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Greenwich, CT Residential Real Estate Blog and Analysis: January 24th





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. 

Greenwich, CT Residential Real Estate Blog and Analysis:  
January 24th  A weekly analysis brought to you by Greenwich Real Estate Guy.
www.greenwichrealestateguy.com  

 

Unfortunately, for the analysis and featured property readers, I have had showings all day Friday, Saturday, and in the morning on Sunday.  However, I have updated the open house list.

 

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

I feel that I have done so many colonials as my featured property that it was time to pick a different style.  The above pictured English Manor home is located at 22 Frost Road in mid country.  The home sits on 2.53 acres on Horseneck Lake, was built in 1929 and renovated in 2013.  The grounds contain winding paths in a beautiful setting with great views and a lakeside dock.  The house is listed as 6,980 s.f. and the amenities are plentiful including, four car garage, a billiards room with a stunning stone fireplace and custom bar, an incredible master suite with a breathtaking balcony overlooking the lake.  The house holds eight bedrooms, six full baths and two half baths, was redesigned by Shope Reno Wharton and is priced at $5.995M.

 

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

As you will see in the charts below.  January is off to just as hot of a start as 2013 ended, if not even hotter.  We have already had two over $10M properties sell in the first two weeks of the year.  Last year we only had eight sell in the whole year, and the first one did not sell until late July.  We have already sold 34 properties in the first two weeks of the year, where we sold 41 in the whole month of January last year.  I will keep my 2013 review to give you a comparison as we get January's data.

 

When we look at 2013 as a whole we can definitely see the market turn.  We sold 834 units, compared to 722 in 2012.  However, when we dig into the data we realize that it was the story of two different markets.  The under $3M market and the over $3M market.  Every price range under $3M grew.  In 2013 we sold 710 properties under $3M compared to 583 in 2012.  That is a 22% increase, which is incredible growth in one year.  However, over $3M we sold 124 units compared to 139 in 2012, which is an 11% decrease.

 

Obviously, this is looking at 2013 as a whole.  It is important when looking at these numbers to compare with the current market.  I believe these numbers show that last year was the market regaining it's momentum.  In the beginning of the year it was anything under $1M was flying off the shelves, in the middle of the year it was anything under $2M, and by the end of the year, under $3M was heating up.  Hence, as we look at 2014, I believe we will see two things happen.  I believe the message will get out that the market has changed and we will see an onslaught of inventory in the spring.  It will be very interesting to see if that inventory moves quickly or not.  Secondly, I believe we will see the luxury market pick up steam.  If you look below at the Market Report pay close attention to the right side which shows the difference in the past two years.  For example the over $10M properties was down 43% last year.  However, our first property over $10M did not sell until late June, so in actuality we had eight properties sell in the last five and a half months.  Plus, there are three properties currently priced over $10M that are in contract or have executed contract.  Hence, you can see that even though 2013 as a whole was tough for that market, it is definitely a stronger market now than in the first six to nine months of 2013.

 

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 455 properties on the market.  When you look at my blog from the end of September we had 656 properties, which is a 31 percent decrease in total inventory in the last couple of months. 

 

  

 

 

  

 

 

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

  

Looking above and below you can see the year is off to a great start.  We are already at the point of previous years in sold properties.  Yet, below we are light on the new inventory coming to the market.

 

New Listings

Notice how small the amount of new listings is compared to previous years.  I personally do not think this will hold up, but we shall see.

 

 

  Year to Date Sold

 

 Could this be the year of the luxury market.  Last year 69% of the properties sold were under $2M.  So far this year (all eighteen days of it) 51% are under $2M.  Not to mentione we had two properties sell over $10M  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 Range6/12/131/5/132/1/132/22/133/22/134/26/135/31/136/28/137/26/138/30/139/30/1310/31/1311/30/1312/31/130-$500K6.364.965.765.285.124.955.765.766.245.115.286.084.964.48$500K-$1M7.983.884.224.224.725.115.55.555.55.165.3353.723.33$1M-$1.5M11.487.227.347.17.228.29.38.817.957.597.956.975.384.67$1.5M-$2M10.8678.559.068.689.449.198.88.57.537.276.256.125.61$2M-$3M15.278.649.7210.29.9612.2413.812.612.1211.7613.0811.649.127.56$3M-$4M21.8212.413.7716.2217.5520.8822.662220.2220.222219.7716.2214$4M-$5M37.3317.516.518.521.527.52827.523.521.992424.51816.5$5M-$7.5M30.9219.420.4720.4720.8223.6425.7626.8226.472426.1124.723.2920.82$7.5M-$10M5725.8422.1522.1525.8426.7631.3833.232.325.8426.7627.6926.7924.92$10M+40.213636.8540.2838.573638.573631.7129.1439.4240.2839.4225.89

 

 

**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 Range8/30/139/30/1310/25/1311/30/1312/31/130-$500K4.264.45.24.24$500K-$1M4.654.94.63.43.2$1M-$1.5M4.965.24.63.63$1.5M-$2M5.615.65.154.7$2M-$3M7.849.18.36.35.4$3M-$4M20.2223.421.317.115.8$4M-$5M2223.925.318.814.1$5M-$7.5M40.831.626.42521.5$7.5M-$10M44.852.158.853.146.3$10M+272103.292.172.261.5

 

 

 

 

** 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 January 19th   There are eleven open houses on Sunday. Please let me know if there is anything I can do to be of service.

 

 

Street NameAreaList PriceTimeListing Office3 River Avenue #2BGreenwich$550K1-3 p.m.Coldwell9 Melrose AvenueGreenwich$799K2- 4 p.m.Weichert5 Kinsman LaneGreenwich$949K1-3 p.m.Shore and Country7 Fletcher AvenueGreenwich$955.5K2- 4 p.m.Anderson42 Ridge Street
27 Shady Lane
123 East Elm StreetCos Cob
Greenwich
Greenwich$1.099M
$1.15M
$1.195M1-3 p.m.
1-4 p.m.
1-3 p.m.Sotheby's
BHHS
Coldwell67 Prospect StreetGreenwich$1.295M1-4 p.m.Lockwood49 Byfield LaneGreenwich$1.595M2- 4 p.m.Coldwell36 Valleywood RoadGreenwich$1.65M2- 4 p.m.Houlihan Lawrence469 Taconic RoadGreenwich$1.679M2- 4 p.m.Weichert13 Richmond DriveOld Greenwich$1.695M2- 4 p.m.Shore and Country43 Stag LaneGreenwich$1.745M2- 4 p.m.Sotheby's16 Fairview TerraceGreenwich$1.995M1-4 p.m.BHHS31 Chapel LaneRiverside$1.995M1-4 p.m.Sotheby's55 Shore RoadOld Greenwich$2.349M1-4 p.m.Weichert58 Park AvenueOld Greenwich$2.495M1-3 p.m.Shore and Country7 Juniper Hill RoadGreenwich$2.995M12-2 p.m.William Raveis10 Spring House
585 Round Hill RoadGreenwich
Greenwich$4.25M
$4.495M2-3:30 p.m.
1-3 p.m.Coldwell
Coldwell45 Meadow Wood DriveGreenwich$10.75M12-2 p.m.Coldwell

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 Manhattan, 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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