Greenwich, CT Residential Real Estate Blog and Analysis:
February 20th
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A weekly analysis brought to you by Greenwich Real Estate Guy.
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A quick thank you to all of the readers and followers of the blog. At last count there were 1,101 agents who belong the GMLS. For the month of January I ranked fifth in total transactions, and have another six under contract. It means a lot that so many of you have trusted me to help you. I truly appreciate the referrals as well, thank you.
The above Kaali-Nagy built home was constructed in 2010.
264 Riverside Avenue boasts six bedrooms, five full baths, and one half bath, and five fireplaces throughout the 6,081 s.f. home which sits on .33 of an acre. Kaali-Nagy is known for their quality and attention to detail, this house is no exception. The oak floors, the kitchen details, the openness and flow, nine and ten foot ceilings set apart this beautiful colonial. There is an integrated whole-house entertainment system and state of the art amenities. It is close to the train and Riverside schools as well. The asking price is $4.395M.
As we look at January, it was slower than last year. Remember, we had a great January and February in 2014. Still, we are down 52% vs. last year in volume. This is a great one sheet on
January Sales. As you see we are down 52% but if you look at the supply and demand analysis we went from a nine to a six. We need more inventory and this was the first week we see a good size bump in inventory.
There are 536 properties for sale in Greenwich currently, up 16 from last week. There are 417 of which are single family homes. We had 64 properties sell on the MLS, up 9 from last week. We have 93 properties under contract, same as last week.
When looking at 2014 as a whole it was a very surprising year. We finished 2013 with a flurry of activity and started 2014 with that activity. The year as a whole however ended up 6.2% down in total transactions. However, the average sales price was up 19.8%. The median sale price was up 11.1%. Even the average price per square foot was up 9.9%.
When looking at all of this data we get a clearer picture. Ultimately the high end market was extraordinary. The over $10M market which has been hit so hard lately was up 87% over last year. Obviously, this causes the median and average prices to jump. We had an incredible year, especially in the high end. When we hear that the average price per home is up, the median price is up, the amount per s.f. is up, it would be easy to say we had the year of all years. Conversely, if we said that the amount of transactions is down 6.2% we could say it was a slow year. As most times, the truth lies in the middle. In 2013 we saw the activity jump from 2012, but most of that was in the under $2M range and especially under $1m. This year, the inventory of these markets were lacking all year. In turn, that really affected the activity, and is where we saw most of the activity in 2013. The under $1M properties sold dropped 12% from 2013. The $1M-$2M dropped and even more astounding 21%. These price points have been the pulse of the market and is the reason that the activity dropped 6%.
In my opinion overall, the market in 2014 was good, and could have been great if we had more inventory, especially in the under $2M market. Everything points to a robust market in 2015. As mentioned, the activity for the year was down about 6%. However, when you look at November and December of this year we are up 7.5% on activity vs. 2013.
I have also included a link to the 4th Quarter Market Report my firm puts out for your review.
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
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Properties Sold
When looking above, you can see that we are off to an average January.
New Listings
The new listings are on par with the past few years.
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Year to Date Sold
The value in these two charts are comparing the market of what is available vs. what has sold. Obviously, we are only one month in, so each transaction would have a more profound impact on each graph.
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 |
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 |
As you can see the market needs more inventory in under $3M range and continue to see improvement in the higher price ranges. Obviously, in times of lower inventory it dramatically changes the numbers.
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Open Houses for February 22nd
There are 29 open houses on Sunday. Please let me know if I can give you any insight to these or any other properties.
Best,
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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.
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Jared Randall
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