Greenwich, CT Residential Real Estate Blog and Analysis: August 15th

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

The above brand new luxurious home at The Harbor is located at 2 Oneida Drive #E.  The Harbor is an in-town gated community, with this home listed as 6,695 s.f. with a  magnificent 1,000 s.f. roof top terrace with an outdoor kitchen and spa with unbelievable views of the Long Island Sound.  It is listed as having three fireplaces, 10' ceilings, as well as a private elevator.  The lower level will have a media room, wine room, and home theatre.  The list price is $5.295M. I will be hosting an open house at the above colonial located at 10 Maher Avenue in Greenwich.  The open house will be from 1:00 p.m.-4:00 p.m. on Sunday.  We have just lowered the price to $2.049M.  It is also on the market for rent on Monday for $8K a month.  Please stop in and say hi.  Let me know if you would like to set up a showing.  My cell is 203-273-1034.  My partner Ted Thaxter will be hosting an open house at one of my other listings 1535 E. Putnam #301 with a list price of $295K. We currently have 665 properties for sale in all of Greenwich, down eleven from two weeks ago.  I imagine the inventory will start to pick up between Labor Day and Thanksgiving.  In the amount of transactions July was disappointing.  We had 95 properties close vs 113 last July.  You may continue to hear that average sold prices have gone up.  That can be attributed to the market over $10M is way up over last year.  We had three more properties close over $10M in the month of July bringing us ytd to 11, not to mention the most expensive sold property in the US at $120M.  We only had 8 properties sell over $10M all year last year.  Hence, the average prices are going to rise.  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. 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 still cannot seem to catch up to last years number of transactions.  The year started off hot, and has since dwindled.  We are down 10-15% every month the last few months.  We will need a strong fall market to come close to 2013.  The positive is that we are still stronger than 2012. New Listings We had 97 new listings in July again surpassing last year's inventory.    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 through current 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 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 for August 3rd       Below are the 30 open houses this Sunday.  I will be at my listing of 10 Maher Avenue, from 1-4 p.m.  My partner Ted Thaxter will be hosting an Open House at 1535 E. Putnam Avenue #301 as well. Street Name Area List Price Time Listing Office 33 Sound View #A Greenwich $4.675K 1-3 p.m. BHHS 20 Harkim Road Greenwich $7.25M 2-4 p.m. Coldwell Banker 10 MAHER AVENUE Greenwich $8K 1-4 p.m. Houlihan Lawrence 1535 E. Putnam #301 Old Greenwich $295K 1-3 p.m. Houlihan Lawrence 171 Putnam Park #171 Greenwich $399K 1-4 p.m. BHHS 12 Cross Street Greenwich $689K 1-3 p.m. Raveis 10 Rex Street Greenwich $725K 1-3 p.m. BHHS 303 Bruce Park Avenue Greenwich $735K 12-3 p.m. Weichert 5 Cross Street Greenwich $749K 2-4 p.m. Coldwell Banker 6 Buena Vista Drive Greenwich $799K 1-3 p.m. Weichert 57 Richmond Drive Old Greenwich $995K 2-4 p.m. Coldwell Banker 48 Valley Road Cos Cob $1.2M 12-3 p.m. Raveis 36 Valleywood Road Cos Cob $1.295M 2-4 p.m. Houlihan Lawrence 6 Ferris Drive Old Greenwich $1.39M 1-3 p.m. Keller Williams 75 Taconic Road Greenwich $1.499M 12-2 p.m. Raveis 46 Loughlin Road Cos Cob $1.675M 1-4 p.m. Coldwell Banker 5 Idar Court #B Greenwich $1.899M 1-3 p.m. The Relocation Group 20 Harkim Road Greenwich $1.995M 2-4 p.m. Coldwell Banker 10 MAHER AVENUE Greenwich $2.049M 1-4 p.m. Houlihan Lawrence 55 Shore Road Old Greenwich $2.195M 2-4 p.m. Weichert 78 Butternut Hollow Greenwich $2.395M 2-4 p.m. Coldwell Banker 33 Pleasant Street Riverside $2.749M 1-4 p.m. Keller Williams 30 Hillcrest Park Old Greenwich $2.975M 1-4 p.m. Higgins Group 265 Valley Road Cos Cob $2.995M 1-4 p.m. Higgins Group 7 Nawthorne Road Old Greenwich $3.395M 1-4 p.m. Halstead  95 Connecticut Avenue Greenwich $3.695M 2-4 p.m. Coldwell Banker 11 Cove Road Old Greenwich $3.999M 1-4 p.m. BHHS 20 Carpenters Brook Greenwich $4.1M 1:30-3:30 p.m. Coldwell Banker 15 Lexington Avenue Greenwich $4.15M 1-3 p.m. Coldwell Banker 20 Langhorne Lane Greenwich $5.995M 11-1 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.