Greenwich CT, Residential Real Estate Blog and Analysis: March 7th

Greenwich, CT Residential Real Estate Blog and Analysis:   March 7th    A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

The featured property and analysis are the same as last week.  I have updated the 35 open houses this Sunday.   The above colonial was renovated in 2013 and is located in Old Greenwich.  The address is 14 Edgewater Drive.  This is my favorite property under $2M currently on the market.  If you have read this newsletter for a while, you know location is the most important aspect for me.  This home is a couple of blocks away from the Elementary School, shops, restaurants, and train of Old Greenwich.  I also love homes that have period details, but have been renovated.  I love the wrap around porch, as well as the patio in the back with the outdoor fireplace.  This great home for gathering has four bedrooms, two full baths, and one half bath.  It sits on .17 of an acre and is listed at 2,286 s.f. and is listed at $1.995M. The newsletter has had a lot of new subscribers over the last month so I wanted to take a second to explain the sections.  The first section is the featured property, with a short weekly roundup of the market.  The next couple of sections are charts and analysis of the market concluding with a months on average chart so one can see how their price range is doing compared to other price ranges as well as compared to earlier months and years.  Following the analysis is the Open house list.  I use a myriad of sources including the Greenwich Times, Greenwich Multiple Listing Service, Fairfield County Multiple Listing Service, as well as Real Estate websites such as Trulia and Zillow.   We currently have 517 total properties for sale in Greenwich.  That is up 14, from last week and 29 from two weeks ago, which is 5.6% growth.   However, looking back at my February 22nd newsletter from last year we had 563 properties for sale.  So, all and all we are still more competitive of a market than last year.  In the past week we have had 41 new listings compared to seven properties that closed.   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   This is the first month in a long time that our sold numbers did not match last year.  My opinion is that it is a one off, we will have to see if it becomes a trend. New Listings As you can see the inventory has finally started to pick up.  We had more new listings this month than the previous four years.    Year to Date Sold There is a big jump in the $500K to $1M price range jumping from 16% to 19% of the total inventory sold.  That is a big jump for just one week.  However, when looking at last year's February 22nd newsletter 68% of the properties sold year to date were under $2M.  This year that has dropped 16 percentage points to 52%.     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 2/28/14 0-$500K 10.2 6.0 $500K-$1M 9.7 8.6 $1M-$1.5M 5.5 9.5 $1.5M-$2M 8 14.5 $2M-$3M 4.7 9.2 $3M-$4M 11 13.1 $4M-$5M 11.9 8.9 $5M-$7.5M 20.7 32.0 $7.5M-$10M n/a n/a $10M+ 22.4 27.2   $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.   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 2/28/14 0-$500K 4.26 4.4 5.2 4.2 4 4.2 4 $500K-$1M 4.65 4.9 4.6 3.4 3.2 3 3.8 $1M-$1.5M 4.96 5.2 4.6 3.6 3 3.5 4 $1.5M-$2M 5.61 5.6 5.1 5 4.7 5 6.4 $2M-$3M 7.84 9.1 8.3 6.3 5.4 5.9 6.9 $3M-$4M 20.22 23.4 21.3 17.1 15.8 16.3 15.3 $4M-$5M 22 23.9 25.3 18.8 14.1 15 13.7 $5M-$7.5M 40.8 31.6 26.4 25 21.5 22.2 24 $7.5M-$10M 44.8 52.1 58.8 53.1 46.3 46.3 46.3 $10M+ 272 103.2 92.1 72.2 61.5 66 63 I find these two charts to be very intriguing.  One can see the huge discrepancy based on the 2013 numbers between the luxury market and under $3M.  However, at the top if we use the inventory based on the ytd sold numbers it is not as definitive. The luxury market is doing much better than last year and each market seems to be doing relatively well.   Open Houses March 9th       Below are the 35 Open Houses for Sunday.  Street Name Area List Price   Listing Office 53 Rodwell Avenue #A Greenwich 549000 1-4 p.m. Raveis 48 Almira Drive Greenwich 635000 1-4 p.m. Raveis 12 Greenwich Hills Greenwich 695000 2-4 p.m. Anderson 73 William Street Greenwich 799000 1-3 p.m. Coldwell 17 Wescott Street Riverside 825000 1-3 p.m. Newbridge 40 Ettl Lane #14 Greenwich 875000 1-3 p.m. Weichert 31 Scott Road Greenwich 879500 1-3 p.m. Weichert 40 Hassake Road OG 899000 1-3 p.m. Shore and Country 82 Northfield Street #A GR 949800 1-3 p.m. Coldwell 7 Fletcher Avenue #A Greenwich 955500 2-4 p.m. Anderson 19 Wescott Street RV 1027000 1-3 p.m. Coldwell 160 Valley Road CC 1195000 2-4 p.m. Raveis 19 Richmond Drive OG 1285000 1-4 p.m. Sothebys 27 Thornhill Road Riverside 1379000 1-3 p.m. Coldwell 16 Orchard Place #B Greenwich 1395000 1-3 p.m. Coldwell 45 Orchard Place #E Greenwich 1450000 1-3 p.m. Coldwell 469 Taconic Road Greenwich 1599000 2-4 p.m. Weichert 43 Stag Lane Greenwich 1745000 2-4 p.m. Sothebys 16 Orchard Place #A Greenwich 1750000 1-3 p.m. Coldwell 330 Sound Beach Road Old Greenwich 1799000 1-4 p.m. Raveis 105 Shore Road Old Greenwich 1895000 1-3 p.m. Coldwell 48 Winthrop Drive RV 1975000 1-4 p.m. Coldwell 6 Gaston Farm Road Greenwich 2325000 1-3 p.m. Coldwell 55 Shore Road OG 2349000 1-3 p.m. Weichert 55 Shore Road Old Greenwich 2349000 1-3 p.m. Weichert 299 Palmer Hill Riverside 2399000 1-4 p.m. Raveis 4 River Avenue Greenwich 2399900 12-3 p.m. Raveis 15 Palmer Terrace RV 2599000 1-3 p.m. Raveis 520 North Street GR 2750000 1-3 p.m. Coldwell 268 Palmer Hill Road Riverside 2895000 1-4 p.m. Raveis 8 Colonial Lane Riverside 2975000 2-4 p.m. Anderson 46 Will Merry Lane Greenwich 2995000 1-4 p.m. BHHS 7 Juniper Hill Road Greenwich 2995000 2-4 p.m. Raveis 5 Sylvan Lane Old Greenwich 3195000 1-3 p.m. Coldwell 20 Langhorne Lane Greenwich 6195000 1-3 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.