% of the properties sold are over $3M, yet is 40% of our current inventory.     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. In the $0-$500K range we have 6.92 months on average to sell through. $500K-$1M  we have 7.35 months. $1M-$1.5M we have 10.64 months. $1.5M-$2M we have 9.45 months. $2M-$3M we have 14.1 months.  $3M-$4M we have 20.26 months. $4M-$5M we have 30 months. $5M-$7.5M we have 25.96 months. $7.5-$10M we have 45.69 months. $10M and above we have 47.47 months. One can see that under $2M the inventory would take anywhere from approximately 7 months to 9.45 months.  Yet, over $2M we are looking at 14 to 47.5 months. Open Houses July 29th       Once again, I will be at 65 Lockwood Lane again this week.  There is a house kitty corner at 68 Lockwood Road that has an open house as well.  So, if you see it come by and say hi.  Below are all of the Greenwich Open Houses. Enjoy your week. Address Town List Price Time Broker 1465 E Putnam Av #530 OG $405K 2-4 PM Coldwell 75 Cos Cob Ave #2 CC $429K 1-3 PM Higgins 1465 E Putnam Av #317 OG $459K 2-4 PM Greenwich Fine 9 River Rd #405 CC $469K 1-3 PM Raveis 11 Orchard St CC $599K 1-4 PM Prudential 60 Valley Rd #A CC $645K 2-4 PM Raveis 230 Valley Rd CC $685K 2-4 PM Raveis 51 Forest Ave #156 OG $695K 1-4 PM FF Realty 71 Orchard Pl #B GR $1.075M 1-3 PM Coldwell 25 Griffith Rd RV $1.149M 2-4 PM Raveis 12 Cherry Blossom Ln - Lot 3 GR $1.595M 2-4 PM Coldwell 8 Cherry Blossom Ln Lot 2 GR $1.595M 2-4 PM Coldwell 16 Norton Ln OG $1.595M 2-4 PM Raveis 21 Cat Rock Rd CC $1.649M 1-3 PM Coldwell 68 Lockwood Rd RV $1.729M 1-4 PM Prudential 65 Lockwood Ln RV $1.769M 1-4 PM Prudential 16 Manor Rd OG $1.795M 1-4 PM Prudential 7 Cherry Blossom Ln Lot 5 GR $1.995M 2-4 PM Coldwell 9 S End Ct OG $1.999M 2-5 PM Raveis 106 Porchuck Rd GR $2.199M 2-4 PM Coldwell 284 Riversville Rd GR $2.395M 1-3 PM Raveis 85 Dingletown Rd GR $2.45M 2-4 PM Ogilvy 17 Candlelight Pl GR $2.5M 1-3 PM Prudenital 75 Connecticut Av GR $2.649M 1-4 PM Raveis 30 Sherwood Ave GR $2.75M 1-3 PM Prudential 20 Stoney Ridge Ln RV $2.849M 2-4 PM Shore and Country 39 Shore Rd OG $2.895M 1-3 PM Real Living 1 Tyler Ln RV $3.19M 2-4 PM Weichert 530 North St GR $3.195M 1-4 PM Raveis 25 Windabout Dr GR $3.295M 2-4 PM Coldwell 38 Meadowbank Rd OG $3.3M 1-3 PM Raveis 36 Montgomery Ln GR $3.595M 2-4 PM Summit 3 Cherry Blossom Ln GR $4.99M 2-4 PM Coldwell 504 North St GR $6.85M 1-3 PM Coldwell   Mortgage Information The two individuals I feel most confident about when it comes to home mortgages are Jeff Ihrig of HSBC and Iliad Estrada or Ct. Home Mortgage. Jeff's rates can be found at:  http://www.us.hsbc.com/1/2/3/personal/home-loans  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 2.625% 2.863% 30 YR Fixed Conforming 3.375% 3.514% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 3.990% 4.116% 5/1 YR ARM Conforming 2.250% 3.081% 5/1 YR ARM Jumbo 2.250% 3.060% 10/1 YR ARM Jumbo 3.375% 3.453%  *as of July 15th