Greenwich CT, Residential Real Estate Analysis and Blog: February 15th

Greenwich, CT Residential Real Estate Analysis: February 15th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

This week my choice is biased as I am the Listing Broker for 30 Montgomery Lane.  Location, Location, Location.  This shingle style five bedroom four and a half bath house is located on a cul-de-sac in the North Street Elementary School District of Mid Country Greenwich.  One can experience nature on the walk out deck, the balcony off of the master bedroom, or they could go to the end of the cul-de-sac and get lost on purpose in the 91 acre park of Greenwich's Montgomery Pinetum Park.  Inside you will find a gourmet kitchen with wine fridge, separate full size refrigerator and freezer, and impressive stove/oven.  The house was expanded in 1993 for the custom master bedroom and master bath complete with an inset bath tub as well as his and her separate showers.  The 4,470 s.f. of house is deceiving from the outside.  Some of the amenities are a walk out au-pair suite, study, a finished lower level with stone fireplace and bar.  House sits on 1.44 acres with a beautifully landscaped yard.  Please let anyone you know about this beautiful home and have them reach out to me if interested in seeing.  I have updated the months on average chart to show where the market is compared to June of last year, and the end of this year.  The Mortgage information has also been updated as of this week to give you the most current numbers.  As you will read below even though this month we have had 49 new properties vs. 20 sold the total active properties (condos, co-ops and single family homes) have decreased from 545 to 541.  We saw a big jump in the $1.5-$2M market.  Year to date 70% of all of the properties that have sold have been $2M or below. 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.  Feel free to compare these numbers with previous issues atwww.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     Best,                                                                                                                                                         Jared Randall                                                Join my Mailing List Prudential CT, Greenwich Office                  Search Properties www.greenwichrealestateguy.com              Forward to a Friend cell:  203-273-1034                                       View My Website email:  jaredrandall@prudentialct.com        Like me on Facebook

Properties Sold   Once again I am pleasantly surprised by the numbers.  I feel this week was a turning point to exemplify the market is heating up.  If you look above you will see that we are out pacing the sold numbers this February vs. the last few Februaries.  However, when you look below you will see that this month's new listings are not as strong as the past few Februaries. New Listings We only had 17 new listings this week.  Now, I do believe that has been impacted by the Winter break for the public schools.  However, it does show that we are staying competitive.  That leads me to believe that we are seeing the fresh inventory come on and the properties that have been sitting on the market are being taken off.  Another positive sign.    Year to Date Sold  Year to date we have sold 60 properties.  My opinion is that this week equaled us out to a more realistic pie graph.  We see that 70% of the properties that have sold are under $2M.  We saw a big spike in the $1.5M-$2M range go from 16% to 20%.       Year to Date Available    We saw the inventory decrease this month.  However, I feel that has a lot to do with the public school break and foresee a lot more coming on next week. 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.  I have broken this down by June of 2012 (which is the high in my opinion) to January of 2013 (the low in my opinion) then will add each month as we come to them.  Price Range 12-Jun 1/5/13 2/1/13 2/15/13 0-$500K 6.36 4.96 5.76 5.12 $500K-$1M 7.98 3.88 4.22 4.22 $1M-$1.5M 11.48 7.22 7.34 6.97 $1.5M-$2M 10.86 7 8.55 8.17 $2M-$3M 15.27 8.64 9.72 9.48 $3M-$4M 21.82 12.4 13.77 15.33 $4M-$5M 37.33 17.5 16.5 17 $5M-$7.5M 30.92 19.4 20.47 20.47 $7.5M-$10M 57 25.84 22.15 22.15 $10M+ 40.21 36 36.85 40.28  **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 February 17th      Below are all of the Greenwich Open Houses for Sunday.   The first three are rentals.  I apologize for 51 Old Kings Highway being the last one with the lowest price but it was a late add.  Address Town List Price Time Broker 26 Rippowan Road CC $4K 1-4 PM PRCT01 55 Will Merry Lane GR $12K 2-4 PM COBA01 25 Windabout Drive GR $14K 2-4 PM COBA01 26 Rippowan Road CC $995K 1-4 PM PRCT01 16 Norton Lane OG $1.395M 1-3 PM RAVE01 25 Nearwater Lane RV $1.615M 1-3 PM SCPR01 55 Will Merry Lane GR $2.995M 2-4 PM COBA01 25 Windabout Drive GR $3.495M 2-4 PM COBA01 1076 Lake Avenue GR $3.495M 2-4 PM COBA01 487 North Street GR $5.495M 2-4 PM COBA01 51 Old Kings Highway OG $469K 1-3 PM SCPR01   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% 3.539% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 3.750% 3.872% 5/1 YR ARM Conforming 2.125% 2.842% 5/1 YR ARM Jumbo 2.250% 2.864% 10/1 YR ARM Jumbo 3.000% 3.103% Updated February 14, 2013