Greenwich CT, Residential Real Estate Blog and Analysis: April 4th

Greenwich, CT Residential Real Estate Blog and Analysis:   April 4th    A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

The open house list is updated for this week.  The analysis is the same as last week.  I have a new listing that will go live on Wednesday on one of the most sought after streets in Riverside. A true gem that is walking distance to train, schools, and on a private cul-de-sac. The list price will be $2.375M.  I will feature it next week and explain all of the reasons why it is such a great find.  However, if you would like more information before it goes live do not hesitate to reach out. I will be hosting an open house at my listing pictured above, 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.  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 547 total properties for sale in Greenwich.  That is up 30 since March 1. Thirty new properties is a nice size jump, but when realizing that there were 114 new listings, a net of thirty does not seem so bad.  Last year at this time we had 598 total properties for sale based on my April 5th, 2013 newsletter.  Hence, it is a ten percent more competitive market this year than last year. 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   We have had 38 properties sell so far in March.  Keeping on pace for the past few years. New Listings We have had 114 new listings so far in March.  This is up from last year but down from 2011 and 2012.      Year to Date Sold The $500K to $1M range continue to see increases.  It jumped another 3 percent to 22%.  We are still seeing an improvement in properties priced over $2M from last year.  However, the lower priced homes have made a push in the 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 0-$500K 10.2 6.0 7.0 $500K-$1M 9.7 8.6 9.0 $1M-$1.5M 5.5 9.5 8.9 $1.5M-$2M 8 14.5 13.6 $2M-$3M 4.7 9.2 11.6 $3M-$4M 11 13.1 11.8 $4M-$5M 11.9 8.9 13.1 $5M-$7.5M 20.7 32.0 39.5 $7.5M-$10M n/a n/a 71.5 $10M+ 22.4 27.2 42.0   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 0-$500K 4.26 4.4 5.2 4.2 4 4.2 4 3.8 $500K-$1M 4.65 4.9 4.6 3.4 3.2 3 3.8 4.4 $1M-$1.5M 4.96 5.2 4.6 3.6 3 3.5 4 4.1 $1.5M-$2M 5.61 5.6 5.1 5 4.7 5 6.4 6.1 $2M-$3M 7.84 9.1 8.3 6.3 5.4 5.9 6.9 8 $3M-$4M 20.22 23.4 21.3 17.1 15.8 16.3 15.3 16.5 $4M-$5M 22 23.9 25.3 18.8 14.1 15 13.7 13.7 $5M-$7.5M 40.8 31.6 26.4 25 21.5 22.2 24 25.1 $7.5M-$10M 44.8 52.1 58.8 53.1 46.3 46.3 46.3 42.9 $10M+ 272 103.2 92.1 72.2 61.5 66 63 66   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 April 6th       Below are the open houses for Sunday.  I will be hosting an Open house at my listing 30 Montgomery Lane. Stop by and say hello. Street Name Area Time List Price Listing Office 21 Cary Road Riverside 1-3 p.m. $469K Coldwell 51 Forest Ave #1 Old Greenwich 1-4 p.m. $532K BHHS 20 High Street Greenwich 12-2 p.m. $575K Coldwell 32 Ettl Lane Greenwich 1-3 p.m. $715K Keller Williams 30 Ettl Lane Greenwich 1-3 p.m. $820K Shore and Country 82 Northfield St #A Greenwich 2-4 p.m. $949.8K Coldwell 215 Palmer Hill Road Old Greenwich 1-4 p.m. $1.199M BHHS 304 Orchard Street Greenwich 1-4 p.m. $1.285M Sotheby's 16 Licata Terrace Cos Cob 2-4 p.m. $1.35M Coldwell 48 Orchard Street Cos Cob 1-3 p.m. $1.495M BHHS 52 Benjamin Street Old Greenwich 1-3 p.m. $1.535M BHHS 44 Bote Road Greenwich 1-3 p.m. $1.595M Coldwell 469 Taconic Road Greenwich 1-3 p.m. $1.599M Weichert 9 Mortimer Drive Old Greenwich 1-4 p.m. $1.649M Weichert 810 Lake Avenue Greenwich 1-3 p.m. $1.695M Sotheby's 330 Sound Beach Old Greenwich 1-4 p.m. $1.745M Raveis 134 Butternut Hollow Greenwich 2-4 p.m. $1.795M Houlihan Lawrence 73 Connecticut Avenue Greenwich 1-3 p.m. $1.995M Raveis 741 Riversville Road Greenwich 2-4 p.m. $1.995M Houlihan Lawrence 69 Hillcrest Park Old Greenwich 2-4 p.m. $2.195M Newbridge 30 Montgomery Lane Greenwich 2-4 p.m. $2.245M Houlihan Lawrence 35 Shady Lane Greenwich 2-4 p.m. $2.295M Coldwell 55 Shore Road Old Greenwich 1-3 p.m. $2.349M Weichert 32 Welwyn Road Riverside 1-4 p.m. $2.375M Centric 18 Hawkwood Lane Greenwich 2-4 p.m. $2.55M Houlihan Lawrence 58 Thunder Mountain Greenwich 1-4 p.m. $2.575M BHHS 2 Old Church #2 Greenwich 2-4 p.m. $2.649M Houlihan Lawrence 10 Gaston Farm Road Greenwich 2-4 p.m. $2.695M Houlihan Lawrence 268 Palmer Hill Road Riverside 1-3 p.m. $2.895M Raveis 46 Will Merry Lane Greenwich 1-4 p.m. $2.995M Raveis 87 Perkins Road Greenwich 1-3 p.m. $2.9M BHHS 46 Park Avenue Old Greenwich 2-4 p.m. $3.199M Houlihan Lawrence 36 Shore Road Old Greenwich 2-4 p.m. $3.295M Houlihan Lawrence 159 Park Avenue Greenwich 2-4 p.m. $3.2M Houlihan Lawrence 27 Chieftans Road Greenwich 2-4 p.m. $3.395M Houlihan Lawrence 75 Dearfield Drive Greenwich 1-4 p.m. $3.495M Coldwell 2 Winding Lane Greenwich 2-4 p.m. $4.45M Houlihan Lawrence 212 Taconic Road Greenwich 1-4 p.m. $4.5M BHHS 733 Lake Avenue Greenwich 2-4 p.m. $4.795M Houlihan Lawrence 26 Glen Avon Drive Riverside 2-4 p.m. $4.85M Houlihan Lawrence 22 Stillman Lane Greenwich 1-3 p.m. $5.495M Houlihan Lawrence 20 Langhorne Lane Greenwich 1-3 p.m. $6.195M Coldwell 7 Oakwood Lane Greenwich 2-4 p.m. $6.875M Houlihan Lawrence 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.