Greenwich CT, Residential Real Estate Blog and Analysis: June 12th

Greenwich, CT Residential Real Estate Blog and Analysis:   June 12th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

My charts are as of May 31st.  Also, I have included links to the May reports that Houlihan Lawrence puts out for each town, and Greater Greenwich as a whole.

Pictured above is 57 Gregory Lane.   This home was finished this year and is listed as a 2015 build.  One of the positives is it is on a quiet cul-de-sac.  It is listed as 4,077 s.f. with an additional 2,500 of unfinished space in the lower level.  The flow of this house is great, everything is open, so entertaining and transitioning from room to room would feel natural. I also like the brazilian wood floors.  There are four bedrooms upstairs and the master is what today's buyers are interested in with two walk in closets.  The elementary school it feeds into would be North Mianus with Eastern as the Middle School.  The price is $2.395M.

May Analysis

As we see the busiest part of the year start to slow down, the numbers are positive.  We had matched the highest amount of closed listings in May over the past five years with 91.  Also, we had 182 properties come on the market in May.  There is a strong belief that one of the aspects holding our market back is lack of quality new listings, especially in the $2M-$3M range, so the fact we had a good amount of new listings we will see if that affects the summer and fall markets.

When diving into the new listings and subsequently the current inventory, I think it will be a good sign for the market.  As of April 30 there were 318 active properties priced over $3M (which is the slower end of the market typically).  As of May 31st we had 309 active properties priced over $3M.  Conversely, under $3M we had 354 properties as of April 30, while as of May 31st we had 388 properties.  Hence, the new listings that hit the market were primarily in the price ranges that properties are moving faster.  This will let us see how strong the market is.  If  we see improvement in the closed properties in the Fall months compared to the last few years then we can make the jump that the lack of inventory is slowing us down.  However, if we do not see a jump, then the market may be more stagnant.

Here is the link to the 1st Quarter Market Report my firm puts out for your review.

1st Quarter Report

Below are the May reports Houlihan Lawrence puts out:

May Greater Greenwich Report

May Old Greenwich Report

May Riverside Report

May Cos Cob Report

May Greenwich 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   We had a great May with 91 properties close.  That matched 2013 as the highest May in the last several years. New Listings We had 181 new properties listed in Greenwich in May which is impressive and outdid April of this year, which we rarely see.  We will see if the demand is there to help push the market into the Spring.

Year to Date Sold As mentioned in the first section this past month was a really good month based on the numbers.  We had a lot of inventory hit the market but it is in the right price ranges.  The biggest jump was the $500K to $1M and the $2M-$3M ranges.  We also had a great May in regards to closed properties.   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 0-$500K 4.5 4 9.6 9.6 $500K-$1M 6.3 4.2 7.5 8.6 $1M-$1.5M 4.8 4.5 6 5.5 $1.5M-$2M 6.9 7 8.8 8.1 $2M-$3M 10.1 8 14 15 $3M-$4M 31 20.5 25.5 25.3 $4M-$5M 54.3 26.6 30.3 27.3 $5M-$7.5M 49.1 30.2 34.6 31.7 $7.5M-$10M 20.4 36 31.3 36.4 $10M+ 41.7 76.5 80.5 86 Looking at these two charts really shows the market and the difference between last year.  The numbers typically go up in April, as that is the month that the most amount of inventory hits the market.  It is interesting to see this year's inventroy sells through or not, as we had more new listings in May than in year's past. Open Houses for June 14th    Below are the 47 Open Houses this Sunday.   Street Name Area List Price Time Listing Office 7 Brookside Park Old Greenwich $5.7K 12-3 p.m Re/MAX Heritage 298 Sound Beach Old Greenwich $8.2K 1-3 p.m. Reveis 182 Putnam Park Greenwich $475K 1-4 p.m. Laurel Properties 147 Putnam Park Greenwich $485K 1-4 p.m. Raveis 35 Rockmere Avenue Old Greenwich $689K 1-4 p.m. BHHS 351 Pemberwick #101 Greenwich $699K 1-3 p.m. Raveis 6 Caroline Farms #4 Cos Cob $735K 2-4 p.m. Douglas Elliman 74 Orchard Street Cos Cob $749K 1-3 p.m. Sotheby's 12 Bonwit Road Riverside $850K 1-3 p.m. Houlihan Lawrence 7 Brookside Park Old Greenwich $865K 12-3 p.m. RE/MAX 1364 King Stret Greenwich $865K 1-3 p.m. Houlihan Lawrence 22 Wescott Street Riverside $865K 2-4 p.m. Houlihan Lawrence 4 Old Church Road Greenwich $1.295M 1-4 p.m. Raveis 15 Stone Brook Cos Cob $1.35M 12-4 p.m. Weichert 41 Leonard Avenue Riverside $1.395M 1-4 p.m. Sotheby's 70 Bedford Road Greenwich $1.62%M 1-3 p.m. Coldwell Banker 99 Riverside Lane Riverside $1.695M 1-3 p.m. Newbridge 7 Steeple Chase Greenwich $1.795M 12-2 p.m. Sotheby's 298 Sound Beach Old Greenwich $1.85M 1-3 p.m. Raveis 29 Coventry Lane Riverside $1.895M 1-4 p.m. Coldwell Banker 37 Mianus View Cos Cob $1.975M 1-4 p.m. BHHS 69 Mallard Drive Greenwich $1.995M 1-3 p.m. Sotheby's 54 Sundance Drive Cos Cob $1.995M 2-4 p.m. Raveis 85 Lower Cross Greenwich $1.995M 1-3 p.m. Coldwell Banker 39 Lockwood Drive Old Greenwich $2.15M 1-4 p.m. Houlihan Lawrence 7 Stag Lane Greenwich $2.175M 1-3 p.m. Higgins Group 188 Bedford Road Greenwich $2.265M 1-4 p.m. Coldwell Banker 124 Porchuck Road Greenwich $2.295M 1-3 p.m. Halstead 82 Butternut Hollow Greenwich $2.395M 2-4 p.m. Houlihan Lawrence 57 Gregory Road Cos Cob $2.395M 1-3 p.m. Houlihan Lawrence 522 North Street Greenwich $2.65M 2-4 p.m. Houlihan Lawrence 268 Palmer Hill Riverside $2.675M 2-4 p.m. Houlihan Lawrence 72 Hillcrest Park Old Greenwich $2.695M 2-4 p.m. Houlihan Lawrence 33 Pleasant Street Riverside $2.77M 1-4 p.m. BHHS 4 Game Cock Road Greenwich $2.895M 1-3 p.m. Halstead 43 Harding Road Old Greenwich $2.995M 2-4 p.m. Douglas Elliman 27 Chieftans Road Greenwich $3M 2-4 p.m. Coldwell Banker 15 Owenoke Way Riverside $3.45M 1-3 p.m. David Ogilvy 647 River Road Cos Cob $3.5M 1-4 p.m. BHHS 98 North Street Greenwich $3.75M 12-3 p.m. Coldwell Banker 70 Sherwood Avenue Greenwich $3.775M Sat. 10-4 p.m. Charles Paternina 14 Sherwood Farm Greenwich $3.995M 1-3 p.m. Halstead 26 Stillman Lane Greenwich $4.6M 2-4 p.m. Coldwell Banker 1 Ashton Drive Greenwich $4.995M 2-4 p.m. Coldwell Banker 432 Field Point Greenwich $5.995M 1-4:45 p.m. Halstead 16 Shoreham Club Old Greenwich $5.995M 12-2 p.m. Sotheby's 303 Milbank Avenue Greenwich $6.4M 2-4 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