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Greenwich, CT Residential Real Estate Blog and Analysis: December 6th

Greenwich, CT Residential Real Estate Blog and Analysis:  December 6thA weekly analysis brought to you by Greenwich Real Estate Guy.
www.greenwichrealestateguy.com  

 

 Visit www.greenwichrealestateguy.com/blog for a more friendly view as my charts, graphs, and formatting of the open house list with links does not transfer as well. 

With the holiday week the previous week there were not many houses on tour this week that I liked so I am leaving the featured house the same.  However, I have updated the activity report, the neighborhood report, all graphs, months on average, and the open house list.  The above pictured shingle style home is located at 26 Glen Avon Drive.  Glen Avon is a beautiful quiet street in Riverside.  It makes a horseshoe off of Club Road, which is the road where the Riverside Yacht Club is located.  Not only is the location perfect for quiet walks overlooking the water at sunset, but the house stands out as well.  The home sits on .84 of an acre making it an oversized lot.  I envision this house being the center of all of the kids in the neighborhood.  The back yard has it's own basketball court, and still room for a great patio and lawn, perfect for entertaining.  Inside the home boasts six bedrooms, five full baths and one half bath, as well as three fireplaces.  The master suite holds one of the fireplaces, as well as his and her walk in closets, a steam shower, and separate vanities.  The home is listed as 5,371 s.f. but that does not include the lower level which has a walk out playroom, bath room, and mud room.  While walking through the home it just felt right, from envisioning the neighborhood kids shooting hoops, to walking out your door to a picturesque walk, it left an impression.  The home is listed at $4.85M.

Find out what's happening in Greenwichwith free, real-time updates from Patch.

 

This week we are changing our MLS (Multiple Listing Service). I will be changing all of the customized searches over to the new system which goes live on Monday.  Hence, if you would like me to set you up with a web portal based on your customized search that will alert you as a new property comes on the market, changes price, or is sold, send me an email with your criteria.  Clients love this as it helps them become more educated on what price points properties are transacting at within their own personal criteria.  

Find out what's happening in Greenwichwith free, real-time updates from Patch.

 

There is a lack of inventory currently as properties come off of the market for the year end.  In my opinion that points to an onslaught of inventory in Spring.  If, you are looking to put your house on the market I would advise to put on before rather than later, as I feel there the philosophy of waiting until the spring market is outdated with the internet.  The difficulty with that thought process is if everyone else is doing the same then you are competing against numerous properties.  However, if you put it between now and February you have the opportunity to differentiate yourself online as well as the Realtor Community.  As Realtors we tour houses every Tuesday and Thursday, and if there are not a lot of broker open houses your house will be seen by a lot of Realtors which obviously helps in those realtors showing your house.  Currently, we have 516 properties on the market, continuing the trend of declining inventory over the last several weeks.  If you look at my blog from the end of September we had 656 properties, which is a 22 percent decrease in total inventory in the last couple of months.   

 

Below are the Sold Price to List Price percentage for each of the four towns as well as some neighborhood data:

 

Sold Price vs. List Price

 

  

Neighborhood Data

 

  

 

 

  

 

 

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 another great month in sold properties.  Last year's November was busier than the past with the uncertainty of the fiscal cliff.  Those fears pushed December to the best in recent memory as you can see above.  It says a lot that November out paced last year by so much.  Obviously, I do not see us competing with last year's December, but all and all we are seeing a lot more properties transact.  All of last year 722 properties sold, this through December 7th, we are already at 780.

 

New Listings

Again, we see the new listings out pacing previous years.  In my opinion this will only continue as homeowners feel the market gets better, I see more and more putting their house on the market.

 

 

 

  Year to Date Sold

 

 We are not seeing a huge change in the percentages as we are towards the end of the year.  However, I think it is important to point out where there are differences in prices ranges that have a flux between the sold and inventory.   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.  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 Range6/12/131/5/132/1/132/22/133/22/134/26/135/31/136/28/137/26/138/30/139/30/1310/31/1311/30/130-$500K6.364.965.765.285.124.955.765.766.245.115.286.084.96$500K-$1M7.983.884.224.224.725.115.55.555.55.165.3353.72$1M-$1.5M11.487.227.347.17.228.29.38.817.957.597.956.975.38$1.5M-$2M10.8678.559.068.689.449.198.88.57.537.276.256.12$2M-$3M15.278.649.7210.29.9612.2413.812.612.1211.7613.0811.649.12$3M-$4M21.8212.413.7716.2217.5520.8822.662220.2220.222219.7716.22$4M-$5M37.3317.516.518.521.527.52827.523.521.992424.518$5M-$7.5M30.9219.420.4720.4720.8223.6425.7626.8226.472426.1124.723.29$7.5M-$10M5725.8422.1522.1525.8426.7631.3833.232.325.8426.7627.6926.79$10M+40.213636.8540.2838.573638.573631.7129.1439.4240.2839.42 

 

 

**to calculate months on average in this chart I used the full year of 2012 sold properties in each price range Look at the difference in the last month's numbers and how it has affected the overall market.  With so many people taking their homes off the market in the past month it has really affected the market.  The interesting aspect is that the luxury market has stayed consistent.  Yet, the other price ranges have dropped tremendously over the last month.

 

 

 

Price Range8/30/139/30/1310/25/1311/30/130-$500K4.264.45.24.2$500K-$1M4.654.94.63.4$1M-$1.5M4.965.24.63.6$1.5M-$2M5.615.65.15$2M-$3M7.849.18.36.3$3M-$4M20.2223.421.317.1$4M-$5M2223.925.318.8$5M-$7.5M40.831.626.425$7.5M-$10M44.852.158.853.1$10M+272103.292.172.2

 

 

 

 

 

** to calculate months on average in this chart I used year to date sold properties in each price range.

 


Obviously the months on average were the lowest at the end of the year 2012.  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 December 9th   Below are all of the Greenwich Open Houses for Sunday.  The first two are rentals.

 

 

AddressTownPriceTimeOffice51 Forest Avenue #17Old Greenwich$5.4K1-3 p.m.BHHS0217 Hawkwood LaneGreenwich$9K1-3 p.m.COBA019 River Road #418Cos Cob$570K2-4:30 p.m.SCIA0120 High StreetGreenwich$575K1-3 p.m.COBA0153 William Street #AGreenwich$725K1-4 p.m.BHHS0115 Lafayette Court #4AGreenwich$775K1-3 p.m.COBA017 Dearfield LaneGreenwich$2.28M1-3 p.m.SCPR0117 Hawkwood LaneGreenwich$2.59M1-3 p.m.COBA0181 Sawmill LaneGreenwich$2.995M1-3 p.m.HLAW01900 Lake AvenueGreenwich$3.195M12- 3 p.m.RAVE0120 West End AvenueOld Greenwich$3.899M1-3 p.m.KAVO01421 Field Point RoadGreenwich$6.5M1-4 p.m.BHHS01 

 

 

 

Best,                                                                                                                                                       Jared Randall                                                 Join my Mailing ListHoulihan Lawrence Greenwich                     Search Propertieswww.greenwichrealestateguy.com                Forward to a Friendcell:  203-273-1034                                         View My Websiteemail:  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 Manhatan, and in Greenwich I prefer Treena David-Chirico of Wells Fargo.

 

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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