Greenwich, CT Residential Real Estate Blog and Analysis: May 30th

FEEL FREE TO VISIT WWW.GREENWICHREALESTATEGUY.COM/BLOG FOR A MORE VIEWER FRIENDLY VERSION AS SOME OF THE CHARTS, GRAPHS, AND OPEN HOUSE LIST DO NOT APPEAR CORRECTLY HERE.

Next week will have the update numbers including May's final statistics.  Pleas join me at the above pictured 30 Montgomery Lane this Sunday as I am hosting an open house from 1-4 p.m.  Location, Location, Location, you will be close to everything Greenwich has to offer.

Sensational Stone & Shingle Home on Park-Like Setting in Greenwich

Beautiful five bedroom home, nestled on 1.44 park-like acres on a quiet cul-de-sac and nearby to walking paths at the 91acre Montgomery Pinetum Park, ideally situated close to town, schools and highways.   This inviting, multi-level residence boasts hardwood floors, a comfortable floor plan and wonderful flow.

The spectacular gourmet kitchen, with a large center island, is the hub of this warm family home, featuring state-of-the-art appliances, granite countertops and rich cherry cabinetry, which seamlessly opens into a sundrenched eat-in nook and casual relaxation area, with sliding doors to the extensive outdoor deck.  Pass through into a formal dining room, with corner cabinets and additional deck access.  A commanding stone fireplace anchors the bright living room, affording sweeping front yard views from an impressive window seat.

Ascend to a handsome home office, with built-in cabinetry; one en-suite bedroom, two additional spacious bedrooms and one full bath. 

A luxurious master suite comprises the entire top floor boasting a serene bedroom, with a tray ceiling, gleaming windows and a private outdoor deck;  an elaborate dressing room featuring a built-in vanity in one of the two well-appointed walk-in closets and an adjacent sitting room, with attic access.  An opulent marble master bath with his and her walk-in showers, water closets and vanities, centers around the spa tub.

Descend to a splendid au-pair's suite with a full bath, added in 2012, with a separate entrance, nearby to a full service laundry room and access to the two car garage.

The lower level is perfect for relaxation and recreation with a generous family room, complete with a kitchenette.  Ample storage is available in the extensive unfinished portion of this level.

The well manicured lawn is punctuated by lush perennial rock gardens bordering the property, a gazebo and a stone wall.

As you will learn when you look at months on average and the graphs, we have seen trends in the market that can help us understand what is currently happening.  Quick synopsis is that the under $1.5M market has become increasingly more competitive, the $1.5M-$4M is becoming less competitive, the $4M-$7.5M is at a stand still and definitely a buyer's market, while the luxury over $7.5M is doing much better than last year.

We currently have 666 total properties for sale in Greenwich.  That is up another thirty eight from three weeks ago  However, still down from the 687 we had this time last year based on my May 17th article last year.  The most surprising data is the amount of sold properties this year. As you will see in the graphs, January was incredible, which set the expectation of a great year.  However, since then we have been either at or below last year's number.  April was actually the worst so far with only 55 properties sold, compared to 65 last year down 13%.  May is trending below as well with only 30 properties closed halfway through the month when we had 90 in May of last year.  The saving grace is that we have 190 properties either under a contingent contract or pending.  120 of them are pending which means all contingencies have been met.

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.  

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

As mentioned above we finished April with only 55 properties sold down 13% from last year.  May looks even scarier with only 30 sold halfway through the month. 

We have 90 new listings already half way through May.  A little concerning that new listings are up and sales are down.  Luckily, we do have the 190 properties under contract or pending.

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.

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.

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.