Greenwich CT, Residential Real Estate Analysis and Blog: March 16th

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

Has the market turned?  This is the question I hear most when people ask me about Real Estate.  The above pictured 184 Parsonage Road came on the market yesterday and I feel this will help us understand if the market has changed.  The above Colonial has five bedrooms and five baths.  It has 5,018 s.f. and beautiful landscaping with an impressive front stone wall with automatic gates.  Some of the amenities are a custom kitchen, beautiful master bedroom and bath, and au-pair/in-law apartment with separate interior stairs.  I believe this is a good property to see where the market is headed as we have had a couple of properties change status on Parsonage and a few within a stone's throw that have closed.  Most surprising is that 27 Bobolink Lane closed yesterday for $4.5M.  The asking price was $3.95M.  It was on the market for only 42 days and went for $505K over asking.  Scroll down for more detailed data on the state of the market and the Open House list for Sunday. We have a total of 582 active properties (single family, condos, and co-ops) for sale.  That is up from 573 last.  Continuing the grow in inventory mentioned in previous editions.  All price ranges have grown except the $2M-$3M range actually dropped four properties. 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   Again, we continue to see positive trends, the sold numbers continue to be strong and in line with the past few years even with December's incredible run.  That coupled with the fact that the inventory is growing little by little signifies we are turning the corner in my opinion. New Listings We continue to grow with the inventory.  So far in March we have had 76 new listings, which is in line with the past couple of years.    Year to Date Sold  Year to date we have sold 101 properties.  We still have had 67% of the total sold properties be under the $2M mark.  However, it does seem like the $2M-$3M range is growing.     Year to Date Available    I feel it is important to compare the two charts.  As mentioned above the under $2M range accounts for 67% of the properties sold.  However, it only accounts for 42% of the total available properties. 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 3/16/13 0-$500K 6.36 4.96 5.76 5.28 5.44 $500K-$1M 7.98 3.88 4.22 4.22 4.61 $1M-$1.5M 11.48 7.22 7.34 7.1 7.46 $1.5M-$2M 10.86 7 8.55 9.06 8.55 $2M-$3M 15.27 8.64 9.72 10.2 10.2 $3M-$4M 21.82 12.4 13.77 16.22 16.88 $4M-$5M 37.33 17.5 16.5 18.5 21 $5M-$7.5M 30.92 19.4 20.47 20.47 21.18 $7.5M-$10M 57 25.84 22.15 22.15 25.84 $10M+ 40.21 36 36.85 40.28 38.57  **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 17th      Happy St. Patrick's Day!!!!  Below are all of the Greenwich Open Houses for Sunday.  The first two are rentals. 71 Orchard Place #A GR $7.3K 2-4 PM WEIC01 55 Will Merry Lane GR $12K 2-4 PM COBA01 51 Old Kings Hwy #1 OG $469K 2-4 PM SCPR01 5 Wellington Place #B GR $469K 1-4 PM PRCT01 193 Putnam Park #193 GR $479.999K 2-4 PM COBA01 76 Putnam Park #76 GR $545K 1-3 PM Raveis 201 Sioux Place #201 GR $562.5K 12-3 PM PRCT01 6 Booth Court GR $639K 2-4 PM Raveis 27 Byram Terrace Drive GR $639K 12-3 PM Raveis 2 Gerry Street GR $729K 2-4 PM Raveis 62 Valley Road Cos Cob $750K 1-3 PM Raveis 127 Lake Avenue GR $895K 2-4 PM COBA01 19 Norton Lane OG $1.295M 1-3 PM New Englnd Lnd 69 Stanwich Road GR $1.475M 2-4 PM COBA01 139 Dolphin Cove Quay OT $1.699M 1-4 PM PRCT01 43 Stag Lane GR $1.785M 2-4 PM Sotheby's 6 Meadowbank Road OG $1.995M 2-4 PM Raveis 20 Meadow Road RV $2.195M 1-3 PM COBA01 21 Lake Drive RV $2.495M 2-4 PM SCPR01 59 Bedford Road GR $2.795M 1-3 PM Raveis 55 Will Merry Lane GR $2.995M 2-4 PM COBA01 35 Keofferam Road OG $2.995M 2-4 PM SCPR01 6 Raymond Street OG $3.295M 1-4 PM Raveis 313 Stanwich Road GR $3.4M 2:30-4:30 PM COBA01 1076 Lake Avenue GR $3.495M 2-4 PM COBA01 19 Desiree Drive GR $4.195M 2-4 PM Ogilvy 3 Cherry Blossom Lane GR $4.295M 2-4 PM COBA01 487 North Street GR $5.495M 2-4 PM COBA01 122 Old Church Road GR $7.999.995M 12-2 PM COBA01 516 Round Hill Road GR $8.29M 2-4 PM PRCT01 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