Greenwich CT, Residential Real Estate Analysis and Blog: February 22nd

Greenwich, CT Residential Real Estate Analysis: February 22nd A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

This week I will be doing an open house at my listing, 30 Montgomery Lane on Sunday from 1-4 p.m.  Please stop by and say hello.  I will not be sending a newsletter next week as I will be out of town.  I apologize for the inconvenience, but you will be able to see the open house list next week atwww.greenwichstreets.com The above shingle style home was built in 1987 and renovated in 2002.  It has 5 bedrooms and 6 and 2 half baths.  The s.f. of the home is 6,821, and sits on 7.73 acres of land.  The area that has been hit the hardest in Greenwich is definitely back country.  We have seen the slowest recovery in this section, and in my opinion there are values to be had here.  I think this house is an example of what you can find in back country.  It is listed for $3.995M.  I loved the open floor plan and the obvious privacy that comes with over seven acres.  Personally, I love the smell of fires, so the five fireplaces were a plus for me as well. We have a total of 563 active properties (single family, condos, and co-ops) for sale.  That is up from 541 last week a gain of four percent in one week.  We are already starting to see an influx of inventory, and I believe we will continue to see those numbers grow. Feel free to compare the numbers of month on average, the sold by price range percentages, and new listing vs. sold numbers with previous issues at www.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   Last week really made an impact on the numbers.  As mentioned above we grew 4 percent in inventory alone.  Last week only three properties sold.  Our sold numbers are lower than the last few years, but all in all the inventory is still lower than it was several months ago. New Listings We grew by twenty two properties in the last week.  The most growth came in the ranges of $1.5M-$2M and $2M-$3M.  Of the twenty two properties thirteen were in these two price ranges.    Year to Date Sold  Year to date we have sold 63 properties.  Obviously, with only three properties closing there is not much change in the numbers.       Year to Date Available    As mentioned last week I thought there would be a lot more inventory with the school break.  We did see a lot of inventory, try not to let it scare you too much, as I try to look at it as two weeks because there were hardly any new properties last 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 2/22/13 0-$500K 6.36 4.96 5.76 5.28 $500K-$1M 7.98 3.88 4.22 4.22 $1M-$1.5M 11.48 7.22 7.34 7.1 $1.5M-$2M 10.86 7 8.55 9.06 $2M-$3M 15.27 8.64 9.72 10.2 $3M-$4M 21.82 12.4 13.77 16.22 $4M-$5M 37.33 17.5 16.5 18.5 $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 25th      Below are all of the Greenwich Open Houses for Sunday.  Feel free to come by and visit me at 30 Montgomery Lane. Address Town List Price Time Broker 50 Lafayette Place #3G GR $499K 12-2 PM Sotheby's 24 Wessels Place GR $536K 1-3 PM RAVE01 14 Sound Beach Avenue OG $599K 2-4 PM RAVE01 230 Valley Road CC $629K 2-4 PM RAVE01 98 Putnam Park #98 GR $695K 1-3 PM RAVE01 2 Gerry Street GR $749K 2-4 PM RAVE01 16 Windy Knolls #A GR $782K 1-4 PM PRCT01 1 North Street CC $799K 1-4 PM SCPR01 20 Maplewood Drive CC $895K 1-4 PM Prudential 38 Breezemont Avenue RV $1.075M 1-4 PM SOTH01 90 Buckfield Lane GR $1.395M 1-4 PM PRCT01 24 Sundance Drive CC $1.525M 2-4 PM RAVE01 3 Fairfield Avenue OG $1.599M 1-3 PM Raveis 291 Stanwich Road GR $1.625M 1-4 PM RAVE02 16 Manor Road OG $1.799M 1-4 PM PRCT01 525 River Road CC $1.84M 1-3 PM COBA02 112 Taconic Road GR $1.995M 1-4 PM PRCT01 3 Byfield Lane GR $2.195M 2-4 PM Sotheby's 140 Shore Road OG $1.97M 1-4 PM Prudential 30 Montgomery Lane GR $2.35M 1-4 PM Prudential 11 Grimes Road OG $2.495M 2-4 PM COBA01 18 Welwyn Road RV $2.495M 1-4 PM PRCT05 530 North Street GR $2.995M 1-4 PM RAVE01 76 Cat Rock Road CC $3.295M 2-4 PM COBA01 36 Montgomery Lane GR $3.295M 1-3 PM New England Land 6 Ledge Road OG $3.35M 1-3 PM COBA02 25 Windabout Drive GR $3.495M 2-4 PM COBA01 1076 Lake Avenue GR $3.495M 2-4 PM COBA01 16 Indian Head Road RV $3.999M 1-3 PM COBA02 29 Byfield Lane GR $4.3M 1-3 PM Raveis 212 Taconic Road GR $4.495M 1-4 PM PRCT01 487 North Street GR $5.495M 2-4 PM COBA01 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

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