About Me

 

 Jared G Randall

Houlihan Lawrence

100 West Putnam Avenue

Greenwich, CT 06830

Cell:    203-273-1034

Office: 203-869-0700 x40250

email: jrandall@HoulihanLawrence.com

 

 

Saturday
Sep222012

Greenwich CT, Residential Real Estate Analysis: September 14th


   
Properties Sold

sold0915 

We are continuing to see more properties close.  As you can see above the last two months are the first two months of the year where the sold properties outpace the previous two years sold properties.  So far this month we have had 28 properties close.  When you look below you will see it is not as strong compared to the flood of new listings, however, compared to last two years, that is good volume.  In 2011 September had 53 closings, and in 2010 there were 46 closings.

 

New Listings
newlistings0915
As you can see above we are just two weeks into September and we have a huge increase already over the last two years, and already over last months.  I am intrigued to see if that will send a flurry of activity over the fresh properties or if it will continue to add to the excess inventory.

   

 

  
Year to Date Soldytdsold0907
 
In the past two weeks we saw a good number of properties sell.  There were three price ranges that saw a higher percentage than the others.  We saw about a 10% growth in these three price ranges.  In the past two weeks four properties sold in the 0-$500K range bringing the year to date total to 46.  We saw six properties sell in the $1M-$1.5M range bringing the total to 66.  We also saw three properties sell in the $3M-$4M bringing the year to date total to 35.  
 
 
Year to Date Available
currentavailable0907  

 

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.  We are currently 36 weeks through the year. In the $0-$500K range we have 7.04 months on average to sell through. $500K-$1M  we have 6.41 months.  In the $1M-$1.5M we have 10.19 months. $1.5M-$2M we have 9.56 months. $2M-$3M we have 12.04 months.  This is half of a month's drop in just two weeks.  There was a two week drop as well in the last newsletter meaning in the last three weeks we have dropped a month of inventory in this price range.  $3M-$4M we have 17.08 months which is a six week drop in just the past two weeks. $4M-$5M we have 29.9 months. $5M-$7.5M we have 27.1 months. $7.5-$10M we have 33.21 months.  This is a seven month decreas but is realistically one property selling in this price range. $10M and above we have 38.2 months.  

Open Houses September 16th
  
 

Below are all of the Greenwich Open Houses for Sunday.  As mentioned above if you click on the link it will take you to the listing.  The first eight are rentals.  Enjoy your weekend.

 

 

 

 

 

Address Town List Price Time Broker
81 Sherwood Pl #D Greenwich $8.5K 1-4 PM Prudential
1397 King St Greenwich $9.5K 1-3 PM Coldwell Bnkr
39 Willow Rd Riverside $9.975K 1-3 PM Coldwell Bnkr
48 Arcadia Rd Old Greenwich $11.5K 1-3 PM Coldwell Bnkr
81 Sawmill Ln Greenwich $12.5K 2-4 PM Prudential
45 Close Rd Greenwich $12.5K 2-4 PM Prudential
30 Sherwood Ave Greenwich $12.5K 2-4 PM Prudential
55 Will Merry Ln Greenwich $14K 2-4 PM Coldwell Bnkr
1525 E Putnam Ave #301 Greenwich $299K 1-4 PM Prudential
87 Putnam Park #87 Greenwich $389K 2-4 PM Raveis
1465 E Putnam Ave #530 Old Greenwich $389K 1-3 PM Coldwell Bnkr
176 Hobart Ave Greenwich $500K 1-3 PM Coldwell Bnkr
21 Wescott St Riverside $534.9K 1-3 PM Raveis
24 Wessels Pl Greenwich $541K 2-4 PM Raveis
60 Valley Rd #A Cos Cob $645K 2-4 PM Raveis
230 Valley Rd Cos Cob $650K 2-4 PM Raveis
51 Forest Ave Old Greenwich $680K 1-4 PM FF Realty
98 Putnam Park Greenwich $695K 1-4 PM Raveis
60 Valley Rd #B Cos Cob $699.5K 2-4 PM Raveis
133 Lake Av Greenwich $749K 1-4 PM Prudential
9 Sinawoy Rd Cos Cob $950K 1-4 PM Prudential
73 Weaver St #23 Greenwich $985K 2-4 PM Coldwell Bnkr
9 Center Rd Old Greenwich $990K 1-4 PM Higgins Grp
1 Mortimer Dr Old Greenwich $1.05M 2-4 PM Sotheby's
19 Miltiades Av Riverside $1.195M 2-4 PM Shore & Cntry 
49 Indian Mill Rd Cos Cob $1.25M 1-4 PM Raveis
116 Lockwood Rd Riverside $1.275M 1-4 PM Raveis
60 Valley Rd A & B Cos Cob $1.295M 2-4 PM Raveis
81 Sherwood Pl #D Greenwich $1.425M 1-4 PM Prudential
77 Sherwood Pl #B Greenwich $1.525M 1-4 PM Prudential
99 Stanwich Rd Greenwich $1.595M 1-3 PM Higgins Grp
483 Riversville Rd Greenwich $1.595M 1-4 PM Shore & Cntry 
49 Pecksland Rd Greenwich $1.695M 1-3 PM Shore & Cntry 
30 Stonebrook Ln Cos Cob $1.775M 1-4 PM Raveis
43 Stag Ln Greenwich $1.85M 2-4 PM Sotheby's
127 Havemeyer Pl Greenwich $1.897M 1-4 PM Raveis
17 Sherwood Ave Greenwich $1.899M 12-2 PM Keller Williams
79 William St Greenwich $1.925M 2-4 PM Coldwell Bnkr
24 Meadow Rd Riverside $2.15M 1-4 PM Prudential
17 Candlelight Place Greenwich $2.297M 1-3 PM Prudential
48 Arcadia Rd Old Greenwich $2.479M 1-3 PM Coldwell Bnkr
11 Grimes Rd Old Greenwich $2.575M 2-4 PM Coldwell Bnkr
21 Lake Dr Riverside $2.695M 2-4 PM Shore & Cntry 
30 Sherwood Av Greenwich $2.75M 2-4 PM Prudential
39 Willow Rd Riverside $2.8M 1-3 PM Coldwell Bnkr
9 Miltiades Ave Riverside $2.85M 1-4 PM Prudential
81 Sawmill Ln Greenwich $2.95M 2-4 PM Prudential
55 Will Merry Ln Greenwich $3.25M 2-4 PM Coldwell Bnkr
38 Meadowbank Rd Old Greenwich $3.3M 1-4 PM Raveis
24 Sunset Rd Old Greenwich $3.495M 2-4 PM Sotheby's
24 Marks Rd Riverside $3.495M 2-4 PM Sotheby's
36 Montgomery Ln Greenwich $3.595M 2-4 PM Summit
21 Indian Head Rd Riverside $4.1M 2-4 PM Sotheby's
125 Cat Rock Rd Cos Cob $4.175M 1-4 PM Higgins Grp
4 Cove Ridge Ln Old Greenwich $4.195M 1-3 PM Coldwell Bnkr
1 Little Cove Ln Old Greenwich $4.195M 1-4 PM Raveis
585 Round Hill Rd Greenwich $4.495M 2-4 PM Coldwell Bnkr
45 Close Rd Greenwich $4.999M 2-4 PM Prudential
487 North St, Lots 2 & 3 Greenwich $5M 2-4 PM Coldwell Bnkr
487 North St Lot #5 & 6 Greenwich $6M 2-4 PM Coldwell Bnkr
504 North St Greenwich $6.85M 2-4 PM Coldwell Bnkr
487 North St Lot 1 Greenwich $6.995M 2-4 PM Coldwell Bnkr
487 North St Greenwich $16M 2-4 PM Coldwell Bnkr
  

 

Mortgage Information

 

The two individuals I feel most confident about when it comes to home mortgages are Jeff Ihrig of First Republic in the city and Iliad Estrada of Connecticut Home Mortgage.

 

Jeff can be reached at 646-372-5181.

 

Rates below courtesy of Iliad Estrada.  She can be reached at 203-637-6202.

 

  

CT Mortgage Rates

Product

Interest Rates

Annual Percentage Rate

15 YR Fixed Conforming

2.625%

2.863%

30 YR Fixed Conforming

3.375%

3.514%

30 Year Fixed Agency  Jumbo

n/a

n/a

30 YR  Fixed Jumbo

3.990%

4.116%

5/1 YR ARM Conforming

2.250%

3.081%

5/1 YR ARM Jumbo

2.250%

3.060%

10/1 YR ARM Jumbo

3.375%

3.453%

 *as of July 15th
 
 

Thursday
Sep132012

Greenwich, CT Residential Real Estate Analysis: September 7th

Greenwich, CT Residential Real Estate Analysis: September 7th
A weekly analysis brought to you by Jared Randall.
81 Sherwood

 

 

The beautiful kitchen pictured above can be found at 81 Sherwood Place. I have never had a townhouse as my featured property, and felt only one of this magnitude would stand out as a great buy. This property won the 2009 Palladio award for design in the multi unit category. One of the aspects I love most is there are only five townhouses, so one does not feel they are in a townhouse community. It was built in 2007. There was not a detail overlooked as one can see by the pictures of the inside. It is listed as a 3 bedroom, 3.5 bath, with 3,459 s.f. The price was just lowered from $1.475M to $1.425M. Also, there is a neighboring townhouse for sale as well for $1.525M at 77 Sherwood that just came on three days ago. The most appealing aspect beyond the beautiful construction and design is the location. You are steps from a private school sports fields, 1/2 of a block from a playground for the little ones, one block from Whole Foods, and 2.5 blocks from the shops and restaurants of Greenwich Avenue.

 

I found there to be a very intriguing article from Moody's a couple weeks back; Connecticut Biggest Losers As Wall Street Cuts: Mortgages. Two things I would be cognizant of when reading the article is differentiating when they speak of Greenwich vs. Fairfield County as a whole vs. the state of Connecticut. Lastly, in the article most of the stats are base on the 2nd quarter which ended three months ago. If, you look at the charts below you will see that we have been discussing the same concerns.

 

As I mentioned in an earlier newsletter, July was the busiest July in the past five years. The August number are not official yet. However, by looking at the charts below with the preliminary numbers, one will see that August was 10 percent more busy than August of 2011 and 20 percent more busy than August of 2010. August is notoriously slower than other months when it comes to new listings as so many individuals are on vacation. However, when one looks below they will see this August's new listings were down 10 percent vs. August of 2011. When we couple the growth in sales with the decline in the new inventory, for the first time we see that the inventory declined over the last month. September and October are more busy than August, so will be important to see if this trend continues.

 

Thank you for those of you who have given feedback in regards to what you would like to see. With this feedback I have made a couple of changes. I have added links to the Open House List. Now, if you click on the address of the Open House section it will take you to the listing. Also, I have added rentals to the open house list. Please do not hesitate to give feedback.

 

The highest compliment I can receive is the referral of someone you know who is looking to buy or sell their home. Call me with their name and number so I can give them the first class service they deserve.

 

**The information on the featured property is from the Greenwich MLS.

 
Best,
 
Jared Randall  Join my Mailing List
Prudential CT, Greenwich Office Search Properties
cell: 203-273-1034 View My Website

 

Properties Sold

sold0907

We are continuing to see more properties close. As you can see above the last two months are the first two months of the year where the sold properties outpace the previous two years sold properties.

 

New Listings
newlistings0907
This was the first month that new listings were below the last two year's new listings while the same time below the number of properties that sold.

 

 

 
Year to Date Sold
ytdsold0907

In the past two weeks we saw a good number of properties sell. There were three price ranges that saw a higher percentage than the others. We saw about a 10% growth in these three price ranges. In the past two weeks four properties sold in the 0-$500K range bringing the year to date total to 46. We saw six properties sell in the $1M-$1.5M range bringing the total to 66. We also saw three properties sell in the $3M-$4M bringing the year to date total to 35.
Year to Date Available
currentavailable0907

 

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. We are currently 36 weeks through the year. In the $0-$500K range we have 7.04 months on average to sell through. $500K-$1M we have 6.41 months. In the $1M-$1.5M we have 10.19 months. $1.5M-$2M we have 9.56 months. $2M-$3M we have 12.04 months. This is half of a month's drop in just two weeks. There was a two week drop as well in the last newsletter meaning in the last three weeks we have dropped a month of inventory in this price range. $3M-$4M we have 17.08 months which is a six week drop in just the past two weeks. $4M-$5M we have 29.9 months. $5M-$7.5M we have 27.1 months. $7.5-$10M we have 33.21 months. This is a seven month decreas but is realistically one property selling in this price range. $10M and above we have 38.2 months.

Open Houses September 9th
 
 

Below are all of the Greenwich Open Houses for Sunday. As mentioned above if you click on the link it will take you to the listing. The first three are rentals.

 

 

 

Address Town Price Time Broker
14 Indian Chase Dr Greenwich $9.6K 1-3 PM Raveis
45 Close Rd Greenwich $12.5K 1-4 PM Prudential
29 Lockwood Av Old Greenwich $15.5K 1-4 PM Raveis
171 S Water St Greenwich $499K 1-3 PM Raveis
6 Nassau Pl #4 Cos Cob $515K 1-3 PM Coldwell Bnkr
358 Long Ridge Rd Stamford $599K 1-4 PM Prudential
47 Lafayette Pl #4-I Greenwich $619K 1-4 PM Prudential
60 Valley Rd #A Cos Cob $645K 2-4 PM Raveis
132 Henry St Greenwich $650K 1-3 PM Weichert
60 Valley Rd #B Cos Cob $699.5K 2-4 PM Raveis
48 Hettiefred Rd Greenwich $949.5K 1-4 PM Prudential
25 Griffith Rd Riverside $1.099M 2-4 PM Raveis
67 Long Meadow Rd Riverside $1.2M 1-4 PM Coldwell Bnkr
108 Hillcrest Park Rd Old Greenwich $1.239M 2-4 PM Shore & Cntry
116 Lockwood Rd Riverside $1.275M 2-4 PM Raveis
60 Valley Rd A and B Cos Cob $1.295M 2-4 PM Raveis
86 Lower Cross Rd Greenwich $1.349M 1-4 PM Weichert
15 Horseshoe Rd Cos Cob $1.375M 1-3 PM Sotheby's
11 Buena Vista Dr Greenwich $1.399M 2-4 PM Round Hill Prtners
186 Field Point Rd Greenwich $1.45M 1-3 PM Round Hill Prtners
90 Buckfield Ln Greenwich $1.55M 1-4 PM Prudential
16 Norton Ln Old Greenwich $1.595M 1-4 PM Raveis
70 Bedford Rd Greenwich $1.7M 1-3 PM Coldwell Bnkr
65 Lockwood Ln Riverside $1.769M 1-4 PM Prudential
30 Stone Brook Ln Cos Cob $1.775M 1-4 PM Raveis
11 Londonderry Dr Greenwich $1.795M 2-4 PM Raveis
36 Forest Ave Old Greenwich $1.795M 2-4 PM Greenwich Fine
59 Lockwood Ave Old Greenwich $1.895M 1-4 PM Sotheby's
127 Havemeyer Pl Greenwich $1.897M 1-4 PM Raveis
34 Bote Rd & Lot 10 Tomney Rd Greenwich $2M 1-3 PM Shore & Cntry
18 Ravenglass Dr Stamford $2.195M 1-4 PM Prudential
96 Riversville Rd Greenwich $2.597M 1-3 PM Weichert
18 Welwyn Rd Riverside $2.65M 1-4 PM Prudential
5 Dawn Harbor Ln Riverside $2.785M 2-4 PM Coldwell Bnkr
243 Dolphin Cove Quay, St Stamford $2.8M 1-4 PM Prudential
530 North St Greenwich $3.195M 1-4 PM Raveis
38 Meadowbank Rd Old Greenwich $3.3M 1-3 PM Raveis
242 Dolphin Cove Quay Stamford $3.46M 1-4 PM Prudential
29 Lockwood Av Old Greenwich $3.495M 1-4 PM Raveis
125 Cat Rock Rd Cos Cob $4.175M 1-3 PM Higgins Group
450 North St Greenwich $4.195M 2-4 PM Summit
3 Cherry Blossom Ln Greenwich $4.849M 2-4 PM Raveis
45 Close Rd Greenwich $4.999M 1-4 PM Prudential
487 North St, Lots 2&3 Greenwich $5M 2-4 PM Coldwell Bnkr
487 North St Lot #5&6 Greenwich $6M 2-4 PM Coldwell Bnkr
2 Conyers Farm Dr Greenwich $6.495M 3-5 PM Sotheby's
487 North St Lot 1 Greenwich $6.995M 2-4 PM Coldwell Bnkr
487 North St Greenwich $16M 2-4 PM Coldwell Bnkr

 

Mortgage Information

 

The two individuals I feel most confident about when it comes to home mortgages are Jeff Ihrig of First Republic in the city and Iliad Estrada of Connecticut Home Mortgage.

 

Jeff can be reached at 646-372-5181.

 

Rates below courtesy of Iliad Estrada. She can be reached at 203-637-6202.

 

CT Mortgage Rates

Product

Interest Rates

Annual Percentage Rate

15 YR Fixed Conforming

2.625%

2.863%

30 YR Fixed Conforming

3.375%

3.514%

30 Year Fixed Agency Jumbo

n/a

n/a

30 YR Fixed Jumbo

3.990%

4.116%

5/1 YR ARM Conforming

2.250%

3.081%

5/1 YR ARM Jumbo

2.250%

3.060%

10/1 YR ARM Jumbo

3.375%

3.453%

*as of July 15th
 
 
Monday
Aug272012

Greenwich, CT Residential Real Estate Analysis: August 24th

Greenwich, CT Residential Real Estate Analysis: August 24th
A weekly analysis brought to you by Jared Randall.
121 Clapboard Ridge    

 

The above newly renovated colonial is 121 Clapboard Ridge Road in Mid Country.  I wanted to pick a property that in my opinion will move fast, so we can see the state of the market on a property that I believe is priced right.  In the coming weeks as changes happen with this property I will update all of you.  I love the detail and the renovations on the inside of the home, from the coffered ceilings to the basement.  The house sits on 2.25 acres of a beautiful lawn which ends at a small lake.  There are six bedrooms, and five and a half baths.  All of the bedrooms are ensuite.  The basement is finished with an exercise room, and another family room.  The price for this home is one dollar under $3M.

 

While the market seems to be moving along around the same pace as of last year on a whole, we are seeing some interesting trends over the last month.  As I will delve into deeper in the statistics section below, we have seen the $2M-$3M price range get much more competitive over the last month or so.

 

Thank you for those of you who have given feedback in regards to what you would like to see.  With this feedback I have made a couple of changes.  I have added links to the Open House List.  Now, if you click on the address of the Open House section it will take you to the listing.  Also, I have added rentals to the open house list.  Please do not hesitate to give feedback. 

 

The highest compliment I can receive is the referral of someone you know who is looking to buy or sell their home. Call me with their name and number so I can give them the first class service they deserve.

 

**The information on the featured property is from the Greenwich MLS.

   
 
Properties Sold

sold0824  

I discussed before that July was the best month in five years for sold properties.  As you can see by the above graph, August is the last month where there is good volume of trading traditionally.  Last year there were sixty nine properties closed in August. This year we are headed to a similar number as we currently stand at fifty four so far this month.

 

New Listings
newlistings0824
We have had fifty new listings so far in August, four less than the amount of properties sold.  I believe it is important to look at supply vs. demand when analyzing this market.  So, even though we may be having a great few months in properties sold, if the amount of inventory is also consistently growing then we are continuing the same trends.  Hence, even though the amount of sold properties are growing it is important we see if the inventory is declining.  Unfortunately, that is not the case yet.

   

 

  
Year to Date Sold
ytdsold0824

 
I believe these two charts let us see the true current state of the market.  Most importantly, that each price range constitutes it's own market.  If we look back from a little over a month ago at these same charts (all previous editions are posted under the blog section of  www.greenwichrealestateguy.com) we see an interesting trend.  From the July 20th newsletter, we have seen the 0-$500K, $500K-$1M, and the $1M-$1.5M markets each drop 2 percentage points respectively.  While in that five week span we see that the $1.5M-$2M grow one percentage point and remarkably the $2M-$3M price range jump three percentage points.  To simplify; in just five weeks the $2M-$3M price range has gained three percentage points over every other price range  in the total year to date properties sold.
 
 
Year to Date Available
currentavailable0824   

 

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.  We are currently 33 weeks through the year. In the $0-$500K range we have 7.23 months on average to sell through. $500K-$1M  we have 6.59 months.  That is almost a one month drop off in just a week in an already competitive price point.  In the last week 8 properties sold in this range.  In the $1M-$1.5M we have 10 months. $1.5M-$2M we have 8.95 months. $2M-$3M we have 12.24 months.  This is half of a month's drop in just one week.  $3M-$4M we have 18.47 months. $4M-$5M we have 30.26 months. Although this is a two month drop, we cannot read too much into it as it is the reflection of just one property selling.  $5M-$7.5M we have 26.76 months. $7.5-$10M we have 40.34 months. $10M and above we have 40 months.  We see all the ranges under three million moving slightly down.

Open Houses August 26th
  
 

Below are all of the Greenwich Open Houses for Sunday.  As mentioned above if you click on the link it will take you to the listing.  I apologize for not having the link for 12 Baldwin Farms Road.

 

 

Address Town List Price Time Broker
80 Laddins Rock Rd Old Greenwich $579K 1-4 PM Prudential
18 Stone Ave #4 Greenwich $580K 2-4 PM Coldwell Bnkr
18 Stone Ave #3 Greenwich $594K 2-4 PM Coldwell Bnkr
358 Long Ridge Rd Stamford $599K 1-4 PM Prudential
51 Forest Ave #156 Old Greenwich $695K 1-4 PM FF Realty
38 Cary Rd Greenwich $749K 1-3 PM Edwards
19 Pintail Ln Greenwich $1.25M 1-4 PM Prudential
10 Stepping Stone Ln Greenwich $1.825M 1-4 PM Prudential
5 Dawn Harbor Ln Riverside $2.785M 2-4 PM Coldwell Bnkr
39 Williow Rd Riverside $2.8M 2-4 PM Coldwell Bnkr
21 Indian Head Rd Riverside $4.1M 3-5 PM Sotheyby's
125 Cat Rock Rd Cos Cob $4.175M 12-2 PM Higgins Grp
487 North St, Lots 2 and 3 Greenwich $5M 2-4 PM Coldwell Bnkr
487 North St Lots 5 and 6 Greenwich $6M 2-4 PM Coldwell Bnkr
12 Baldwin Farms South Greenwich $6.15M 2-4 PM Summit
487 North St Lot 1 Greenwich $6.95M 2-4 PM Coldwell Bnkr
487 North St Greenwich $16M 2-4 PM Coldwell Bnkr
 

 

Mortgage Information

 

The two individuals I feel most confident about when it comes to home mortgages are Jeff Ihrig of First Republic in the city and Iliad Estrada of Connecticut Home Mortgage.

 

Jeff can be reached at 646-372-5181.

 

Rates below courtesy of Iliad Estrada.  She can be reached at 203-637-6202.

 

  

CT Mortgage Rates

Product

Interest Rates

Annual Percentage Rate

15 YR Fixed Conforming

2.625%

2.863%

30 YR Fixed Conforming

3.375%

3.514%

30 Year Fixed Agency  Jumbo

n/a

n/a

30 YR  Fixed Jumbo

3.990%

4.116%

5/1 YR ARM Conforming

2.250%

3.081%

5/1 YR ARM Jumbo

2.250%

3.060%

10/1 YR ARM Jumbo

3.375%

3.453%

 *as of July 15th
Monday
Aug272012

Greenwich, Ct Residential Real Estate Analysis: August 17th

Greenwich, CT Residential Real Estate Analysis: August 17th
A weekly analysis brought to you by Jared Randall.
21 Watchtower Ln    

 

The above beautiful colonial is 21 Watchtower Lane in Old Greenwich.  This house is relatively new as it was built in 2006 and houses 5,498 s.f. of living space.  It sits on a level property of .42 of an acre complete with a hot tub and pool.  This four bed, four and a half bath, has a nice open floor plan with a gourmet kitchen. There is a finished basement with with a huge playroom, an exercise room, and is wired for a home theatre.  The price is $2.345M and has been on the market since May 9th of this year. 

 

Thank you for those of you who have given feedback in regards to what you would like to see.  With this feedback I have made a couple of changes.  I have added links to the Open House List.  Now, if you click on the address of the Open House section it will take you to the listing.  Also, I have added rentals to the open house list.  Please do not hesitate to give feedback. 

 

The highest compliment I can receive is the referral of someone you know who is looking to buy or sell their home. Call me with their name and number so I can give them the first class service they deserve.

 

**The information on the featured property is from the Greenwich MLS.

 

 
Properties Sold

sold0817  

I discussed before that July was the best month in five years for sold properties.  Through the first couple of weeks August we are at 33 properties sold.  Things were slower the second week than the first week, which makes sense with vacations etc.  However, it puts us a little behind the numbers from last year for August.

 

New Listings
newlistings0817
Through the first couple of weeks of August we have had thirty three new properties listed on the Greenwich GLMS.  Which, is the same amount of sold. I believe it is important to look at supply vs. demand when analyzing this market.  So, even though we may be having a great few months in properties sold, if the amount of inventory is also consistently growing then we are continuing the same trends.  Hence, even though the amount of sold properties are growing it is important we see if the inventory is declining.  So far even with more properties selling we are seeing close to the same amount of new properties listed.

   

 

  
Year to Date Sold
ytdsold0817

 
I believe these two charts let us see the true current state of the market.  Most importantly, that each price range constitutes it's own market.  By looking at these two charts we continue to see that the stress of the market is on the $500K-$1M where 30% of all properties have sold.  However, we have seen slight changes as  the $500K-$1M range dropped a percent while the $1.5M-$2M and $2M-$3M both grew a percent to 15%.  Even though these are slight it shows there is more competition in those ranges currently.  When one combines $500K-$2M we have 67% of the sold, but only 45% of the available properties.  Conversely, only 3% of the properties sold are $4M-$5M, but is 8% of our current inventory.  When one combines $3M-$5M one sees that it is 10% of the sold but 19% of the inventory.
 
 
Year to Date Available
currentavailable0817   

 

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.  We are currently 33 weeks through the year. In the $0-$500K range we have 7.23 months on average to sell through. $500K-$1M  we have 7.2 months. $1M-$1.5M we have 9.75 months. $1.5M-$2M we have 8.72 months. $2M-$3M we have 12.81 months.  $3M-$4M we have 18.47 months. $4M-$5M we have 32.21 months. $5M-$7.5M we have 26.87 months. $7.5-$10M we have 43.15 months. $10M and above we have 38.92 months.  We see all the ranges under three million moving slightly down.  While the $3M-$5M ranges moving up with the biggest move in the $4M-$5M range moving up two months.  We did see the $7.5M-$10M and $10M and up ranges move down.

Open Houses August 12th
  
 

Below are all of the Greenwich Open Houses for Sunday.  As mentioned above if you click on the link it will take you to the listing.  Lastly, the first three are on for rent.

 

 

Address Town List Price Open House Time Broker
19 Miltiades Av RV $4.975K/mo 2-4 PM SCPR01
21 Lake Dr RV $10.3K/mo 1-3 PM SCPR01
75 Connecticut Av GR $12.5K/mo 1-4 PM RAVE01
60 Valley Rd #A CC $645K 2-4 PM RAVE01
132 Henry St GR $650K 1-3 PM WEIC01
29 Westview Pl RV $659K 1-3 PM RAVE01
51 Forest Ave #156 OG $695K 12-3 PM FF Realty
60 Valley Rd #B CC $699.5K 2-4 PM RAVE01
38 Carey Rd GR $749K 1-3 PM Edwards & Assoc
39 Cross Ln CC $1.05M 1-3 PM WEIC01
19 Miltiades Av  RV $1.195M 2-4 PM SCPR01
23 Dorchester Ln RV $1.295M 2-4 PM Greenwich Fine Prop
90 Buckfield Ln GR $1.75M 1-4 PM PRCT01
75 Harding Rd OG $2.05M 2-4 PM SCPR01
75 Connecticut Av GR $2.649M 1-4 PM RAVE01
21 Lake Dr RV $2.695M 1-3 PM SCPR01
1361 King St GR $2.85M 1-4 PM RAVE01
1 Tyler Ln RV $3.19M 2-4 PM WEIC01
38 Meadowbank Rd OG $3.3M 1-3 PM RAVE02
125 Cat Rock Rd CC $4.175M 1-3 PM KAVO01
4 Cove Ridge Ln/Hendrie Dr Ext OG $4.195M 1-3 PM COBA02
38 Keofferam Rd OG $4.495M 1-4 PM RAVE02
487 North St, Lots 2 and 3 GR $5M 2-4 PM COBA01
487 North St Lot #5&6 GR $6M 2-4 PM COBA01
487 North St Lot 1 GR $6.995M 2-4 PM COBA01
487 North St GR $16M 2-4 PM COBA01

 

Mortgage Information

 

The two individuals I feel most confident about when it comes to home mortgages are Jeff Ihrig of First Republic in the city and Iliad Estrada of Connecticut Home Mortgage.

 

Jeff can be reached at 646-372-5181.

 

Rates below courtesy of Iliad Estrada.  She can be reached at 203-637-6202.

 

  

CT Mortgage Rates

Product

Interest Rates

Annual Percentage Rate

15 YR Fixed Conforming

2.625%

2.863%

30 YR Fixed Conforming

3.375%

3.514%

30 Year Fixed Agency  Jumbo

n/a

n/a

30 YR  Fixed Jumbo

3.990%

4.116%

5/1 YR ARM Conforming

2.250%

3.081%

5/1 YR ARM Jumbo

2.250%

3.060%

10/1 YR ARM Jumbo

3.375%

3.453%

 *as of July 15th
Monday
Aug272012

Greenwich, CT Residential Real Estate Analysis, August 10th

Greenwich, CT Residential Real Estate Analysis: August 10th
A weekly analysis brought to you by Jared Randall.
   

 

The above Colonial is 11 Butternut Hollow Rd.  This four bed, three and a half bath, has a nice open floor plan.  It is listed with having 4,067 square feet of living space.  There also is a finished basement with laundry, bathroom, and open area.  I enjoyed the large eat in kitchen, with french doors exiting to the large deck.  The yard is beautiful with a little brook running through the backyard and a nice little walkway over the brook.  This home sits on two acres, with a nice level yard.  The price is $2.295M and has been on the market since March 12, of this year.  The house was listed at $2.695M in September of 2009 and lowered a couple times to $2.295M before being taken off of the market in September of 2010.

 

In July we had 74 single family homes sold, and 11 condos/co-ops sold.  This is the most since 2007.  I would caution that although this is a good sign, we must remember that July 2011 was off due to the conveyance tax that went into affect July 1, 2011.  Hence, there was a flurry to close in June of 2011.  For the months June and July we were still a tad behind 2011 numbers.  Also, ytd we have sold 326 single family compared to 349 in 2011.  We are slightly outpacing 2011 numbers in condos/co-ops with 71 selling this year and 68 in 2011.  So, even though July was the best in five years, the real barometer will be how September does as August is usually a slow month for Real Estate in Greenwich. 

 

The highest compliment I can receive is the referral of someone you know who is looking to buy or sell their home. Call me with their name and number so I can give them the first class service they deserve.

 

**The information on the featured property is from the Greenwich MLS.

   
 
Properties Sold

sold0810  

I discussed above that July was the best month in five years for sold properties.  Through the first ten days of August we are at 31 properties sold as well, which is also a hot start.  I would still like to see September and October be strong before we say things have turned around.  However, if we continue with this pace we may be seeing the start of the climb back upwards.

 

New Listings
newlistings0810
Through the first ten days of August we have had thirty new properties listed on the Greenwich GLMS.  I believe it is important to look at supply vs. demand when analyzing this market.  So, even though we may be having a great few months in properties sold, if the amount of inventory is also consistently growing then we are continuing the same trends.  So, even though the amount of sold properties are growing it is important we see if the inventory is declining.  So far even with more properties selling we are seeing close to the same amount of new properties listed.

   

Year to Date Sold

 
I believe these two charts let us see the true current state of the market.  Most importantly, that each price range constitutes it's own market.  By looking at these two charts we continue to see that the stress of the market is on the $500K-$1M where 31% of all properties have sold.  Yet only 18% of the available properties are in the $500K-$1M.  When one combines $500K-$2M we have 58% of the sold, but only 38% of the available properties.  Conversely, only 3% of the properties sold are $4M-$5M, but is 8% of our current inventory.  When one combines $3M-$5M one sees that it is 24% of the sold but 35% of the inventory.
 
 
Year to Date Available
currentavailable0810   

 

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. In the $0-$500K range we have 7.38 months on average to sell through. $500K-$1M  we have 7.24 months. $1M-$1.5M we have 10.37 months. $1.5M-$2M we have 9.16 months. $2M-$3M we have 13.25 months.  $3M-$4M we have 19.75 months. $4M-$5M we have 30.92 months. $5M-$7.5M we have 25.37 months. $7.5-$10M we have 46.2 months. $10M and above we have 42 months. The two biggest moves, were that the above $10M months to sell dropped five months, but this was do to just one property selling.  The other range that dropped was the $2M-$3M which dropped .75 of one month or around three weeks, which is significant given it was over just a four day period.

ytdsold0810
Open Houses August 12th
  
 

Below are all of the Greenwich Open Houses for Sunday.  Enjoy your week.

 

 

Address Town List Price Time Broker
80 LADDINS ROCK RD OG 579K 1-4 PM PRCT01
51 Forest Ave #156 OG 695K 1-4 PM FF Realty
42 Mead Ave CC 775K 12-2 PM Sotheby's
9 SINAWOY RD CC 950K 1-4 PM PRCT01
17 RONALD LN CC 979K 1-3 PM RAVE04
39 CROSS LN CC $1.05M 1-3 PM WEIC01
3 Park Ave OG $1.1M 2-4 PM COB
86 Lower Cross Rd GR $1.349M 1-4 PM Weichert
485 JUNE RD OT $1.695M 1-3 PM COBA02
68 LOCKWOOD RD RV $1.729M 1-4 PM PRCT01
65 LOCKWOOD LN RV $1.769M 1-4 PM PRCT01
49 PECKSLAND RD GR $1.795M 2-4 PM SCPR01
1 TYLER LN RV $3.19M 2-4 PM WEIC01
125 CAT ROCK RD CC $4.175M 1-3 PM KAVO01
585 ROUND HILL RD GR $4.495M 2-4 PM COBA01
212 TACONIC RD GR $4.795M 1-4 PM PRCT01
45 Close Rd GR $4.999M 2-4 PM PRCT01
487 NORTH ST, LOTS 2&3 GR $5M 2-4 PM COBA01
487 NORTH ST LOT #5&6 GR $6M 2-4 PM COBA01
487 NORTH ST LOT 1 GR $6.995M 2-4 PM COBA01
487 NORTH ST GR $16M 2-4 PM COBA01

 

Mortgage Information

 

The two individuals I feel most confident about when it comes to home mortgages are Jeff Ihrig of HSBC and Iliad Estrada or Ct. Home Mortgage.

 

Jeff's rates can be found at:

 

 http://www.us.hsbc.com/1/2/3/personal/home-loans 

 

Jeff can be reached at 646-372-5181.

 

Rates below courtesy of Iliad Estrada.  She can be reached at 203-637-6202.

 

  

CT Mortgage Rates

Product

Interest Rates

Annual Percentage Rate

15 YR Fixed Conforming

2.625%

2.863%

30 YR Fixed Conforming

3.375%

3.514%

30 Year Fixed Agency  Jumbo

n/a

n/a

30 YR  Fixed Jumbo

3.990%

4.116%

5/1 YR ARM Conforming

2.250%

3.081%

5/1 YR ARM Jumbo

2.250%

3.060%

10/1 YR ARM Jumbo

3.375%

3.453%

 *as of July 15th