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Please visit www.greenwichrealestateguy.com/blog for a more viewer friendly version as some of the charts and graphs do not transfer over as well.
The featured property and analysis are the same as last week. I have updated the 35 open houses this Sunday.
The above colonial was renovated in 2013 and is located in Old Greenwich. The address is 14 Edgewater Drive. This is my favorite property under $2M currently on the market. If you have read this newsletter for a while, you know location is the most important aspect for me. This home is a couple of blocks away from the Elementary School, shops, restaurants, and train of Old Greenwich. I also love homes that have period details, but have been renovated. I love the wrap around porch, as well as the patio in the back with the outdoor fireplace. This great home for gathering has four bedrooms, two full baths, and one half bath. It sits on .17 of an acre and is listed at 2,286 s.f. and is listed at $1.995M.
Find out what's happening in Greenwichwith free, real-time updates from Patch.
The newsletter has had a lot of new subscribers over the last month so I wanted to take a second to explain the sections. The first section is the featured property, with a short weekly roundup of the market. The next couple of sections are charts and analysis of the market concluding with a months on average chart so one can see how their price range is doing compared to other price ranges as well as compared to earlier months and years. Following the analysis is the Open house list. I use a myriad of sources including the Greenwich Times, Greenwich Multiple Listing Service, Fairfield County Multiple Listing Service, as well as Real Estate websites such as Trulia and Zillow.
Find out what's happening in Greenwichwith free, real-time updates from Patch.
We currently have 517 total properties for sale in Greenwich. That is up 14, from last week and 29 from two weeks ago, which is 5.6% growth. However, looking back at my February 22nd newsletter from last year we had 563 properties for sale. So, all and all we are still more competitive of a market than last year. In the past week we have had 41 new listings compared to seven properties that closed.
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
This is the first month in a long time that our sold numbers did not match last year. My opinion is that it is a one off, we will have to see if it becomes a trend.
New Listings
As you can see the inventory has finally started to pick up. We had more new listings this month than the previous four years.
Year to Date Sold
There is a big jump in the $500K to $1M price range jumping from 16% to 19% of the total inventory sold. That is a big jump for just one week. However, when looking at last year's February 22nd newsletter 68% of the properties sold year to date were under $2M. This year that has dropped 16 percentage points to 52%. 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. Obviously, one month is not enough of a sample size, so I have created two months on average charts. This one below is the amount of months on average to sell through our current inventory based on 2014 ytd sold numbers by price range.
Price Range1/31/142/28/140-$500K10.26.0$500K-$1M9.78.6$1M-$1.5M5.59.5$1.5M-$2M814.5$2M-$3M4.79.2$3M-$4M1113.1$4M-$5M11.98.9$5M-$7.5M20.732.0$7.5M-$10Mn/an/a$10M+22.427.2
$7.5M-$10M is n/a as we have not had a property sell in that price range this year. As you can tell by the almost doubling of the $0-$500K range this week it has more than cut the moa in half.
The chart below is the amount of months on average to sell throughcurrent inventory based on all of 2013 sold numbers by price range. As you see, the small small sample size skews a bit, but could also show the beginning of trends.
Price Range8/30/139/30/1310/25/1311/30/1312/30/131/31/142/28/140-$500K4.264.45.24.244.24$500K-$1M4.654.94.63.43.233.8$1M-$1.5M4.965.24.63.633.54$1.5M-$2M5.615.65.154.756.4$2M-$3M7.849.18.36.35.45.96.9$3M-$4M20.2223.421.317.115.816.315.3$4M-$5M2223.925.318.814.11513.7$5M-$7.5M40.831.626.42521.522.224$7.5M-$10M44.852.158.853.146.346.346.3$10M+272103.292.172.261.56663
I find these two charts to be very intriguing. One can see the huge discrepancy based on the 2013 numbers between the luxury market and under $3M. However, at the top if we use the inventory based on the ytd sold numbers it is not as definitive. The luxury market is doing much better than last year and each market seems to be doing relatively well.
Open Houses March 9th Below are the 35 Open Houses for Sunday.
Street NameAreaList PriceListing Office53 Rodwell Avenue #AGreenwich5490001-4 p.m.Raveis48 Almira DriveGreenwich6350001-4 p.m.Raveis12 Greenwich HillsGreenwich6950002-4 p.m.Anderson73 William StreetGreenwich7990001-3 p.m.Coldwell17 Wescott StreetRiverside8250001-3 p.m.Newbridge40 Ettl Lane #14Greenwich8750001-3 p.m.Weichert31 Scott RoadGreenwich8795001-3 p.m.Weichert40 Hassake RoadOG8990001-3 p.m.Shore and Country82 Northfield Street #AGR9498001-3 p.m.Coldwell7 Fletcher Avenue #AGreenwich9555002-4 p.m.Anderson19 Wescott StreetRV10270001-3 p.m.Coldwell160 Valley RoadCC11950002-4 p.m.Raveis19 Richmond DriveOG12850001-4 p.m.Sothebys27 Thornhill RoadRiverside13790001-3 p.m.Coldwell16 Orchard Place #BGreenwich13950001-3 p.m.Coldwell45 Orchard Place #EGreenwich14500001-3 p.m.Coldwell469 Taconic RoadGreenwich15990002-4 p.m.Weichert43 Stag LaneGreenwich17450002-4 p.m.Sothebys16 Orchard Place #AGreenwich17500001-3 p.m.Coldwell330 Sound Beach RoadOld Greenwich17990001-4 p.m.Raveis105 Shore RoadOld Greenwich18950001-3 p.m.Coldwell48 Winthrop DriveRV19750001-4 p.m.Coldwell6 Gaston Farm RoadGreenwich23250001-3 p.m.Coldwell55 Shore RoadOG23490001-3 p.m.Weichert55 Shore RoadOld Greenwich23490001-3 p.m.Weichert299 Palmer HillRiverside23990001-4 p.m.Raveis4 River AvenueGreenwich239990012-3 p.m.Raveis15 Palmer TerraceRV25990001-3 p.m.Raveis520 North StreetGR27500001-3 p.m.Coldwell268 Palmer Hill RoadRiverside28950001-4 p.m.Raveis8 Colonial LaneRiverside29750002-4 p.m.Anderson46 Will Merry LaneGreenwich29950001-4 p.m.BHHS7 Juniper Hill RoadGreenwich29950002-4 p.m.Raveis5 Sylvan LaneOld Greenwich31950001-3 p.m.Coldwell20 Langhorne LaneGreenwich61950001-3 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
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.
