Greenwich, CT Residential Real Estate Analysis: June 22nd

I hope all of the dads enjoyed their Father's Day last weekend.  With this weekend being being between Father's Day and 4th of July there are a lot of open houses on Sunday.  Please scroll down a few sections to see the list of open houses and mortgage information.  I will be hosting an open house myself this weekend at 9 Sinawoy, Cos Cob.  This is a 5br, 3 Bath ranch style home that has just been reduced to $950,000.  It is within walking distance to Cos Cob Elementary, Library, and shops.  My website is pretty close to being finished.  I am still working on touching it up, but feel free to check it out at www.greenwichrealestateguy.com.  

As I mentioned last week the goal for this newsletter has always been to help educate buyers and sellers.  I felt that my previous newsletters were getting too wordy detailing the analysis.  Hence, I have decided to change the format and the statistics to make it more easy to follow.  One of the many incredible aspects of Greenwich is the diversity of Real Estate.  Greenwich has the in-town feel (where you can walk to the Avenue and town),Mid-Country, Back Country (where you can get plenty of land), Riverside and Old Greenwich (walk to schools, and beach), Cos Cob (close to everything), Glenville and Byram (borders New York, good values).  With the diversity of Real Estate, I feel the market ebbs and flows in different price points.  I decided that the best way to show where the market currently is and where it is headed is with four graphs; comparing properties sold monthly vs. the same month in 2010 and 2011, the amount of new listings per month compared to same month in 2010 and 2011, the year to date sold broken out by price point, then the properties available broken down by price point.  The information is all research I do from the Greenwich MLS.  I update the charts every week, with the current month's numbers being month to date so one can track how this month is trending compared to same month last year.

My belief is this is the easiest way to follow the market.  We will be able to see if the transactions are slowing or gaining on last year, while also being able to see which price points are growing market share and which are declining.  

 

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       As you can see above the first five months we are just off a little bit vs. last year's properties sold.  The 59 properties sold for June are as of June 22, again showing we are falling farther behind to try and reach the 120 of 2011.  Currently, we are trending more at June of 2010's pace where we were at 86 properties sold.  New Listings     In the last week we had even more listings still pushing us toward exceeding 2011's numbers.  I feel this is the chart that most exemplifies where the market is currently.  If you compare this to the above properties sold graph, it shows the amount of inventory being added vs the amount being sold.  As you can see in the properties sold chart we are a couple of percentage points off of last year's properties sold.  However, looking at the new listings we can see that we are continually outnumbering the amount of new listings from last year and the year before.  Hence, proving we are adding supply with the demand staying constant or slightly declining from last year.

Year to Date Sold   This chart shows us the breakdown of the 278 properties sold year to date.  We have had 22 more properties sold this past week. The 500K-1M range had the most with 6.  Again, continuing the trend we have been seeing.     Year to Date Available    The above chart breaks down the available properties broken into the same price segments as the properties sold.  One can see the true disproportion in certain price points.  My opinion of these two charts are that even though we have more supply entering than the demand, the under $2M range has some legs to it.  There are 360 available properties in that segment, and we have sold 194 ytd. In essence, if no other properties came on the market under $2M and we had the same volume we have had ytd, it would take 11.02 months to sell through.  However, if we look at the $4M-$5M range we have had 8 properties sold ytd, and currently have 58 available properties.  That sale cycle would be 43.5 months.  In summary, I feel the value in the current market is if one could jump price points.  If one can sell their home in  lower range and jump up to the next range to buy I think they will have found a great value in the current housing market.  For example, the best place to be would be to sell in the under $2M range and buy over $2M.

Open Houses June 17       We have 50 open houses on Sunday.  Enjoy the weekend. Address Town Price Time Broker 1525 E Putnam Av #301 Old Greenwich $329K 1-4 PM Raveis 351 Pemberwick Rd #110 Greenwich $335K 1-3 PM Raveis 28 Homestead Ln Greenwich $475K 1-4 PM Raveis 109 Pemberwick Rd Greenwich $569K 2-4 PM Sotheby 13 Dora St #2 Stamford $629K 1-4 PM Raveis 104 Hubbard Ave Stamford $635K 1-4 PM Prudential 358 Long Ridge Rd Stamford $649K 1-4 PM Prudential 10 Anthony Pl Riverside $699K 2-4 PM Coldwell Bnkr 60 Valley Rd #A Cos Cob $699.5K 2-4 PM Raveis 60 Valley Rd #B Cos Cob $699.5K 2-4 PM Raveis 51 Forest Av #109 Old Greenwich $725K 1-4 PM Coldwell Bnkr 41 Windsor Ln Cos Cob $925K 1-4 PM Raveis 9 Sinawoy Rd Cos Cob $950K 1-4 PM Prudential 20 West End Av(Rear) Old Greenwich $950K 2-4 PM Raveis 20 West End Av (Rear) Old Greenwich $950K 2-4 PM Raveis 17 Ronald Ln Cos Cob $999K 1-3 PM Raveis 23 Mianus View Cos Cob $1.145M 1-4 PM Weichert 71 Orchard Pl #B Greenwich $1.165M 2-4 PM Coldwell Bnkr 38 Breezemont Av Riverside $1.225M 1-3 PM Sotheby 16 Heronvue Rd Greenwich $1.299M 1:30-3:30 Weichert 12 Hendrie Dr Old Greenwich $1.33M 2-4 PM Sotheby 483 Riversville Rd Greenwich $1.595M 1-3 PM Shore & Cntry 1093 King St Greenwich $1.65M 2-4 PM Sotheby 21 Cat Rock Rd Cos Cob $1.695M 2-4 PM Coldwell Bnkr 361 Stanwich Rd Greenwich $1.795M 2-4 PM Sotheby 70 Bedford Rd Greenwich $1.8M 1-3 PM Coldwell Bnkr 43 Stag Ln Greenwich $1.85M 2-4 PM Sotheby 2 Marks Rd Riverside $1.865M 1-4 PM Prudential 99 Londonderry Dr Greenwich $1.995M 2-4 PM Sotheby 9 S End Ct Old Greenwich $2.18M 2-5 PM Raveis 108 Cutler Rd Greenwich $2.195M 2-4 PM Sotheby 24 Meadow Rd Riverside $2.295M 2-4 PM Prudential 284 Riversville Rd Greenwich $2.395M 1-3 PM Raveis 191 North St Greenwich $2.4M 1-3 PM Coldwell Bnkr 71 Valley Rd Cos Cob $2.695M 1-4 PM Raveis 243 Dolphin Cove Quay, St Stamford $2.8M 2-4 PM Prudential 82 Glenville Rd Greenwich $2.95M 2-4 PM Grnwch Fine Prop 1 Tyler Ln Riverside $3.275M 1-3 PM Weichert 73 Baldwin Farms South Greenwich $3.395M 1-3 PM Sotheby 43 Keofferam Rd Old Greenwich $3.45M 1-3 PM Prudential 137 Milbank Rd Greenwich $3.7M 2-4 PM Sotheby 120 Cummings Point Rd,St Stamford $3.995M 2-4 PM Sotheby 22 Cherry Tree Ln Riverside $5.295M 2-4 PM Shore & Cntry 12 Baldwin Farms South Greenwich $6.15M 2-4 PM Summit 504 North St Greenwich $6.85M 1-3 PM Coldwell Bnkr 11 Club Rd Riverside $7.75M 1-4 PM Prudential 555 Riversville Rd Greenwich $16M 12-2 PM Sotheby

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%  Updated: Friday June 22, 2012