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Find out what's happening in Greenwichfor free with the latest updates from Patch.
I focused this week on updating the stats and open houses. The stats tell a very interesting story.Since, I like the above mentioned house so much I have kept it the same as the property of the week.
Find out what's happening in Greenwichfor free with the latest updates from Patch.
The above beautiful setting is located at 36 Shore Road in Old Greenwich. Direct waterfront on Tomac Cove priced at $3.295M. The house is listed at 3,529 s.f. with incredible Long Island Sound views. The house holds four bedrooms, three full baths, and two fireplaces. With 100 feet of direct waterfront I thought this was the perfect house to feature for the beginning of summer.
The first three months of 2014 we sold 128 properties vs 122 properties in 2013 which is up 4%. However, the last three months April-June, we have sold 215 in 2014 down from 265 in 2013. This is down 19% for the last three months and down 12% YTD. Also, compared to this time last year we have 711 properties for sale in Greenwich compared to 692 last year. Throughout this year we have typically been below inventory against last year.
The couple of positives in the market is that we have 110 properties that have met all of their contingencies and are just waiting for a close date. With another 71 properties that are under contingent contract. Another of the positives vs. last year is the luxury market, we have sold 8 properties over $10M which is more than all of last year. When you look at the charts you will see the market leans more and more toward the buyer as you go up in price range. This shows that this is the best time to trade up in price range. If you can sell in the $2M-$3M range you will have a market where the buyers are looking, but if you buy in the $3M-$5M range you will buy in a market where it is less competitive.
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 shows the difference in the first three months vs. the last three months. You can see that June was lower than the last three years, that is a tad skewed as June of 2011 was the last month before tax advantage changed.
New Listings
We had 158 new listings in May and 130 in June. We had more listings in June than the past few years, where May was more in line.
Year to Date Sold
The percentages have leveled off. The biggest differential is that the $2M-$3M grew two percentage points, while the $3M-$4M dropped two percentage points. This shows that it is the perfect time to jump up in price range current. 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. 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 Range1/31/142/28/143/28/144/25/145/16/140-$500K10.26.07.06.15.5$500K-$1M9.78.69.08.78.6$1M-$1.5M5.59.58.910.37.8$1.5M-$2M814.513.618.417.8$2M-$3M4.79.211.614.314.2$3M-$4M1113.111.814.214.5$4M-$5M11.98.913.114.422.1$5M-$7.5M20.732.039.55956.6$7.5M-$10Mn/an/a71.55131.5$10M+22.427.242.022.733.8
I believe these chart above and below best show the Greenwich market. We had an influx of inventory lately. However, if you look at the specific price ranges 0-$500K dropped from 7 months to 5.5. When looking closely you notice over the last six weeks the under $1.5M became more competitive, where the $1.5M-$4M became less competitive adding approximately three months per price range. The $4M-$7.5M range is ice cold, and the luxury market of over $7.5M has actually done pretty well.
The chart below is the amount of months on average to sell throughcurrent inventory based on all of 2013 sold numbers by price range.
Price Range8/30/139/30/1310/25/1311/30/1312/30/131/31/142/28/143/28/144/25/145/16/140-$500K4.264.45.24.244.243.83.74$500K-$1M4.654.94.63.43.233.84.45.25.4$1M-$1.5M4.965.24.63.633.544.15.65.4$1.5M-$2M5.615.65.154.756.46.17.27.1$2M-$3M7.849.18.36.35.45.96.989.110.3$3M-$4M20.2223.421.317.115.816.315.316.519.818.5$4M-$5M2223.925.318.814.11513.713.71821$5M-$7.5M40.831.626.42521.522.22425.128.432$7.5M-$10M44.852.158.853.146.346.346.342.946.348$10M+272103.292.172.261.56663665467.5
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 June 29th Below are the 43 open houses this Sunday.
Street NameAreaList PriceTimeListing Office268 Palmer Hill RoadRiverside$13K1-3 p.m.Raveis4 Lafayette Court #2DGreenwich$575K1-4 p.m.Raveis28 Rippowam Road #2ACos Cob$660K2-4 p.m.Raveis8 Nedley LaneGreenwich$699K1-3 p.m.Coldwell106 Putnam ParkGreenwich$719K1-3 p.m.Real Living70 Riverdale #1004Greenwich$730K2-4 p.m.Raveis30 Bruce Park AvenueGreenwich$749K12-3 p.m.Weichert25 Harold AvenueGreenwich$749K1-3 p.m.Coldwell6 Buena Vista DriveGreenwich$839K2-4 p.m.Weichert40 Ettl Lane #14Greenwich$855K2-4 p.m.Weichert307 Lyon FarmGreenwich$1.05M1-3 p.m.Coldwell35 Center DriveOld Greenwich$1.085M2-4 p.m.Halstead3 Game Cock RoadGreenwich$1.118M2-4 p.m.Weichert78 Glen Ridge RoadGreenwich$1.249M1-3 p.m.Coldwell347 Riversville RoadGreenwich$1.295M1-4 p.m.Coldwell392 Davis AvenueGreenwich$1.495M1-4 p.m.Raveis104 Stonehedge DriveGreenwich$1.545M1-3 p.m.Halstead365 Round Hill RoadGreenwich$1.595M1-3 p.m.Weichert*3 Game Cock RoadGreenwich$1.795M2-4 p.m.Weichert20 Ridge StreetGreenwich$1.795M1-3 p.m.Sotheby's55 Hillcrest ParkOld Greenwich$1.85M2-4 p.m.Raveis39 Bowman DriveGreenwich$1.89M1-4 p.m.Raveis24 Bedford RoadGreenwich$2.15M12-2 p.m.Raveis55 Shore RoadOld Greenwich$2.195M1-3 p.m.Weichert50 Orchard Place EastGreenwich$2.25M12-4 p.m.Greenwich Realty45 Old Stone BridgeCos Cob$2.25M1-3 p.m.Sotheby's4 Robin PlaceOld Greenwich$2.295M1-3 p.m.BHHS16 Somerset LaneRiverside$2.35M1-3 p.m.Sotheby's30 South End CourtOld Greenwich$2.395M1-3 p.m.Shore and Country268 Palmer Hill RoadRiverside$2.895M1-3 p.m.Raveis17 Tomac AvenueOld Greenwich$2.985M2-4 p.m.Ravies36 Shore RoadOld Greenwich$2.995M2-4 p.m.Houlihan Lawrence188 Cognewaugh RoadCos Cob$3.25M1-4 p.m.Designer Realty180 North StreetGreenwich$3.425M1:30-3:30 p.m.Coldwell349 Sound Beach AvenueOld Greenwich$3.575M2-4 p.m.Sotheby's29 Byfield LaneGreenwich$3.595M1-3 p.m.Raveis20 Carpenters BrookGreenwich$4.1M1-3 p.m.Coldwell15 Lexington AvenueGreenwich$4.15M1-3 p.m.Coldwell98 North StreetGreenwich$4.295M11-1 p.m.Coldwell70 Sherwood AvenueGreenwich$4.475M3-6 p.m.Charles Paternina19 Shoal Point LaneRiverside$4.85M12-2 p.m.Coldwell22 Stillman LaneGreenwich$4.99M1-4 p.m.Weichert11 N. CrosswayOld Greenwich$6.25M2-4 p.m.Shore and Country
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 NMLSR ID 404288.
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.
