We have had a lot of new subscribers as of late. A quick refresher of the blog. Scroll down for charts on the inventory and sold properties for each price range. Also, pay close attention to the months on average chart as it breaks down the overall health of each price point. Below that you will find the open house list for Sunday with clickable links to see the detail on each property. Lastly, I have invested in my own MLS portal for individuals to set up their own custom searches. This way people can follow their specific search by area, school, price point, lot size, s.f. etc. Feel free to search properties and you can even set up to get alerts as properties come on the market or are sold.
As a realtor in Greenwich we have Broker open house days on Tuesdays and Thursdays. Homes for sale are opened up to the realtors so that we can get familiar with the properties. When the above featured 159 Taconic Road came on the market last week and had their broker open house, it was all of the talk in the office. This spectacular colonial was built in 2015 with every detail thought of. Take a look at the pictures, as the details I loved were the differences in the ceilings of different rooms. You have the beautifully done coffered ceilings, then over the kitchen, the ceiling reminds me of a plantation style in New Orleans, mixed with columns with high gloss paint in another room. I felt the agent summed it up perfectly when she wrote, "Spectacular 2015 Colonial showcases timeless elegance of traditional architectural elements with stunning modern aesthetics." The home is listed as 11,500 s.f. with six en-suite bedrooms. The home has seven total full baths and three more half baths. The amenities include but are not limited to home theatre, wine cellar, exercise room, 20' by 40' heated pool, covered terrace, a bluestone patio with built in BBQ and stone fire pit, three car garage and a generator. The house is listed for sale at $9.595M.
I believe if you scroll down to the pie charts you will see the market in a snapshot. There are still two different markets the under $2M or $3M and the over $2M or $3M market. "Looking at these two graphs, I believe really sum up the market. The below $2M market equates to 64% of the sold properties this year. However, looking below the inventory in that market equates to 37% of the available inventory. If you add in the $2M-$3M market then you are looking at 79% of sold properties to 56% of the market. Conversely the over $2M market is 63% of our total inventory and only makes up 36% of the sold properties this year."
To further illustrate the point if you look down to the months on average graph you will see it in better detail. "This really shows the difference between the markets. Every price point under $2M is less than 7 months. While, $2M-$5M ranges between 11 months and 15 months. $5M-$10M ranges from 21 months to 47 months and over $10M it would take 120 months to sell through the inventory at the current pace."
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 hav 652 available properties in Greenwich today. We have sold 512 properties. You can see July has been comparable to the past few years, only less than 2013.
New Listings
We had 98 new listings in the month of July, which is less than last year, but still a healthy number.
Year to Date Sold
Looking at these two graphs, I believe really sum up the market. The below $2M market equates to 64% of the sold properties this year. However, looking below the inventory in that market equates to 37% of the available inventory. If you add in the $2M-$3M market then you are looking at 79% of sold properties to 56% of the market. Conversely the over $2M market is 63% of our total inventory and only makes up 36% of the sold properties this year.
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. The first chart is the 2014 inventory vs. sold numbers. The second chart is inventory today vs. sold properties.
Price Range
1/31/14
2/28/14
3/28/14
4/25/14
5/16/14
7/31/14
12/31/14
0-$500K
10.2
6.0
7.0
6.1
5.5
5.6
3
$500K-$1M
9.7
8.6
9.0
8.7
8.6
5.2
3.7
$1M-$1.5M
5.5
9.5
8.9
10.3
7.8
6.4
4.4
$1.5M-$2M
8
14.5
13.6
18.4
17.8
11
6.7
$2M-$3M
4.7
9.2
11.6
14.3
14.2
11.1
7
$3M-$4M
11
13.1
11.8
14.2
14.5
10.4
9
$4M-$5M
11.9
8.9
13.1
14.4
22.1
17.7
18.4
$5M-$7.5M
20.7
32.0
39.5
59
56.6
32
25.1
$7.5M-$10M
n/a
n/a
71.5
51
31.5
59.5
21.6
$10M+
22.4
27.2
42.0
22.7
33.8
29.9
35.2
Price Range
2/28/15
3/30/15
4/30/15
5/31/15
6/30/15
7/31/15
0-$500K
4.5
4
9.6
9.6
5.4
5.3
$500K-$1M
6.3
4.2
7.5
8.6
7.4
6.8
$1M-$1.5M
4.8
4.5
6
5.5
4
3.3
$1.5M-$2M
6.9
7
8.8
8.1
6.5
5.8
$2M-$3M
10.1
8
14
15
11.6
11.6
$3M-$4M
31
20.5
25.5
25.3
16.2
13.1
$4M-$5M
54.3
26.6
30.3
27.3
17.2
15.5
$5M-$7.5M
49.1
30.2
34.6
31.7
23.8
20.9
$7.5M-$10M
20.4
36
31.3
36.4
49.6
47
$10M+
41.7
76.5
80.5
86
103.1
120.8
This really shows the difference between the markets. Every price point under $2M is less than 7 months. While, $2M-$5M ranges between 11 months and 15 months. $5M-$10M ranges from 21 months to 47 months and over $10M it would take 120 months to sell through the inventory at the current pace.
Open Houses for September 20th
Below are the 64 open houses for Sunday. The first two are rentals.
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.
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