Greenwich CT, Residential Real Estate Blog and Analysis: March 20th

Greenwich, CT Residential Real Estate Blog and Analysis:   March 20th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com Pictured above is 40 Riverside Lane. We have lowered the price to $1.95M.  We have seen great activity since lowering the price three days ago, so please reach out if you would like to set up a showing.  As you will read below there are many features. One of my personal favorites is the back patio space with an outdoor fireplace and outdoor kitchen featuring a gas grill as well as a green egg cooker for the barbecue enthusiast. This exceptional 4,000 sq. ft. colonial was built in 2006 and boasts lustrous hardwood floors, elegant custom millwork and a thoughtful floor plan that affords wonderful flow for both casual get-togethers and formal gatherings.  One hallmark of this distinctive property is the fabulous outdoor bluestone patio with a commanding natural stone fireplace as well as a custom stone barbeque area, with a built-in grill, Green Egg Cooker and refrigerator providing a sensational backdrop for countless hours of entertaining. The lofty double-height, sundrenched entryway sets the tone for this beautifully appointed five bedroom home. The refined living room gives way to a gracious dining room, classically designed with custom raised paneling and built-in cabinetry, including shelving. A swinging French butler's door leads into a bright chef's kitchen.  The delightful eat-in kitchen features breakfast bar seating for three, rich granite countertops, an efficient built-in desk and gleaming bow windows overlooking the backyard, with access to the magnificent patio, creating a seamless flow for indoor/outdoor entertaining. The kitchen harmoniously expands into the family room, anchored by a fireplace with a fieldstone surround, which is flanked by custom bookcases and cabinetry. A fully equipped laundry room and mudroom with storage, sit nearby and offer access to the garage. A lovely powder room with a pedestal sink sits just off the entryway. A dramatic open staircase leads to the comfortable second level with a stunning master bedroom offering a large walk-in closet with custom cabinetry and a sumptuous marble bathroom, complete with an inviting Jacuzzi soaking tub, generous shower and water closet. Two spacious bedrooms share a charming hall bathroom and one additional bedroom, with an en-suite bath punctuated by a sky-light, comprise the second floor. The splendid lower level is defined by a very large recreational space featuring a gas fireplace and a wall of custom cabinetry, ideally suited as an additional family room with plenty of room for game tables or as a playroom, allowing for hours of creative fun. A separate bedroom and full bath, suitable as an au pair suite, or could be utilized as a home gym. Ample storage space round out the lower level. Set on a .20 of a newly landscaped acre, this clapboard sided home exudes genuine curb appeal with a split rail fence and a welcoming, spacious front porch with columns, providing the perfect spot to sit and enjoy a leisurely afternoon! Conveniently located in Riverside with easy access to town, schools, highways and the train. January was very slow as far as sold properties.  You will see as you look at the charts below that February more than out did January.  January was down 52% in volume over last year.  We made up for that in February, as we are now at the same point practically that we had at this point of last year.  This is a great one sheet on January and February Sales.  There are 553 properties for sale in Greenwich currently, up twelve from last week.  453 of which are single family homes.  We have 116 properties under contract.  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. 4th Quarter Report   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   January was obviously disappointing.  However, for how disappointing January was, February was promising.  We had 52 total properties sell in the month of February.  More than the last four years. New Listings The new listings for February were 95.  This number is slightly less than the last three years.     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 Price Range 2/28/15 0-$500K 4.5 $500K-$1M 6.3 $1M-$1.5M 4.8 $1.5M-$2M 6.9 $2M-$3M 10.1 $3M-$4M 31 $4M-$5M 54.3 $5M-$7.5M 49.1 $7.5M-$10M 20.4 $10M+ 41.7 This chart above is the months on average based on the amount sold so far this year.  I feel it is a good comparison between 12/31/14 based on last year's numbers vs. currently using this year's activity to date.  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.   Open Houses for March 22nd    Please Below are the 25 open houses this weekend.  Come visit my open house at 40 Riverside Lane. Street Name Area List Price Time Listing Office 147 Putnam Park Greenwich $500K 2-4 p.m. Raveis 36 Francis Lane Greenwich $629K 1-3 p.m. Douglas Elliman 30 Almira Drive Greenwich $649.9K 1-3:30 p.m. Raveis 42 Ridge Street Cos Cob $975K 2-4 p.m. Raveis 35 Center Drive Old Greenwich $999K 1-3 p.m. Halstead 201 Cat Rock Road Cos Cob $1.195M 1-4 p.m. BHHS 69 Stanwich Road Greenwich $1.35M 1-4 p.m. BHHS 11 Suburban Avenue Cos Cob $1.35M 1-4 p.m. Coldwell Banker 633 Steamboat #1 Greenwich $1.45M 1-4 p.m. BHHS 365 Round Hill Road Greenwich $1.695M 1-3 p.m. Davenport 15 Ferncliff Road Cos Cob $1.695M 1-3 p.m. Coldwell Banker 89 Mallard Drive Greenwich $1.825M 2-4 p.m. Houlihan Lawrence 43 Riverside Lane Riverside $1.849M 1-4 p.m. BHHS 30 Lockwood Drive Old Greenwich  $1.85M 1-3 p.m. Houlihan Lawrence 40 RIVERSIDE LANE Riverside $1.95M 1-4 p.m. Houlihan Lawrence 2 Finney Knoll Riverside $1.99M 1-4 p.m. Coldwell Banker 22 Red Coat Lane Greenwich $2.25M 2-4 p.m. Sotheby's 39 Lockwood Drive Old Greenwich $2.295M 1-4 p.m. Houlihan Lawrence 17 Lincoln Avenue Greenwich $2.795M 2-4 p.m. Sotheby's 33 Normandy Lane Riverside $3.395M 1-4 p.m. BHHS 1 Reynwood Manor Greenwich $3.495M 1-3 p.m. Coldwell Banker 70 Sherwood Avenue Greenwich $3.975M 1-4 p.m. Charles Paternina 26 Stillman Lane Greenwich $4.85M 1-3 p.m. Coldwell Banker 22 Stillman Lane Greenwich $4.995M 1-3 p.m. Coldwell Banker 14 Golf Club Road Greenwich $6.095M 12-2 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.