Greenwich Real Estate Guy: Greenwich CT-Residential Analysis and Blog: 09/28/12

Greenwich, CT Residential Real Estate Analysis: September 28th A weekly analysis brought to you by Jared Randall. www.greenwichrealestateguy.com

The above Victorian is situated in the Hillcrest Park Section of Old Greenwich.  64 Hillcrest Park is for sale for $3.495M.  The pictures do not do this property justice.  The house was built in 1901 and renovated in 1992.  The flow of the house is very open with a meandering feel.  It is stated to be 8,300 s.f. sitting on 1.11 acres of land.  There are 7 bedrooms and 4.5 baths.  The character of the house is what impressed me the most.  It has the architectural detail of the original home, but the renovations make it feel open and lively for entertaining.   I mentioned in last week's article that the tremendous influx of inventory we are seeing in September tells us the market has not turned around yet.  Until, we see an uptick in the amount of properties being sold that is comparable to the amount of new properties being listed, the market will continue to sputter.  However, now that we have so much fresh inventory, it could bring buyers out.  I feel it will be interesting to see where we go from here.  My personal opinion is that we will start to see the pick up in February or March of 2013.  There could be a flurry at the end of the year due to the Healthcare tax that will go into effect January 2013.  We currently have 49 properties that are in Executed Contract, which is a good sign as there were 40 properties sold in October of 2010. Please let me know if you would like me to provide specific information or statistics for you. **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 are staying on trend in regards to sold properties as you can see above.  As stated above sold properties are typically 30-60 days old, as that is how long clients are in contract.  The interesting point will be to see the sold over the next two months.   New Listings We have more than doubled the amount of new listings there were in September of 2010 and already doubled the amount in 2011.  This graph shows the disparity between this year and previous years.    Year to Date Sold As we are getting closer to the end of the year, we would need to see drastic changes in the numbers of one price range to change this chart by any significant amount.  That did not happen so all percentages remained the same. 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 37 weeks through the year. In the $0-$500K range we have 7.38 months on average to sell through. $500K-$1M  we have 6.39 months.  In the $1M-$1.5M we have 10.9 months. $1.5M-$2M we have 9.5 months. $2M-$3M we have 11.9 months.  $3M-$4M we have 17.52 weeks. $4M-$5M we have 26.11 months. $5M-$7.5M we have 24.12 months. $7.5-$10M we have 33 months.  $10M and above we have 36.48 months.     Open Houses September 23th      Below are all of the Greenwich Open Houses for Sunday.  If you click on the link it will take you to the listing.  Enjoy your weekend. Address Town List Price Time Broker 21 Cat Rock Rd CC 8K/mo 2-4 PM Coldwell 29 Lockwood Av OG 15.5K/mo 1-4 PM Raveis 175 Putnam Park #175 GR $330K 2-4 PM Raveis 87 Putnam Park #87 GR $389K 2-4 PM Raveis 20 Nicholas Ave GR $560K 1-4 PM Real Living 47 Lafeyette Pl # 4-I GR $599K 1-4 PM PruCt 19 Wescott St RV $779K 2-4 PM Coldwell 5 North Ridge OG $898K 1-3 PM PruCt 20 West End Av (Rear) OG $899K 2-5 PM Raveis 17 Ronald Ln CC $959K 1-3 PM Raveis 349 Riversville Rd GR $995K 1-4 PM Raveis 179 Connecticut Av GR $1.05M 1-3 PM Raveis 25 Griffith Rd RV $1.099M 2-4 PM Raveis 128 Riverside Ave RV $1.15M 1-4 PM PruCt 73 Weaver St #18 GR $1.195M 1-3 PM Raveis 13 Center Dr OG $1.245M 1-4 PM Sotheby's 116 Lockwood Rd RV $1.275M 2-4 PM Raveis 86 Lower Cross Rd GR $1.349M 1-4 PM Weichert 16 Norton Ln OG $1.495M 1-4 PM Raveis 90 Buckfield Ln GR $1.55M 1-4 PM PruCt 99 Stanwich Rd GR $1.595M 1-3 PM Higgins Grp 21 Cat Rock Rd CC $1.649M 2-4 PM Coldwell 58 Orchard St Lot 1 CC $1.695M 1-3 PM Raveis 30 Stonebrook Ln CC $1.775M 1-4 PM Raveis 127 Havemeyer Pl GR $1.797M 1-3 PM Raveis 112 Taconic Rd GR $1.995M 1-4 PM PruCt 18 Ravenglass Dr OT $2.195M 1-4 PM Pruct 623 Steamboat Rd #A GR $2.95M 1-3 PM Ogilvy 230 Bedford Rd GR $3.35M 1-3 PM Ogilvy 29 Lockwood Av OG $3.495M 1-4 PM Raveis 623 Steamboat Rd #B GR $3.495M 1-3 PM Coldwell 71 S Baldwin Farms So GR $3.5M 1-4 PM Raveis 16 Indian Head Rd RV $4.195M 1-3 PM Coldwell 11 Club Rd RV $6.995M 1-4 PM PruCt   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