Greenwich CT, Residential Real Estate Analysis and Blog: February 22nd

Greenwich, CT Residential Real Estate Analysis: February 22nd A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

This week I will be doing an open house at my listing, 30 Montgomery Lane on Sunday from 1-4 p.m.  Please stop by and say hello.  I will not be sending a newsletter next week as I will be out of town.  I apologize for the inconvenience, but you will be able to see the open house list next week atwww.greenwichstreets.com The above shingle style home was built in 1987 and renovated in 2002.  It has 5 bedrooms and 6 and 2 half baths.  The s.f. of the home is 6,821, and sits on 7.73 acres of land.  The area that has been hit the hardest in Greenwich is definitely back country.  We have seen the slowest recovery in this section, and in my opinion there are values to be had here.  I think this house is an example of what you can find in back country.  It is listed for $3.995M.  I loved the open floor plan and the obvious privacy that comes with over seven acres.  Personally, I love the smell of fires, so the five fireplaces were a plus for me as well. We have a total of 563 active properties (single family, condos, and co-ops) for sale.  That is up from 541 last week a gain of four percent in one week.  We are already starting to see an influx of inventory, and I believe we will continue to see those numbers grow. Feel free to compare the numbers of month on average, the sold by price range percentages, and new listing vs. sold numbers with previous issues at www.greenwichrealestateguy.com/blog. As always, if you have a house in mind you would like to see, please do not hesitate to call me.   I would like to thank Mark Pruner for mentioning me in the Greenwich Patch.  Mark also does his own synopsis of the Greenwich Market at www.greenwichstreets.com.  I have updated the mortgage information on the bottom of the newsletter as well. 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    Best,                                                                                                                                                         Jared Randall                                                Join my Mailing List Prudential CT, Greenwich Office                  Search Properties www.greenwichrealestateguy.com              Forward to a Friend cell:  203-273-1034                                       View My Website email:  jaredrandall@prudentialct.com        Like me on Facebook

Properties Sold   Last week really made an impact on the numbers.  As mentioned above we grew 4 percent in inventory alone.  Last week only three properties sold.  Our sold numbers are lower than the last few years, but all in all the inventory is still lower than it was several months ago. New Listings We grew by twenty two properties in the last week.  The most growth came in the ranges of $1.5M-$2M and $2M-$3M.  Of the twenty two properties thirteen were in these two price ranges.    Year to Date Sold  Year to date we have sold 63 properties.  Obviously, with only three properties closing there is not much change in the numbers.       Year to Date Available    As mentioned last week I thought there would be a lot more inventory with the school break.  We did see a lot of inventory, try not to let it scare you too much, as I try to look at it as two weeks because there were hardly any new properties last week. 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.  I have broken this down by June of 2012 (which is the high in my opinion) to January of 2013 (the low in my opinion) then will add each month as we come to them. Price Range 12-Jun 1/5/13 2/1/13 2/22/13 0-$500K 6.36 4.96 5.76 5.28 $500K-$1M 7.98 3.88 4.22 4.22 $1M-$1.5M 11.48 7.22 7.34 7.1 $1.5M-$2M 10.86 7 8.55 9.06 $2M-$3M 15.27 8.64 9.72 10.2 $3M-$4M 21.82 12.4 13.77 16.22 $4M-$5M 37.33 17.5 16.5 18.5 $5M-$7.5M 30.92 19.4 20.47 20.47 $7.5M-$10M 57 25.84 22.15 22.15 $10M+ 40.21 36 36.85 40.28  **to calculate months on average I used the full year of 2012 sold properties in each price range Obviously the months on average were the lowest at the end of the year.  The uncertainty of the fiscal cliff, as well as the election (most properties that closed in December were negotiated before election was finalized), and uncertainty of taxes.  Not to mention if people are going to take their house off of the market they will tend to do it over the holidays.   Open Houses February 25th      Below are all of the Greenwich Open Houses for Sunday.  Feel free to come by and visit me at 30 Montgomery Lane. Address Town List Price Time Broker 50 Lafayette Place #3G GR $499K 12-2 PM Sotheby's 24 Wessels Place GR $536K 1-3 PM RAVE01 14 Sound Beach Avenue OG $599K 2-4 PM RAVE01 230 Valley Road CC $629K 2-4 PM RAVE01 98 Putnam Park #98 GR $695K 1-3 PM RAVE01 2 Gerry Street GR $749K 2-4 PM RAVE01 16 Windy Knolls #A GR $782K 1-4 PM PRCT01 1 North Street CC $799K 1-4 PM SCPR01 20 Maplewood Drive CC $895K 1-4 PM Prudential 38 Breezemont Avenue RV $1.075M 1-4 PM SOTH01 90 Buckfield Lane GR $1.395M 1-4 PM PRCT01 24 Sundance Drive CC $1.525M 2-4 PM RAVE01 3 Fairfield Avenue OG $1.599M 1-3 PM Raveis 291 Stanwich Road GR $1.625M 1-4 PM RAVE02 16 Manor Road OG $1.799M 1-4 PM PRCT01 525 River Road CC $1.84M 1-3 PM COBA02 112 Taconic Road GR $1.995M 1-4 PM PRCT01 3 Byfield Lane GR $2.195M 2-4 PM Sotheby's 140 Shore Road OG $1.97M 1-4 PM Prudential 30 Montgomery Lane GR $2.35M 1-4 PM Prudential 11 Grimes Road OG $2.495M 2-4 PM COBA01 18 Welwyn Road RV $2.495M 1-4 PM PRCT05 530 North Street GR $2.995M 1-4 PM RAVE01 76 Cat Rock Road CC $3.295M 2-4 PM COBA01 36 Montgomery Lane GR $3.295M 1-3 PM New England Land 6 Ledge Road OG $3.35M 1-3 PM COBA02 25 Windabout Drive GR $3.495M 2-4 PM COBA01 1076 Lake Avenue GR $3.495M 2-4 PM COBA01 16 Indian Head Road RV $3.999M 1-3 PM COBA02 29 Byfield Lane GR $4.3M 1-3 PM Raveis 212 Taconic Road GR $4.495M 1-4 PM PRCT01 487 North Street GR $5.495M 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% 3.539% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 3.750% 3.872% 5/1 YR ARM Conforming 2.125% 2.842% 5/1 YR ARM Jumbo 2.250% 2.864% 10/1 YR ARM Jumbo 3.000% 3.103% Updated February 14, 2013

Greenwich CT, Residential Real Estate Analysis and Blog: February 15th

Greenwich, CT Residential Real Estate Analysis: February 15th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

This week my choice is biased as I am the Listing Broker for 30 Montgomery Lane.  Location, Location, Location.  This shingle style five bedroom four and a half bath house is located on a cul-de-sac in the North Street Elementary School District of Mid Country Greenwich.  One can experience nature on the walk out deck, the balcony off of the master bedroom, or they could go to the end of the cul-de-sac and get lost on purpose in the 91 acre park of Greenwich's Montgomery Pinetum Park.  Inside you will find a gourmet kitchen with wine fridge, separate full size refrigerator and freezer, and impressive stove/oven.  The house was expanded in 1993 for the custom master bedroom and master bath complete with an inset bath tub as well as his and her separate showers.  The 4,470 s.f. of house is deceiving from the outside.  Some of the amenities are a walk out au-pair suite, study, a finished lower level with stone fireplace and bar.  House sits on 1.44 acres with a beautifully landscaped yard.  Please let anyone you know about this beautiful home and have them reach out to me if interested in seeing.  I have updated the months on average chart to show where the market is compared to June of last year, and the end of this year.  The Mortgage information has also been updated as of this week to give you the most current numbers.  As you will read below even though this month we have had 49 new properties vs. 20 sold the total active properties (condos, co-ops and single family homes) have decreased from 545 to 541.  We saw a big jump in the $1.5-$2M market.  Year to date 70% of all of the properties that have sold have been $2M or below. While I still believe that we are not completely over the hump in Greenwich, especially in the higher price ranges, I do feel there is a temporary time frame where sellers can get a premium on their properties because the inventory is so low.  I also believe come March we will see a huge influx of inventory, which will soften the market, and create opportunities to buy.  Feel free to compare these numbers with previous issues atwww.greenwichrealestateguy.com/blog. As always, if you have a house in mind you would like to see, please do not hesitate to call me.   I would like to thank Mark Pruner for mentioning me in the Greenwich Patch.  Mark also does his own synopsis of the Greenwich Market at www.greenwichstreets.com.  I have updated the mortgage information on the bottom of the newsletter as well. 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     Best,                                                                                                                                                         Jared Randall                                                Join my Mailing List Prudential CT, Greenwich Office                  Search Properties www.greenwichrealestateguy.com              Forward to a Friend cell:  203-273-1034                                       View My Website email:  jaredrandall@prudentialct.com        Like me on Facebook

Properties Sold   Once again I am pleasantly surprised by the numbers.  I feel this week was a turning point to exemplify the market is heating up.  If you look above you will see that we are out pacing the sold numbers this February vs. the last few Februaries.  However, when you look below you will see that this month's new listings are not as strong as the past few Februaries. New Listings We only had 17 new listings this week.  Now, I do believe that has been impacted by the Winter break for the public schools.  However, it does show that we are staying competitive.  That leads me to believe that we are seeing the fresh inventory come on and the properties that have been sitting on the market are being taken off.  Another positive sign.    Year to Date Sold  Year to date we have sold 60 properties.  My opinion is that this week equaled us out to a more realistic pie graph.  We see that 70% of the properties that have sold are under $2M.  We saw a big spike in the $1.5M-$2M range go from 16% to 20%.       Year to Date Available    We saw the inventory decrease this month.  However, I feel that has a lot to do with the public school break and foresee a lot more coming on next week. 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.  I have broken this down by June of 2012 (which is the high in my opinion) to January of 2013 (the low in my opinion) then will add each month as we come to them.  Price Range 12-Jun 1/5/13 2/1/13 2/15/13 0-$500K 6.36 4.96 5.76 5.12 $500K-$1M 7.98 3.88 4.22 4.22 $1M-$1.5M 11.48 7.22 7.34 6.97 $1.5M-$2M 10.86 7 8.55 8.17 $2M-$3M 15.27 8.64 9.72 9.48 $3M-$4M 21.82 12.4 13.77 15.33 $4M-$5M 37.33 17.5 16.5 17 $5M-$7.5M 30.92 19.4 20.47 20.47 $7.5M-$10M 57 25.84 22.15 22.15 $10M+ 40.21 36 36.85 40.28  **to calculate months on average I used the full year of 2012 sold properties in each price range Obviously the months on average were the lowest at the end of the year.  The uncertainty of the fiscal cliff, as well as the election (most properties that closed in December were negotiated before election was finalized), and uncertainty of taxes.  Not to mention if people are going to take their house off of the market they will tend to do it over the holidays.   Open Houses February 17th      Below are all of the Greenwich Open Houses for Sunday.   The first three are rentals.  I apologize for 51 Old Kings Highway being the last one with the lowest price but it was a late add.  Address Town List Price Time Broker 26 Rippowan Road CC $4K 1-4 PM PRCT01 55 Will Merry Lane GR $12K 2-4 PM COBA01 25 Windabout Drive GR $14K 2-4 PM COBA01 26 Rippowan Road CC $995K 1-4 PM PRCT01 16 Norton Lane OG $1.395M 1-3 PM RAVE01 25 Nearwater Lane RV $1.615M 1-3 PM SCPR01 55 Will Merry Lane GR $2.995M 2-4 PM COBA01 25 Windabout Drive GR $3.495M 2-4 PM COBA01 1076 Lake Avenue GR $3.495M 2-4 PM COBA01 487 North Street GR $5.495M 2-4 PM COBA01 51 Old Kings Highway OG $469K 1-3 PM SCPR01   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% 3.539% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 3.750% 3.872% 5/1 YR ARM Conforming 2.125% 2.842% 5/1 YR ARM Jumbo 2.250% 2.864% 10/1 YR ARM Jumbo 3.000% 3.103% Updated February 14, 2013

Greenwich CT, Residential Real Estate Analysis and Blog: February 8th

Greenwich, CT Residential Real Estate Analysis: February 8th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

Every week I pick a house that I have toured to feature in the newsletter. However, this is a house I have not walked through.  The location and pictures of the interior caught my attention.  The price seems reasonable for the square footage. The house is located at 32 Copper Beech in Greenwich.  The pictures and the pool demonstrate a nice modern decor that complements the house nicely in my opinion. The house has 6 bedrooms, 6 baths and 2 half baths.  It is listed as 5,916 s.f.   The square feet does not include a finished basement.  The house is situated on 1.05 acres of land. The price is $2.6M. I started this newsletter with the hope of helping individuals understand the market.  I believe the months on average chart at the end of the statistics section best shows where we currently stand.  It shows the months on average it would take to sell through the inventory as of June 31st, 2012, compared to end of year 2012, and today.  I believe it shows that the market has improved and will be interesting to see if the months on average work there way back up to where they were last June. I have updated the charts with the month to date numbers. The pie chart with the ytd sales, is updated to only show the properties that have sold so far this year.  Hence, that chart's percentages will change from week to week until we get more data.  The month on average to sell through, I will be using the full year rates of closed properties for 2012 as I feel that will give us the most consistent numbers until we get through three months of this year. While I still believe that we are not completely over the hump in Greenwich, especially in the higher price ranges, I do feel there is a temporary time frame where sellers can get a premium on their properties because the inventory is so low.  I also believe come March we will see a huge influx of inventory, which will soften the market, and create opportunities to buy.  Feel free to compare these numbers with previous issues atwww.greenwichrealestateguy.com/blog.    As always, if you have a house in mind you would like to see, please do not hesitate to call me.   I would like to thank Mark Pruner for mentioning me in the Greenwich Patch.  Mark also does his own synopsis of the Greenwich Market at www.greenwichstreets.com.  I have updated the mortgage information on the bottom of the newsletter as well. 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     Best,                                                                                                                                                         Jared Randall                                                Join my Mailing List Prudential CT, Greenwich Office                  Search Properties www.greenwichrealestateguy.com              Forward to a Friend cell:  203-273-1034                                       View My Website email:  jaredrandall@prudentialct.com        Like me on Facebook

Properties Sold   Once again I am pleasantly surprised by the numbers.  We have had 10 properties sell in the first week of February, compared to last year when there were 28 the whole month of February.  To reiterate we continually see new properties coming on but the amount of properties are growing with the listings, which is the sign of the market changing in my opinion. New Listings We had 32 new listing in the first week of February.  This may sound alarming but if you look below you will see that last week we had 541 active properties and this week only 545.  That leads me to believe that we are seeing the fresh inventory come on and the properties that have been sitting on the market are being taken off.  Another positive sign.    Year to Date Sold  Year to date we have sold 50 properties.  I feel as we continually add more data these numbers continue to trend toward the percentages of last year.  We still have not seen a sale in the $7.5M-$10M range and over $10M range this year.       Year to Date Available    We saw the inventory grow again this month.  However, it has only grown by four properties.  With the amount of new listings that have come on, I believe this is another sign that we are in the stages of the market turning around.  However, my opinion is still that we will see a lot of inventory come on in March that may dampen the momentum a little bit. 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.  I have broken this down by June of 2012 (which is the high in my opinion) to January of 2013 (the low in my opinion) then will add each month as we come to them. Price Range 12-Jun 1/5/13 2/1/13 2/8/13 0-$500K 6.36 4.96 5.76 5.28 $500K-$1M 7.98 3.88 4.22 4.27 $1M-$1.5M 11.48 7.22 7.34 7.34 $1.5M-$2M 10.86 7 8.55 8.55 $2M-$3M 15.27 8.64 9.72 9.6 $3M-$4M 21.82 12.4 13.77 14.44 $4M-$5M 37.33 17.5 16.5 17 $5M-$7.5M 30.92 19.4 20.47 21.52 $7.5M-$10M 57 25.84 22.15 22.15 $10M+ 40.21 36 36.85 37.71  **to calculate months on average I used the full year of 2012 sold properties in each price range Obviously the months on average were the lowest at the end of the year.  The uncertainty of the fiscal cliff, as well as the election (most properties that closed in December were negotiated before election was finalized), and uncertainty of taxes.  Not to mention if people are going to take their house off of the market they will tend to do it over the holidays.   Open Houses February 10th      Below are all of the Greenwich Open Houses for Sunday.   Address Town List Price Time Broker 2 Homestead Lane #406 Greenwich $441K 1-4 PM Raveis 4 Lafayette Court #1C Greenwich $445.5K 1-4 PM Coldwell Bnkr 2 Cary Road Riverside $449K 2-4 PM Coldwell Bnkr 72 Putnam Park Greenwich $598K 1-3 PM Weichert 14 Sound Beach Avenue Old Greenwich $599K 1-4 PM Raveis 98 Putnam Park Greenwich $695K 1-3 PM Raveis 15 River Road #211 Cos Cob $719K 2-4 PM Grnwich Fine Prop 2 Gerry Street Greenwich $749K 2-4 PM Raveis 69 Riverdale Avenue Greenwich $769K 2-4 PM Coldwell Bnkr 115 River Road #10 Cos Cob $775K 1-4 PM Prudential 11 Maple Street Cos Cob $829K 2-4 PM Raveis 282 Bruce Park Avenue #1 Greenwich $1.039M 2-4 PM Coldwell Bnkr 122 Riverside Avenue Riverside $1.075M 1-4 PM Prudential 86 Lower Cross Road Greenwich $1.249M 1-3 PM Weichert 5 Station Drive Greenwich $1.637M 1-4 PM Prudential 65 Lockwood Lane Riverside $1.695M 1-4 PM Prudential 318 Valley Road Cos Cob $1.795M 2-4 PM Coldwell Bnkr 320 Valley Road Cos Cob $1.795M 2-4 PM Coldwell Bnkr 16 Manor Road Old Greenwich $1.799M 1-4 PM Prudential 525 River Road Cos Cob $1.84M 1-3 PM Coldwell Bnkr 43 Stag Lane Greenwich $1.85M 2-4 PM Sothebys 6 Stanwich Lane Greenwich $1.895M 2-4 PM Coldwell Bnkr 29 Hunting Ridge Road Greenwich $1.95M 2-4 PM Grnwich Fine Prop 25 Midwood Drive Greenwich $1.995M 1-4 PM Edward's & Assoc. 55 Will Merry Lane Greenwich $2.995M 2-4 PM Coldwell Bnkr 56 Frontier Road Cos Cob $3.195M 1-4 PM Coldwell Bnkr 27 Chieftans Road Greenwich $3.595M 2-4 PM Grnwich Fine Prop 4 Cove Ridge Ln/Hendrie Dr Ext Old Greenwich $3.995M 1-3 PM Coldwell Bnkr 487 North Street Greenwich $5.495M 2-4 PM Coldwell Bnkr 36 West Way Old Greenwich $5.995M 2-4 PM Grnwich Fine Prop 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 2.500% 2.736% 30 YR Fixed Conforming 3.250% 3.387% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 3.625% 3.746% 5/1 YR ARM Conforming 2.125% 2.888% 5/1 YR ARM Jumbo 2.125% 2.867% 10/1 YR ARM Jumbo 2.875% 3.054% Updated: Tuesday, January 8, 2013

Greenwich CT, Residential Real Estate Analysis and Blog: February 2nd

Greenwich, CT Residential Real Estate Analysis: February 1st A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

The above five bedroom, five and two half bath back country home is located at 43 Richmond Hill.  This is one of my favorite homes in Back Country.  I personally loved how the magnificent basement walked out to the expansive lush lawn.  If you click on the link above you can see a great picture from the back of the house.  This house has every amenity including bar, movie theatre, outdoor fireplace open kitchen, etc.  The list goes on and on.  The house is listed with 9,094 s.f. and sits on 4 acres of land.  The current list price is $4.295M, which is over $600K less than they paid for the house.  It originally came on the market in August of 2010 at $5.495M.   I started this newsletter with the hope of helping individuals understand the market.  I believe the months on average chart at the end of the statistics section best shows where we currently stand.  It shows the months on average it would take to sell through the inventory as of June 31st, 2012, then end of year, and today.  I believe it shows that the market has improved and will be interesting to see if the months on average work there way back up to where they were last June. When scrolling down to the statistics section you will see that we had an average January.  Our sold properties are slightly higher than they were the two previous years.  However, with the fact that we had an explosive December, I was curious to see if January would be slow.  I wanted to see if more properties sold than usual or if the same volume was there but they just pushed up the close date to close in 2012.  Since, our January is comparative to the past few years, I believe this shows that the market is improving. I have updated the charts with the month to date numbers. The pie chart with the ytd sales, is updated to only show the properties that have sold so far this year.  Hence, that chart's percentages will change from week to week until we get more data.  The month on average to sell through, I will be using the full year rates of closed properties for 2012 as I feel that will give us the most consistent numbers until we get through three months of this year. As always, if you have a house in mind you would like to see, please do not hesitate to call me.   I would like to thank Mark Pruner for mentioning me in the Greenwich Patch.  Mark also does his own synopsis of the Greenwich Market at www.greenwichstreets.com.  I have updated the mortgage information on the bottom of the newsletter as well. 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    As discussed above I feel that January was in line with the past few years is a great sign.  If you look at the other peak of sold properties (June 2011) where taxes came into affect, the following month saw a big dip in the properties sold.  Hence, the fact that did not happen this year, leads me to believe we are recovering nicely. New Listings As you see in the chart above the new listings outpaced the past two years.  However, not by a huge amount.  That coupled with the fact that we are low on inventory still speaks positively about the overall market in my opinion.  I still would like you to be aware in January we had 42 sold properties while 106 properties came onto the market.  So, we are not completely out of the woods.    Year to Date Sold In the last week we start to see the percentages even out a little more.  The $0-$500K grew from nine to fourteen percent.  The $500K-$1M dropped from forty-two to thirty-seven percent.  The $1M-$1.5M grew to nineteen from 15 percent.  I believe in the next month we will see the numbers stabilize.  I do believe it is important to compare this chart vs. the chart below.  We see that the $500K to $1M is 37% of the sold properties this year, yet it is only 14% of the available properties.  Obviously, that is a more competitive market than the $3-$4M which is 11% of available and only 5% of sold. Year to Date Available    The inventory grew to 541 total single family homes, condos and co-ops for sale.  The inventory is still lower than expected.  I believe we will see a lot more inventory come on in February. 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.   Price Range MOA 06/12 MOA 01/05/12 MOA 02/01/13 0-$500K 6.36 4.96 5.76 $500K-$1M 7.98 3.88 4.22 $1M-$1.5M 11.48 7.22 7.34 $1.5M-$2M 10.86 7 8.55 $2M-$3M 15.27 8.64 9.72 $3M-$4M 21.82 12.4 13.77 $4M-$5M 37.33 17.5 16.5 $5M-$7.5M 30.92 19.4 20.47 $7.5M-$10M 57 25.84 22.15 $10M+ 40.21 36 36.85  **to calculate months on average I used the full year of 2012 sold properties in each price range Obviously the months on average were the lowest at the end of the year.  The uncertainty of the fiscal cliff, as well as the election (most properties that closed in December were negotiated before election was finalized), and uncertainty of taxes.  Not to mention if people are going to take their house off of the market they will tend to do it over the holidays.  I believe the most important aspect though, is that in the past month the numbers have not climbed back up that much.   Open Houses February 3rd      Below are all of the Greenwich Open Houses for Sunday.  Have fun watching the Superbowl. Address Town List Price Time Broker 201 River Run #201 Greenwich $585K 12-4 PM Prudential 5 North Ridge Old Greenwich $829K 1:00 - 3:00 PM Prudential 631 Long Ridge #12 Stamford $1.395M 1-3 PM Prudential 3 Fairfield Avenue Old Greenwich $1.599M 1-3 PM Raveis 633 Steamboat Rd #1 Greenwich $2.2M 1-4 PM Coldwell Banker 11 Park Avenue Old Greenwich $2.495M 12-3 PM Prudential 1200 Lake Avenue Greenwich $3.85M 12-3 PM Prudential 487 North Street Greenwich $5.495M 2-4 PM Coldwell Banker   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 2.375% 2.608% 30 YR Fixed Conforming 3.100% 3.235% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 3.500% 3.619% 5/1 YR ARM Conforming 2.100% 2.892% 5/1 YR ARM Jumbo 2.125% 2.880% 10/1 YR ARM Jumbo 2.875% 3.062% Updated: December 14th

Greenwich CT, Residential Real Estate Analysis and Blog: January 25th

Greenwich, CT Residential Real Estate Analysis: January 25th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

The above beautiful colonial is located at 6 Ledge Road in Old Greenwich.  It has six bedrooms, with four and one half baths, 3,836 s.f. sitting on .55 of one acre.  It is in a private waterfront community, with a shared private beach and has been on the market for just ten days at the asking price of $3.35M.  I love the the old world charm coupled with all of the modern conveniences and the location is spectacular. Thanks to all of you who have forwarded this newsletter to your friends and family.  I was contacted this week by a Reporter from Greenwich Time, and had a profile article written in the Real Estate Section (Article).   I have updated the charts with the month to date numbers. The pie chart with the ytd sales, is updated to only show the properties that have sold so far this year.  Hence, that chart's percentages will change from week to week until we get more data.  The month on average to sell through, I will be using the full year rates of closed properties for 2012 as I feel that will give us the most consistent numbers until we get through three months of this year. While I still believe that we are not completely over the hump in Greenwich, especially in the higher price ranges, I do feel there is a temporary time frame where sellers can get a premium on their properties because the inventory is so low.  I also believe come March we will see a huge influx of inventory, which will soften the market, and create opportunities to buy.  Feel free to compare these numbers with previous issues atwww.greenwichrealestateguy.com/blog.    As always, if you have a house in mind you would like to see, please do not hesitate to call me.   I would like to thank Mark Pruner for mentioning me in the Greenwich Patch.  Mark also does his own synopsis of the Greenwich Market at www.greenwichstreets.com.  I have updated the mortgage information on the bottom of the newsletter as well. 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   As mentioned and seen above, there was tremendous activity in December.  We sold 89 this past December vs. 40 the year before. So far in January we have had 34 properties sold.  We sold 38 last January.  I am hopeful with these numbers, with the incredible December I had thought we may see more of a slowing, so the fact that we are on pace for the same as last year is a good sign in my opinion. New Listings As you see in the chart above through the first few weeks of January you already see the inventory is outpacing the past few years.  Last week the in flux of inventory slowed a little which is another good sign.  We have had 80 new properties this month compared to 89 last year.  The busiest January in the last four years was 2010 where we saw 106 new properties.    Year to Date Sold I was pleasantly surprised that even though we have only sold 34properties ytd, the percentages were not completely off from the end of the year.  The $500K-$1M grew to 41% and we have not had a property sell over the $7.5M range, yet but the other ranges stayed relatively similar. Year to Date Available    We saw the inventory grow this month as so far we have had 80 new properties compared to 34 sold properties, but for the most part we are trending in a positive manner.  We may outpace the sold numbers from the last couple of years, which in my opinion would bode very well with December being so busy.   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.   Price Range MOA 01/05 MOA 01/12 0-$500K 4.96 5.76 $500K-$1M 3.88 3.94 $1M-$1.5M 7.22 7.59 $1.5M-$2M 7 8.04 $2M-$3M 8.64 9.48 $3M-$4M 12.4 13.77 $4M-$5M 17.5 17.5 $5M-$7.5M 19.4 19.76 $7.5M-$10M 25.84 22.15 $10M+ 36 36.85  **to calculate months on average I used the full year of 2012 sold properties in each price range Obviously the months on average were the lowest at the end of the year.  The uncertainty of the fiscal cliff, as well as the election (most properties that closed in December were negotiated before election was finalized), and uncertainty of taxes.  Not to mention if people are going to take their house off of the market they will tend to do it over the holidays.   Open Houses January 27th      Below are all of the Greenwich Open Houses for Sunday.  Click on the link it will take you to the listing.  21 Mallard is listed twice as the first is the rental listing and the second is the for sale listing. Address Town List Price Time Broker 21 Mallard Drive Greenwich $5K 1-3 PM Coldwell 1535 East Putnam Avenue #402 Old Greenwich $389K 1-3 PM Raveis 207 Sheephill Road Riverside $499K 1-3 PM Shore and Country 4 Caroline Place Greenwich $549K 12-3 PM Raveis 16 High Street Greenwich $575K 1-4 PM Sothebys 21 Greenwich Hills Drive Greenwich $679K 2-4 PM Raveis 98 Putnam Park Greenwich $695K 1-3 PM Raveis 11 Maple Street Cos Cob $829K 1-4 PM Raveis 127 Lake Avenue Greenwich $895K 2-4 PM Coldwell 128 Riverside Avenue Riverside $995K 1-4 PM Prudential 73 Weaver Street #16 Greenwich $999.5K 1-3 PM Halstead 21 Mallard Drive Greenwich $1.095M 1-3 PM Coldwell 515 W Lyon Farm Drive #515 Greenwich $1.175M 2-4 PM Round Hill 155 Field Point Road #3S Greenwich $1.195M 1-4 PM Round Hill 73 Weaver Street #18 Greenwich $1.195M 1-3 PM Raveis 4 Nickel Street Greenwich $1.298M 1:30-3:30 PM Round Hill 186 Field Point Road #6A Greenwich $1.395M 1-4 PM Round Hill 99 Stanwich Road Greenwich $1.399M 1-3 PM Higgins 291 Stanwich Road Greenwich $1.625M 2-4 PM Raveis 16 Manor Road Old Greenwich $1.799M 1-4 PM Prudential 35 Dunwoodie Place Greenwich $2.195M 2-4 PM Raveis 35 Keofferam Road Old Greenwich $3.145M 1-3 PM Shore and Country 5 Jofran Lane Greenwich $3.195M 1-3 PM Raveis 5 Keofferam Road Old Greenwich $3.375M 1-3 PM Shore and Country 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 2.375% 2.608% 30 YR Fixed Conforming 3.100% 3.235% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 3.500% 3.619% 5/1 YR ARM Conforming 2.100% 2.892% 5/1 YR ARM Jumbo 2.125% 2.880% 10/1 YR ARM Jumbo 2.875% 3.062%