Greenwich CT, Residential Real Estate Analysis and Blog: March 9th

Greenwich, CT Residential Real Estate Analysis: March 8th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com The above beautiful Victorian is filled with character.  104 Brookside Drive was built in 1905 and you can see the period details on some doors and windows. It has 7 bedrooms and four and one half baths.  The s.f. of the home is 4,875, and is on .71 of an acre.  Personally I love Brookside Drive.  It is right off of Putnam Avenue so in the heart of Greenwich.  There is a babbling brook that runs through the back of the property that adds to a feeling of privacy even though you are so close to town.  It has been on the market for four days and the asking price is $2.7M. We have a total of 573 active properties (single family, condos, and co-ops) for sale.  That is up from 563 two weeks ago.  We are already starting to see an influx of inventory, and I believe we will continue to see those numbers grow.  Yet, as you will read below the $1.5M-$2M range actually had the inventory drop near 10% in the past two weeks.  Conversely, in that span that price range accounted for 8% of the year to date sold properties up from 5% just two weeks ago.  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 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   I am impressed with the sold for February.  Last month we had 36 properties close which is the most in the past four years edging out 2010 by one.  The most important aspect is that after the huge December we have not seen a blip.  If you look at June of 2011 (the last time we had a huge month because of tax changes) you can see the numbers dropped for the three months after.   New Listings We grew by ten properties in the last week which equates to about 2 percent.  Not too much considering we are entering the busy season.    Year to Date Sold  Year to date we have sold 89 properties.  The more properties that close the more stable this chart will become.  This is pretty comparable to last year's chart.  However, year to date we have not a property close for over $7.5M.       Year to Date Available    I feel it is important to compare the two charts above.  You can see that the $500K-$1M range accounts for 25% of our sold properties but only 10% of our inventory.  Conversely over $7.5M is 13% of our inventory but we have not seen a property close this year over $7.5M. 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.  As you can see the all price ranges stayed the same or grew except for $1.5M-$2M and the $3M-$4M. Price Range 12-Jun 1/5/13 2/1/13 2/22/13 3/9/13 0-$500K 6.36 4.96 5.76 5.28 5.28 $500K-$1M 7.98 3.88 4.22 4.22 4.61 $1M-$1.5M 11.48 7.22 7.34 7.1 7.1 $1.5M-$2M 10.86 7 8.55 9.06 8.04 $2M-$3M 15.27 8.64 9.72 10.2 10.68 $3M-$4M 21.82 12.4 13.77 16.22 15.33 $4M-$5M 37.33 17.5 16.5 18.5 20.5 $5M-$7.5M 30.92 19.4 20.47 20.47 21.18 $7.5M-$10M 57 25.84 22.15 22.15 26.77 $10M+ 40.21 36 36.85 40.28 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 March 10th      Below are all of the Greenwich Open Houses for Sunday.  Address Town List Price Time Broker 2 Homestead Lane #112 GR $345K 2-4 PM COBA02 1465 E Putnam Avenue #122 OG $449K 2-4 PM COBA02 6 Booth Court GR $639K 2-4 PM RAVE01 27 Byram Terrace GR $639K 12-3 PM RAVE01 25 Indian Harbor Drive #6 GR $649K 1-4 PM PRCT01 98 Putnam Park #98 GR $669K 1-4 PM RAVE01 2 Gerry Street GR $729K 2-4 PM RAVE01 62 Valley Road CC $750K 2-4 PM RAVE01 16 Windy Knolls #A GR $782K 1-4 PM PRCT01 1 North Street CC $799K 1-3 PM SCPR01 31 Scott Road GR $884.5K 12-2 PM Weichert 44 Mitchell Place GR $895K 1-4 PM RAVE01 73 Weaver Street #23 GR $899K 2-4 PM COBA01 73 Weaver Street #16 GR $950K 1-3 PM Halstead 500 River Road #5 CC $1.05M 1-4 PM PRCT01 49 Indian Mill Road CC $1.25M 1-4 PM RAVE01 15 Bishop Drive GR $1.275M 1-4 PM PRCT01 3 Fairfield Avenue OG $1.477M+ 1-3 PM RAVE01 24 Sundance Drive CC $1.525M 2-4 PM RAVE01 10 Stepping Stone Lane GR $1.825M 1-4 PM PRCT01 525 River Road CC $1.84M 1-3 PM COBA02 6 Stanwich Lane GR $1.895M 2-4 PM COBA01 12 Bryon Road OG $1.995M 1-4 PM PRCT01 75 Harding Road OG $2.05M 1-3 PM COBA01 19 Cresent Road Riverside $2.495M 2-4 PM RAVE01 55 Will Merry Lane GR $2.995M 2-4 PM COBA01 127 Dingletown Road GR $2.995M 1-4 PM RAVE01 1076 Lake Avenue GR $3.495M 2-4 PM COBA01 1 Little Cove Lane OG $3.995M 1-4 PM RAVE01 29 Byfield Lane GR $4.3M 1-3 PM RAVE01 30 Oneida Drive GR $4.85M 2-4 PM COBA01 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