Greenwich, CT Residential Real Estate Analysis: June 15th
Jared Randall
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greenwich, CT Residential Real Estate Analysis: June 8
Good morning. The mortgage rates have been updated in the lower right hand corner. I cannot believe how low they are. I continue to hear about the difficulties in the standards of lending so if refinancing or buying make sure you have all of your i's dotted and t's crossed.
As I mentioned last week June is the big test to see if this market is picking up at all. In 2011 there were 120 Single family homes sold with the next biggest month in 2011 being May with 70. So, what happens this month will go a long way to seeing if we can continue to stay close to 2011's pace. Below, is more detail.
The average sale price vs list price and average days on market were as follows for April:
Town %SP/LP AVG DOM AVG SP
Riverside 92.5 154 1.051M
Old Greenwich 92.9 137 1.823M
Greenwich 92 252 3.25M
Cos Cob 95 261 1.23M
Total 92.6 214 2.25M
The year to date as of May 22,2012 is as follows:
Town %SP/LP AVG DOM AVG SP
Riverside 93.4 129 1.87M
Old Greenwich 93.8 160 2.14M
Greenwich 90.6 230 2.691M
Cos Cob 93.8 227 1.27M
Total 92.1 198 2.262M
*All prices rounded up or down to nearest hundred thousand.
In June of 2011 there were 120 Single Family and Condos sold. 105 single family homes and 15 condos. In the first week of June we had 24 close. 20 single family homes and 4 condos. They were as follows:
$0-$500K= 2 properties
$500-$1M= 10 properties (1 at 500K)
$1M-$1.5M= 4 properties
$1.5M-$2M= 3 properties
$2M-$3M= 0 properties
$3M-$4M= 0 properties
$4m-$5m= 2 properties
$5m-$7.5M= 2 properties (1 at 5M)
$7.5M-$10M= 0 properties
$10M and up= 0 properties
For the first week of the month a good amount of activity.
In last week's newsletter we had 110 properties executed contract (meaning all contingencies have been met, awaiting close). As of today the first day of June we have 117, which is a great sign for June. They were as follows:
$0-$500K= 4 properties
$500-$1M= 25 properties
$1M-$1.5M= 23 properties
$1.5M-$2M= 16 properties (2 at 1.5M)
$2M-$3M= 21 properties
$3M-$4M= 15 properties
$4M-$5M= 3 properties
$5M-$7.5M= 2 properties
$7.5M-$10M= 1 property
$10M+= 5 properties
*note executed prices are based on most current list price
We have had 114 accepted offers. The price ranges for the Accepted Offers and Contingent Contracts were as follows:
$0-$500K= 13 properties
$500-$1M= 48 properties
$1M-$1.5M= 13 properties
$1.5M-$2M= 16 properties
$2M-$3M= 11 properties
$3M-$4M= 4 properties
$4M-$5M= 4 properties
$5M-$7.5M= 3 properties
$7.5M-$10M= 1 property
$10M+= 1 property
**All information from Greenwich MLS
Greenwich, CT Residential Real Estate Analysis: June 1
I hope everyone enjoyed their long weekend. It looks as if we had a nice push in the last week of the month to make May of 2012 similar to May of 2011. The big test will be June as in 2011 this was by far the biggest month with 120 Single Family Homes and Condos selling. The good sign in the information below is that even with the number of properties closing in the last week we still have the same amount of properties in Executed Contract, Accepted Offer, and Contingent Contract. Hopefully pushing us to a strong June. Below, is more detail
I found an interesting article I thought I would share about how incredibly low interest rates are today.
5th Straight Week of Record Lows
The average sale price vs list price and average days on market were as follows for April:
Town %SP/LP AVG DOM AVG SP
Riverside 92.5 154 1.051M
Old Greenwich 92.9 137 1.823M
Greenwich 92 252 3.25M
Cos Cob 95 261 1.23M
Total 92.6 214 2.25M
The year to date as of May 22,2012 is as follows:
Town %SP/LP AVG DOM AVG SP
Riverside 93.4 129 1.87M
Old Greenwich 93.8 160 2.14M
Greenwich 90.6 230 2.691M
Cos Cob 93.8 227 1.27M
Total 92.1 198 2.262M
*All prices rounded up or down to nearest hundred thousand.
In May of 2011 there were 70 Single Family and Condos sold. 57 single family homes and 13 condos. In May of 2012 we had 67 Single Family and Condos sold. 56 single family homes and 11 condos. They were as follows:
$0-$500K= 4 properties
$500-$1M= 25 properties (1 at 500K)
$1M-$1.5M= 9 properties
$1.5M-$2M= 12 properties (1 at 1.5M)
$2M-$3M= 8 properties (1 at 2M)
$3M-$4M= 2 properties
$4m-$5m= 2 properties (1 at 4M)
$5m-$7.5M= 3 properties (5M)
$7.5M-$10M= 0 properties
$10M and up= 2 properties
With the big push of houses closing at the end of the month, we came extremely close to hitting the same numbers of May 2011.
In last week's newsletter we had 119 properties executed contract (meaning all contingencies have been met, awaiting close). As of today the first day of June we have 110, which is a great sign for June. They were as follows:
$0-$500K= 3 properties
$500-$1M= 24 properties
$1M-$1.5M= 20 properties
$1.5M-$2M= 17 properties (2 at 1.5M)
$2M-$3M= 19 properties
$3M-$4M= 13 properties
$4M-$5M= 4 properties
$5M-$7.5M= 4 properties
$7.5M-$10M= 2 properties
$10M+= 4 properties
*note executed prices are based on most current list price
We have had 117 accepted offers. The price ranges for the Accepted Offers and Contingent Contracts were as follows:
$0-$500K= 13 properties
$500-$1M= 52 properties
$1M-$1.5M= 15 properties
$1.5M-$2M= 12 properties
$2M-$3M= 10 properties
$3M-$4M= 6 properties
$4M-$5M= 3 properties
$5M-$7.5M= 2 properties
$7.5M-$10M= 1 property
$10M+= 2 properties
**All information from Greenwich MLS
Greenwich, CT Residential Real Estate Analysis: May 25
Enjoy your Memorial Day Weekend. Hopefully, you have some fun plans set up, or are just relaxing with friends and families. As you will read below last week we did not see as much close as I was hoping. However, you will see that there is still a tremendous number of properties in Executed Contract, Contingent Contract, and Accepted Offers. One can still deem a few points from the numbers. The most gleaming to me is that even though we are relatively slower than last year, there are still pockets of activity. The $1M-$3M market is holding strong. Also, the under $1M market is active. Year to date 46.9% of the properties sold have been between $1M and $3M. 31.8% of the properties have been under one million.
The average sale price vs list price and average days on market were as follows for April:
Town %SP/LP AVG DOM AVG SP
Riverside 92.5 154 1.051M
Old Greenwich 92.9 137 1.823M
Greenwich 92 252 3.25M
Cos Cob 95 261 1.23M
Total 92.6 214 2.25M
The year to date as of May 22,2012 is as follows:
Town %SP/LP AVG DOM AVG SP
Riverside 93.4 129 1.87M
Old Greenwich 93.8 160 2.14M
Greenwich 90.6 230 2.691M
Cos Cob 93.8 227 1.27M
Total 92.1 198 2.262M
*All prices rounded up or down to nearest hundred thousand.
In May of 2011 there were 70 Single Family and condos sold. 57 single family homes and 13 condos. So far this month we have 43 total sold, 36 single family and 7 condos. They were as follows:
$0-$500K= 3 properties
$500-$1M= 16 properties (1 at 500K)
$1M-$1.5M= 6 properties
$1.5M-$2M= 7 properties (1 at 1.5M)
$2M-$3M= 6 properties (1 at 2M)
$3M-$4M= 1 property
$4m-$5m= 1 property
$5m-$7.5M= 1 property (5M)
$7.5M-$10M= 0 properties
$10M and up= 2 properties
Last week was a little slow as far as closed properties. Hence, we are falling off of the pace to hit seventy by the end of the month. The numbers are showing us to this point that we are having a growth in homes on the market with a decrease in properties sold compared to last year. In my opinion, demonstrating now is a great time to buy. Especially, with Bond Rates as low as they have been in recent history, leading us to believe rates will continue to stay low.
In last week's newsletter we had 116 properties executed contract (meaning all contingencies have been met, awaiting close). This week we have 119. They were as follows:
$0-$500K= 3 properties
$500-$1M= 25 properties
$1M-$1.5M= 21 properties
$1.5M-$2M= 21 properties (1 at 1.5M)
$2M-$3M= 19 properties
$3M-$4M= 12 properties
$4M-$5M= 7 properties
$5M-$7.5M= 4 properties
$7.5M-$10M= 2 properties
$10M+= 5 properties
*note executed prices are based on most current list price
One never knows what can happen until the deal is signed, and ownership is transferred. However, this is still a large number of Executed. I am still waiting for the Sold numbers to pop with this many Executed properties.
We have had 117 accepted offers. The price ranges for the Accepted Offers and Contingent Contracts were as follows
$0-$500K= 11 properties
$500-$1M= 51 properties
$1M-$1.5M= 15 properties
$1.5M-$2M= 14 properties (1 at $2M)
$2M-$3M= 12 properties
$3M-$4M= 7 properties
$4M-$5M= 1 property
$5M-$7.5M= 4 properties
$7.5M-$10M= 0 properties
$10M+= 2 properties
I don't like to read too much into the Accepted offers and Contingent Contracts as with how strict Underwriting guidelines have gotten there are a number of properties that do not make it to sold from this list. However, again, it does show that their is high volume of negotiations and activity in the market currently.
Greenwich, CT Residential Real Estate Analysis: May 18
Hope your Friday is going well, and you are looking forward to a great weekend. Below you will see the statistics and my viewpoint of the market in Greenwich. Below that will be a list of the open houses for the weekend. On the right hand side will be useful mortgage or community information. If you know someone who would benefit from this information please click on "forward to a friend" on the right. If you have received this in error feel free to unsubscribe. Please contact me if you or someone you know is interested in buying or selling real estate. Also, if there is specific information you would like to see or think it would be good to add to this newsletter please send me an email.
I will be hosting an Open House at 106 Hunting Ridge Road on Sunday from 1-4. If you will be out and about stop by and say hello. This property has beautiful lush landscape, and with over 5.5 acres is serene and private. The price is 1.879M Below is the link.
The statistics have been updated. So the average sale price vs list price and average days on market were as follows for April:
Town %SP/LP AVG DOM AVG SP
Riverside 92.5 154 1.051M
Old Greenwich 92.9 137 1.823M
Greenwich 92 252 3.25M
Cos Cob 95 261 1.23M
Total 92.6 214 2.25M
The year to date as of May 8,2012 is as follows:
Town %SP/LP AVG DOM AVG SP
Riverside 93.4 129 1.87M
Old Greenwich 93.8 16 2.14M
Greenwich 90.6 230 2.691M
Cos Cob 93.8 227 1.27M
Total 92.1 198 2.262M
*All prices rounded up or down to nearest hundred thousand.
If we look at 2011 as a whole, compared to 2010, we saw relatively the same amount of new listings but we saw growth in the sold properties in March through June. In 2010 there were 200 properties sold over that time. In 2011, there were 249 residential properties sold, growth of 24.5%.
Year to date we are still down in regards to residential properties sold versus this time last year. In 2011 there were 144 properties sold, while year to date currently we are at 123 properties, down 14.6%. The interesting aspect is that new listings are up. Year to date in 2011 there were 376 new listings, while year to date 2012 we have had 465 new listings an increase of 23.7%.
What this tells me is that it will be interesting to see how our volume does in May and June to see if we can get to the numbers of 2011, but also to see if the volume stays consistent after June rather than peetering off like it did in 2011.
The numbers are showing us to this point that we are having a growth in homes on the market with a decrease in properties sold. In my opinion, demonstarting now is a great time to buy. Especially, with Bond Rates as low as they have been in recent history, leading us to believe rates will continue to stay low.
In May of 2011 there were 70 Single Family and condos sold. 57 single family homes and 13 condos. So far this month we have 36 total sold, 28 single family and 8 condos. Hence, we are still tracking pretty even with those numbers
They were as follows:
$0-$500K= 3 properties
$500-$1M= 14 properties
$1M-$1.5M= 5 properties
$1.5M-$2M= 6 properties
$2M-$3M= 5 properties
$3M-$4M= 1 property
$4m-$5m= 1 property
$5m-$7.5M= 1 property (5M)
$7.5M-$10M= 0 properties
$10M and up= 0 properties
In last week's newsletter we had 20 properties executed contract (meaning all contingencies have been met, awaiting close). In the past week we have gone from 20 to 116. Obviously, a tremendous leap in only seven days.
They were as follows:
$0-$500K= 2 properties
$500-$1M= 28 properties
$1M-$1.5M= 18 properties
$1.5M-$2M= 21 properties
$2M-$3M= 17 properties (1 at $2M)
$3M-$4M= 11 properties
$4M-$5M= 7 properties
$5M-$7.5M= 3 properties
$7.5M-$10M= 2 properties
$10M+= 7 properties
*note executed prices are based on most current list price
One never knows what can happen until the deal is signed, and ownership is transferred. However, this is a huge increase, so we should see the sold numbers move hgher and higher over the next few to several weeks. With this many Executed Contracts pending I will be very intrigued to see how many close as this could be the signal that we are really starting to see movement that buyers are taking advantage of the prices and transactions start to ebb forward. Also, the activity is very well balanced. The $1.5M to $2M is seeing high activity and seven properties above the $10M range is impressive as well.
We have had 118 accepted offers in the past ten days. The price ranges for the 101 Accepted Offers and Contingent Contracts were as follows:
$0-$500K= 11 properties
$500-$1M= 55 properties
$1M-$1.5M= 16 properties
$1.5M-$2M= 11 properties (1 at $2M)
$2M-$3M= 13 properties
$3M-$4M= 7 properties
$4M-$5M= 1 property
$5M-$7.5M= 4 properties
$7.5M-$10M= 0 properties
$10M+= 2 properties
I don't like to read too much into the Accepted offers and Contingent Contracts as with how strict Underwriting guidelines have gotten there are a number of properties that do not make it to sold from this list. However, again, it does show that their is high volume of negotiations and activity in the market currently.
To sum it all up, as of April we were still down from last year in properties sold. So far in May we are tracking last year' May activity. With the amount of new properties exceeding last year's inventory I still believe we have excess inventory and thus a buyer's market. However, there are signs that we could make a big push to catching up and exceeding 2011 numbers.
**All information from Greenwich MLS