Greenwich, CT Residential Real Estate Blog and Analysis: November 14th

Greenwich, CT Residential Real Estate Blog and Analysis:    November 14th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

Please click on the above picture to see a video of the home at 8 Seagate Road in Riverside.  This home has one of the most beautiful views of any I have seen.  The 190 degree panoramic view of Old Greewich, the Sound, to Manhattan in the distance is breathtaking.  The walkout to Elias Point just adds to the scenery.  The home sits up high so has not been affected by any storm.  The Harbor Point Association adds to the privacy and quaintness of the location.  Yet, you are on the water in Riverside, close to everything.  The home contains five bedrooms, five baths, and two fireplaces.  It sits on 1.01 acres and has 6,534 s.f.  

There are 628 current properties for sale in all of Greenwich.

I have also included a link to the 3rd Quarter Market Report my firm puts out for your review.

3rd Quarter Market Report

 You will be able to review the charts in detail below.  Quick synopsis is that we are down 9% in transactions vs. the same time last year.  Median prices are up 12.5%.  Inventory is up 2.8%, yet pendings are up 6.5%.  

I would like to take a minute to thank everyone.  We just ended the third quarter.  There are over 1,120 Realtors in Greenwich and when counting my private sales I ranked 12th in gross volume for the third quarter.  I truly appreciate everyone who takes the time to read and follow this blog as well as those of you who have used me and continue to tell your friends about me.  Thank you.  The charts are as of end of Q3, the open house list has been updated. 

I have invested in my own MLS Search for my readers.  This will give access to a lot of the listing information I have.  Also, if I have already set you up with your personal portal, you will now be able to search your own searches outside of what I set up for you.  Feel free to test out and search properties.  I feel the best attribute is that you can save your own search and choose to get alerts as new properties come on to the market, properties are sold, or change in price.  All specific to your customized search.  Hence, you will speed up your learning curve, becoming an expert in the specific market you care about.

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

Properties Sold

 

When looking above you can see that April through July are what really hurt us this year.  The beginning of the year and the last couple of months have held up very well.  Unfortunately, April through July is the busiest part of the year.

New Listings

We had 87 new listings in October.  This is a little less than the past two years.

Year to Date Sold

The percentages have leveled off and are sustaining, all percentages are the same vs. the end of last month.

 

Year to Date Available

  

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.  This one below is the amount of months on average to sell through our current inventory based on 2014 ytd sold numbers by price range.

Price Range	1/31/14	2/28/14	3/28/14	4/25/14	5/16/14	7/31/14
0-$500K	10.2	6.0	7.0	6.1	5.5	5.6
$500K-$1M	9.7	8.6	9.0	8.7	8.6	5.2
$1M-$1.5M	5.5	9.5	8.9	10.3	7.8	6.4
$1.5M-$2M	8	14.5	13.6	18.4	17.8	11
$2M-$3M	4.7	9.2	11.6	14.3	14.2	11.1
$3M-$4M	11	13.1	11.8	14.2	14.5	10.4
$4M-$5M	11.9	8.9	13.1	14.4	22.1	17.7
$5M-$7.5M	20.7	32.0	39.5	59	56.6	32
$7.5M-$10M	n/a	n/a	71.5	51	31.5	59.5
$10M+	22.4	27.2	42.0	22.7	33.8	29.9

 

I believe these chart above and below best show the Greenwich market.  If you look at the months on average to sell through the inventory I believe it best shows the market.  I have done two reports, one based on last year's activity and one based on this year's activity.  You will see that across the board the months on average are down year to date, which may seem counter intuitive if I am saying that the transactions are down.  However, the end of July is typical when the least amount of inventory is out there, due to being past the spring market and before the fall market.  Hence, when you compare it to the chart with the 2013 activity you see that the months on average are higher.

The chart below is the amount of months on average to sell throughcurrent inventory based on all of 2013 sold numbers by price range. 

Price Range	8/30/13	9/30/13	10/25/13	11/30/13	12/30/13	1/31/14	2/28/14	3/28/14	4/25/14	5/16/14	7/31/14
0-$500K	4.26	4.4	5.2	4.2	4	4.2	4	3.8	3.7	4	4.1
$500K-$1M	4.65	4.9	4.6	3.4	3.2	3	3.8	4.4	5.2	5.4	4.7
$1M-$1.5M	4.96	5.2	4.6	3.6	3	3.5	4	4.1	5.6	5.4	5.8
$1.5M-$2M	5.61	5.6	5.1	5	4.7	5	6.4	6.1	7.2	7.1	8.7
$2M-$3M	7.84	9.1	8.3	6.3	5.4	5.9	6.9	8	9.1	10.3	9.7
$3M-$4M	20.22	23.4	21.3	17.1	15.8	16.3	15.3	16.5	19.8	18.5	19.8
$4M-$5M	22	23.9	25.3	18.8	14.1	15	13.7	13.7	18	21	22.7
$5M-$7.5M	40.8	31.6	26.4	25	21.5	22.2	24	25.1	28.4	32	26.5
$7.5M-$10M	44.8	52.1	58.8	53.1	46.3	46.3	46.3	42.9	46.3	48	58.3
$10M+	272	103.2	92.1	72.2	61.5	66	63	66	54	67.5	70.5

Open Houses for November 16th       Below are the 49 open houses this weekend.  I imagine this is one of the last big weekends for open houses, as the inventory tends to shrink from Thanksgiving to February. Street Name Area List Price Time Listing Office 27 Bridge Street Greenwich $2.95K 12-2 p.m. Sotheby's 57 Grey Rock Drive Greenwich $4K 1-4 p.m. Edwards 53 Indian Field Road Greenwich $5K 12-2 p.m. Raveis 14 Summit Road Riverside $6K 1-4 p.m. Sotheby's 10 Birchwood Drive Greenwich $7.5K 1-3 p.m. Houlihan Lawrence 10 Ridge Street #B Greenwich $8.5K 2-4 p.m. Houlihan Lawrence 2 Idar Court #A Greenwich $11K 2-4 p.m. Coldwell Banker 212 Taconic Road Greenwich $14.995K 1-4 p.m. BHHS 52 Lafayette Place #3A Greenwich $379.9K 1-4 p.m. BHHS 53 Rodwell Avenue #A Greenwich $494K 1-4 p.m. Keller Williams 45 Alexander Street #B Greenwich $649K 12-12 p.m. New England Land 100 Strickland Road #8 Cos Cob $670K 1-3 p.m. Raveis 27 Bridge Street Greenwich $679K 12-2 p.m. Sotheby's 20 Highland Place Greenwich $799K 2-4 p.m. Anderson Associates 66 Mary Lane Riverside $835K 1-3 p.m. Raveis 2 Gerald Court Riverside $869K 2-4 p.m. Coldwell Banker 57 Richmond Drive Old Greenwich $895K 2-4 p.m. Coldwell Banker 14 Cat Rock Road Cos Cob $965K 1-4 p.m. BHHS 35 Center Drive Old Greenwich $999K 1-3 p.m. Halstead 80 Bedford Road Greenwich $1M 1-4 p.m. BHHS 23 Manor Road Old Greenwich $1.089M 12-3 p.m. BHHS 1017 North Street Greenwich $1.275M 1-1 p.m. Douglas Elliman 17 Manor Road Old Greenwich $1.295M 1-4 p.m. Coldwell Banker 51 Glen Road Greenwich $1.395M 2-4 p.m. BHHS 53 Indian Field Road Greenwich $1.399M 12-2 p.m. Raveis 15 Nutmeg Drive Greenwich $1.5M 1-3 p.m. Anderson Associates 14 Summit Road Riverside $1.525M 1-4 p.m. Sotheby's 365 Round Hill Road Greenwich $1.595M 12:30-2:00 p.m. Weichert 30 Old Stone Bridge Cos Cob $1.595M 2-4 p.m. BHHS 16 Mackenzie Glen Greenwich $1.749M 1-4 p.m. Raveis 233 Milbank Avenue #8 Greenwich $1.795M 1-3 p.m. Houlihan Lawrence 55 Shore Road Old Greenwich $1.999M 1-3 p.m. Weichert 30 Montgomery Lane Greenwich $2.195M 2-4 p.m. Houlihan Lawrence 10 Birchwood Drive Greenwich $2.295M 1-3 p.m. Houlihan Lawrence 2 Idar Court #A Greenwich $2.475M 2-4 p.m. Coldwell Banker 10 Ridge Street #B Greenwich $2.595M 2-4 p.m. Houlihan Lawrence 527 Stanwich Road Greenwich $2.7M 1-4 p.m. BHHS 420 North Street Greenwich $2.795M 1-4 p.m. Sotheby's 106 Patterson Avenue Greenwich $2.85M 2-4 p.m. Raveis 265 Valley Road Cos Cob $2.995M 12-3 p.m. Higgins 7 Gisborne Place Old Greenwich $2.995M 1-3 p.m. Coldwell Banker 50 Lockwood Avenue Old Greenwich $3.495M 11-1 p.m. Raveis 1 Reynwood Manor Greenwich $3.599M 1-3 p.m. Coldwell Banker 70 Sherwood Avenue Greenwich $3.975M 10-4p.m. Charles Paternina 212 Taconic Road Greenwich $4.2M 1-4 p.m. BHHS 22 Stillman Lane Greenwich $4.995M 1-4 p.m. Coldwell Banker 421 Field Point Road Greenwich $5.7M 1-4 p.m. BHHS 20 Langhorne Lane Greenwich $5.995M 1:30-3:30 p.m. Raveis 21 Hurlingham Drive Greenwich $11.975M 2-4 p.m. Coldwell Banker   Best,                                                                                                                                                         Jared Randall                                                 Join my Mailing List Houlihan Lawrence Greenwich                     Search Properties www.greenwichrealestateguy.com                Forward to a Friend cell:  203-273-1034                                         View My Website email:  jrandall@houlihanlawrence.com     Like me on Facebook

Mortgage Information There are two individuals I feel most confident about when it comes to home mortgages.  One in Manhattan and one in Greenwich.  They are Jeff Ihrig of First Republic in Manhattan, and in Greenwich I prefer Treena David-Chirico of Wells Fargo NMLSR ID 404288. Jeff can be reached at 646-372-5181.  Treena's phone number is 203-618-3923.  You can go to her website to input your specific information to receive rates.  Her website is www.wfhm.com/treena-david-chirico.