Greenwich CT, Residential Real Estate Blog and Analysis: February 21st

Greenwich, CT Residential Real Estate Blog and Analysis:  February 21st    A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

I am proud to feature my new listing at 30 Montgomery Lane in Greenwich.  It is a beautiful five bedroom home, nestled on 1.44 park-like acres on a quiet cul-de-sac and nearby to walking paths at the 91 acre Montgomery Pinetum Park, ideally situated close to town, schools and highways.   This inviting, multi-level residence boasts hardwood floors, a comfortable floor plan and wonderful flow. The spectacular gourmet kitchen, with a large center island, is the hub of this warm family home, featuring state-of-the-art appliances, granite countertops and rich cherry cabinetry, which seamlessly opens into a sundrenched eat-in nook and casual relaxation area, with sliding doors to the extensive outdoor deck.  Pass through into a formal dining room, with corner cabinets and additional deck access.  A commanding stone fireplace anchors the bright living room, affording sweeping front yard views from an impressive window seat.  The well manicured lawn is punctuated by lush perennial rock gardens bordering the property, a gazebo and a stone wall. We currently have 503 total properties for sale in Greenwich.  That is up 15 (over 3%) from last week.  In the past week we had 35 new properties come on the market, almost doubling our month to date total to 84.  We finally got the influx of inventory with the new listings this past week, it will be important to see how quickly the inventory rises or stabilizes.   However, when looking at the new listings already 7 of the properties are off of the market.  One being an $8.295M and another being $4.075 new construction.  Both of these are in Executed Contract, leading one to believe they are both all cash further signifying the luxury market is continuing to pick up steam.  We had 9 properties that were sold.  Total for the month to date is 28, which is how many were sold in the entire month of February of 2011 and 2012.  Last year there were 37, so still nine more to go next week to meet that number. 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. There are currently 488 properties for sale in Greenwich up ten from two weeks ago.  I am a little surprised we have not seen this number grow more rapidly.  Like everything else, I will blame it on the snow.  We definitely need inventory in the market.  As you see by the charts below we are off to another good month once again.  We have sold 21 properties so far this month coupled with 47 new listings.  The sold properties is higher than the average of the past few years, while the new listings is lower than the average of the past few years.  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   We have met the amount of sold properties that happened in 2011 and 2012, we are down by nine compared to last year. New Listings Not We finally saw the uptick in new inventory over the last week.  I suspect we will continue to see it.  As you can see from the chart above we could surpass the number of new listings compared to the last few years.    Year to Date Sold We saw the under $500K range jump four percentage points to 11%. The $2M-$3M range dropped two percentage points.  Both of these moves are more in line with the norm.     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.  Obviously, one month is not enough of a sample size, so I have created two months on average charts.  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 2/21/14 0-$500K 10.2 4.9 $500K-$1M 9.7 8.9 $1M-$1.5M 5.5 8.0 $1.5M-$2M 8 13.4 $2M-$3M 4.7 7.7 $3M-$4M 11 11.4 $4M-$5M 11.9 8.3 $5M-$7.5M 20.7 28.6 $7.5M-$10M n/a n/a $10M+ 22.4 24.5  $7.5M-$10M is n/a as we have not had a property sell in that price range this year. As you can tell by the almost doubling of the $0-$500K range this week it has more than cut the moa in half. **to calculate months on average in this chart I used the full year of 2012 sold properties in each price range   The chart below is the amount of months on average to sell throughcurrent inventory based on all of 2013 sold numbers by price range.  As you see, the small small sample size skews a bit, but could also show the beginning of trends. Price Range 8/30/13 9/30/13 10/25/13 11/30/13 12/30/13 1/31/14 2/21/14 0-$500K 4.26 4.4 5.2 4.2 4 4.2 3.7 $500K-$1M 4.65 4.9 4.6 3.4 3.2 3 3.6 $1M-$1.5M 4.96 5.2 4.6 3.6 3 3.5 3.8 $1.5M-$2M 5.61 5.6 5.1 5 4.7 5 5.8 $2M-$3M 7.84 9.1 8.3 6.3 5.4 5.9 6.6 $3M-$4M 20.22 23.4 21.3 17.1 15.8 16.3 15 $4M-$5M 22 23.9 25.3 18.8 14.1 15 14.6 $5M-$7.5M 40.8 31.6 26.4 25 21.5 22.2 24.4 $7.5M-$10M 44.8 52.1 58.8 53.1 46.3 46.3 44.6 $10M+ 272 103.2 92.1 72.2 61.5 66 64.5 ** to calculate months on average in this chart I used year to date sold properties in each price range. Obviously the months on average were the lowest at the end of the year 2012.  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 23rd       Below are the 25 Open Houses for Sunday.  Unfortunately in the MLS the time for 304 Orchard is listed as 1-1 p.m. so I do not know the ending time.  I would assume 3 or 4.  Hopefully it stays beautiful.  Enjoy your weekend. Address Area List Price Time Listing Office 1535 E. Putnam #301 Old Greenwich $299K 1-3 p.m. Houlihan Lawrence 5 Silver Street Greenwich $465K 1-3 p.m. Anderson 9 River Road #418 Cos Cob $570K 1-3 p.m. Real Living 98 Riverdale Avenue Greenwich $625K 1-3 p.m. BHHS 48 Almira Drive Greenwich $635K 1-4 p.m. Raveis 12 Greenwich Hills Greenwich $695K 2-4 p.m. Anderson 100 Silo Circle Riverside $699K 1-4 p.m. BHHS 15 River Road #210 Cos Cob $729K 1-3 p.m. Coldwell 11 River Road #113 Cos Cob $749K 1-3 p.m. Sotheby's 40 Ettl Lane #14 Greenwich $875K 1-3 p.m. Weichert 5 Kinsman Lane Greenwich $949K 1-3 p.m. Shore and Country 68 Northridge Road Old Greenwich $949K 1-4 p.m. BHHS 8 East Lyon Farm Greenwich $1.245M 1-4 p.m. BHHS 304 Orchard Street Greenwich $1.285M 1-1 p.m. Sotheby's 330 Sound Beach Ave Old Greenwich $1.799M 1-4 p.m. Raveis 105 Shore Road Old Greenwich $1.895M 1-3 p.m. Coldwell 6 Gaston Farm Road Greenwich $2.325M 1-3 p.m. Coldwell 55 Shore Road Old Greenwich $2.349M 1-3 p.m. Weichert 299 Palmer Hill Road Riverside $2.399M 2-4 p.m. Raveis 268 Palmer Hill Road Riverside $2.895M 1-4 p.m. Raveis 240 Riverside Avenue Riverside $3.149M 3-5 p.m. Coldwell 115 Old Church Road Greenwich $3.25M 1-3 p.m. Coldwell 349 Sound Beach Ave Old Greenwich $3.575M 2-4 p.m. Sotheby's 7 Binney Lane Old Greenwich $3.995M 2-4 p.m. Houlihan Lawrence 10 Spring House Road Greenwich $4.25M 2-4 p.m. Coldwell 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. 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.