Greenwich CT, Residential Real Estate Analysis and Blog: February 8th

Greenwich, CT Residential Real Estate Analysis: February 8th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

Every week I pick a house that I have toured to feature in the newsletter. However, this is a house I have not walked through.  The location and pictures of the interior caught my attention.  The price seems reasonable for the square footage. The house is located at 32 Copper Beech in Greenwich.  The pictures and the pool demonstrate a nice modern decor that complements the house nicely in my opinion. The house has 6 bedrooms, 6 baths and 2 half baths.  It is listed as 5,916 s.f.   The square feet does not include a finished basement.  The house is situated on 1.05 acres of land. The price is $2.6M. I started this newsletter with the hope of helping individuals understand the market.  I believe the months on average chart at the end of the statistics section best shows where we currently stand.  It shows the months on average it would take to sell through the inventory as of June 31st, 2012, compared to end of year 2012, and today.  I believe it shows that the market has improved and will be interesting to see if the months on average work there way back up to where they were last June. I have updated the charts with the month to date numbers. The pie chart with the ytd sales, is updated to only show the properties that have sold so far this year.  Hence, that chart's percentages will change from week to week until we get more data.  The month on average to sell through, I will be using the full year rates of closed properties for 2012 as I feel that will give us the most consistent numbers until we get through three months of this year. 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.  We have had 10 properties sell in the first week of February, compared to last year when there were 28 the whole month of February.  To reiterate we continually see new properties coming on but the amount of properties are growing with the listings, which is the sign of the market changing in my opinion. New Listings We had 32 new listing in the first week of February.  This may sound alarming but if you look below you will see that last week we had 541 active properties and this week only 545.  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 50 properties.  I feel as we continually add more data these numbers continue to trend toward the percentages of last year.  We still have not seen a sale in the $7.5M-$10M range and over $10M range this year.       Year to Date Available    We saw the inventory grow again this month.  However, it has only grown by four properties.  With the amount of new listings that have come on, I believe this is another sign that we are in the stages of the market turning around.  However, my opinion is still that we will see a lot of inventory come on in March that may dampen the momentum a little bit. 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 2/8/13 0-$500K 6.36 4.96 5.76 5.28 $500K-$1M 7.98 3.88 4.22 4.27 $1M-$1.5M 11.48 7.22 7.34 7.34 $1.5M-$2M 10.86 7 8.55 8.55 $2M-$3M 15.27 8.64 9.72 9.6 $3M-$4M 21.82 12.4 13.77 14.44 $4M-$5M 37.33 17.5 16.5 17 $5M-$7.5M 30.92 19.4 20.47 21.52 $7.5M-$10M 57 25.84 22.15 22.15 $10M+ 40.21 36 36.85 37.71  **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 10th      Below are all of the Greenwich Open Houses for Sunday.   Address Town List Price Time Broker 2 Homestead Lane #406 Greenwich $441K 1-4 PM Raveis 4 Lafayette Court #1C Greenwich $445.5K 1-4 PM Coldwell Bnkr 2 Cary Road Riverside $449K 2-4 PM Coldwell Bnkr 72 Putnam Park Greenwich $598K 1-3 PM Weichert 14 Sound Beach Avenue Old Greenwich $599K 1-4 PM Raveis 98 Putnam Park Greenwich $695K 1-3 PM Raveis 15 River Road #211 Cos Cob $719K 2-4 PM Grnwich Fine Prop 2 Gerry Street Greenwich $749K 2-4 PM Raveis 69 Riverdale Avenue Greenwich $769K 2-4 PM Coldwell Bnkr 115 River Road #10 Cos Cob $775K 1-4 PM Prudential 11 Maple Street Cos Cob $829K 2-4 PM Raveis 282 Bruce Park Avenue #1 Greenwich $1.039M 2-4 PM Coldwell Bnkr 122 Riverside Avenue Riverside $1.075M 1-4 PM Prudential 86 Lower Cross Road Greenwich $1.249M 1-3 PM Weichert 5 Station Drive Greenwich $1.637M 1-4 PM Prudential 65 Lockwood Lane Riverside $1.695M 1-4 PM Prudential 318 Valley Road Cos Cob $1.795M 2-4 PM Coldwell Bnkr 320 Valley Road Cos Cob $1.795M 2-4 PM Coldwell Bnkr 16 Manor Road Old Greenwich $1.799M 1-4 PM Prudential 525 River Road Cos Cob $1.84M 1-3 PM Coldwell Bnkr 43 Stag Lane Greenwich $1.85M 2-4 PM Sothebys 6 Stanwich Lane Greenwich $1.895M 2-4 PM Coldwell Bnkr 29 Hunting Ridge Road Greenwich $1.95M 2-4 PM Grnwich Fine Prop 25 Midwood Drive Greenwich $1.995M 1-4 PM Edward's & Assoc. 55 Will Merry Lane Greenwich $2.995M 2-4 PM Coldwell Bnkr 56 Frontier Road Cos Cob $3.195M 1-4 PM Coldwell Bnkr 27 Chieftans Road Greenwich $3.595M 2-4 PM Grnwich Fine Prop 4 Cove Ridge Ln/Hendrie Dr Ext Old Greenwich $3.995M 1-3 PM Coldwell Bnkr 487 North Street Greenwich $5.495M 2-4 PM Coldwell Bnkr 36 West Way Old Greenwich $5.995M 2-4 PM Grnwich Fine Prop 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 2.500% 2.736% 30 YR Fixed Conforming 3.250% 3.387% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 3.625% 3.746% 5/1 YR ARM Conforming 2.125% 2.888% 5/1 YR ARM Jumbo 2.125% 2.867% 10/1 YR ARM Jumbo 2.875% 3.054% Updated: Tuesday, January 8, 2013

Comments

[echo park real estate]

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