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Saturday, August 20, 2011

08/20/11 Scott Elwell's Greenwich, CT Real Estate Market Report - July 2011 - GreenwichCT.com

July and August are always interesting months in the Greenwich real estate market. As I look at the market today, I find myself focusing on three different components. The first component we are witnessing includes the spring sales that close in July/August. The second component includes those families that are on vacation and pulling back a little on their real estate search or sale. The last component, and possibly the most significant, that we are witnessing right now, includes the families that need to get into a new home by the start of the school year.

When looking at the first component (spring sales) I like to focus on the annualized numbers through July. I'm a big believer that in order to get a solid grasp of the spring market you really need to look at the first half of the year. The term "spring market" really refers to those buyers looking at a new year. Some might act quickly and buy in March, while others will search through spring, go into contract in June and close in August. These buyers are acting with the same intentions and time frame, though the timing of their closings are completely different. For this reason I like to take a look at the whole half (or 7/12ths) of the year.
As you can see in the chart above, we are having a great year relative to 2010. The sales prices are extremely close to 2010, though the number of houses sold is up significantly. Sometimes I will point out that a 20% bump is not that serious, though when looking at unit sales that have jumped from 293 to 351 this is a significant movement.
Now looking at just the month of July we are actually down near 20% when compared to 2010. I don't see this percentage drop as serious, mainly because we have a much smaller sample size. Last month I predicted that this number was going to be higher and was wrong. It happens. I think the reason that this July sales number is lower than 2010 is because we had a large number of spring sales close July 2010 and because we are now seeing the tailing end of the 2011 spring market. Once we get the final August numbers we will have the full picture of the 2011 spring market.

While families tend to take vacations in August (component two) and the amount of house hunters drops significantly every year (regardless of the market), we do see the final rush for those that need to be in by the school year (component three). Many of these families have been looking at houses since the beginning of the year with full intentions on buying when they found something. For one reason or another this purchase was delayed (couldn't find the right house, financing, work, etc...), but now they have a set date they need to be in by so their kids can go to school. I'm going to make the same prediction I did last month and say that the August numbers will be higher due to this final push in demand.

One factor that could easily swing my prediction off is the rental market. I have never seen this market hotter/moving faster. A well priced rental that is listed today can easily be gone by tomorrow. Some say this is due to the general issues people are having with buying. I aree, but also believe the school-year push is a large factor in demand. We'll see when the September numbers come out. I wrote two posts on my thoughts on the rental & condo market here and here if you are interested.

For those of you who are interested, here are some of my other writings from this month:

Interesting SALES in Greenwich, CT

Greenwich Condo Sales

Greenwich and National Rental Market

July Real Estate Snapshot

Yun's Real Estate Outlook

Greenwich Rental Market


I hope everyone is having a great August and enjoying periods of nice weather. As usual, if you or anyone else you know want to talk in more detail (or just have listings sent to you) about Greenwich real estate I'm always excited to talk and work with new clients.


Sincerely,

Scott




Scott P. Elwell - MBA
Founder/Real Estate Agent - GreenwichCT.com
William Raveis Real Estate - Al Filippone Associates
45 Field Point Road, Greenwich, CT 06830
Mobile: 203.940.0444 : Email: scott@elwell.com

My 2011 Activity - Bio


Copyright © 2011 Greenwich365.com, All rights reserved.
Scott Elwell - 203.940.0444



08/20/11 The Topix News Message Board: Retroweek: A look back on Greenwich news

Topix Greenwich

Greenwich - News August 20, 2011

See Greenwich Weather

Retroweek: A look back on Greenwich news (NewsTimesLive)
"It's such a bummer. You can get lunch, you can go home and you don't really need to rely on your parents.

Greenwich Charity Gives Back Despite Economy
Greenwich Charity Gives Back Despite Economy (The Daily Greenwich)
Despite economic uncertainty and widespread purse tightening, Oprah's Big Give Winner and Greenwich resident Stephen Paletta 's charity GiveBack enabled members to donate to 754 charities worldwide.

Cos Cob Man Charged After Fight in Front of Child (The Daily Greenwich)
GREENWICH, Conn.-A Cos Cob man was arrested Wednesday night after telling his girlfriend to stab him during heated argument in front of their infant child, police said.

Please send your comments, news tips and press releases to GreenwichRoundup@gmail.com

Greenwich May Lose Its AAA Credit Rating (The Daily Greenwich)
On Aug. 4, Moody's put many towns and counties across the country on notice that their top borrowing status could be at risk.

Greenwich Home Sells For $4.9 Million (The Daily Greenwich)
GREENWICH, Conn.- Here is a list of recent property transfers as reported by the office of the Greenwich tax assessor.

Severe Thunderstorms Heading to Greenwich (The Daily Greenwich)
A severe thunderstorm watch has been issued by the National Weather Service for Greenwich and surrounding areas until 9 p.m. Friday.

Caryna Nina Honored by Cambridge Who's Who for Excellence in Fashion Design (Press Release News From 24-7 Press Re...)
GREENWICH, CT, August 19, 2011 /Cambridge Who's Who/ -- Caryna Nina, Fashion Designer and Chief Executive Officer of Caryna Nina, has been recognized by Cambridge Who's Who for showing dedication, leadership and excellence in fashion design.

Another stop on the mountain lion's journey: Lake George (Connecticut Post)
More details are emerging on the now-famous mountain lion's incredible journey from the Upper Plains to southern Connecticut, where it was ultimately killed by a sport utility vehicle on the Wilbur Cross Parkway in Milford in June.

Miles of Memories on 9/11 Motorcycle Ride [PHOTOS] (Patch)
For more on Sept. 11 events in the state, visit the Connecticut Remembers 9/11 Facebook page .

08/20/11 From the unbelevable to the the truth: and more from Greenwich Patch


Today s 88° 68° Tomorrow s 84° 64°

August 20, 2011

Your News

From the unbelevable to the the truth:

Cathryn J. Prince | Aug 20, 2011 | 0 Comments

OMG PS: from the ridculous to the bazarar in the region's tops new.s

Metro-North Riders Vent About July 22 Disabled Train Incident

Patrick Barnard | Aug 19, 2011 | 0 Comments

imageMetro-North officials lambasted for failing to adequately communicate with passengers who were trapped on a New Haven-bound train without air conditioning in the 100+ degree heat for nearly an hour.

Funeral for a Hero, 900 Miles for 9/11, Man's Best Friend Fights Crime

Sheryl Shaker | Aug 19, 2011 | 0 Comments

imageHeadlines from around the region.

Hundreds Attend Mass For Brian Bill

Jamal Powell | Aug 19, 2011 | 0 Comments

imageThe family of Navy SEAL Brian Bill, who was killed in Kabul, Afghanistan, issues statement.

Bradford's Grill & Tavern: Guy Heaven Opens in SoNo

Nancy Burton | Aug 19, 2011 | 0 Comments

imageNorwalk's newest sports bar has hearty fare, live music and a politically correct kids' menu.

See more News »

08/20/11 Greenwich Charity Gives Back Despite Economy And Other News In The Daily Greenwich

What's Up in The Daily Greenwich
The Daily Greenwich
News Sports Schools Neighbors
Greenwich Charity Gives Back Despite Economy
by Anna Helhoski | 08/20/11

GREENWICH, Conn. — Despite economic uncertainty and widespread purse tightening, Oprah's Big Give Winner and Greenwich resident ...

READ MORE
Greenwich May Lose Its AAA Credit Rating
by Anna Helhoski | 08/19/11

GREENWICH, Conn. — Greenwich may lose its AAA bond rating from the credit rating agency Moody's, according to Greenwich Time.

... READ MORE
Greenwich Home Sells For $4.9 Million
by Anna Helhoski | 08/19/11

GREENWICH, Conn.—Here is a list of recent property transfers as reported by the office of the Greenwich tax assessor.

... READ MORE
Cos Cob Man Charged After Fight in Front of Child
by Anna Helhoski | 08/19/11

GREENWICH, Conn.—A Cos Cob man was arrested Wednesday night after telling his girlfriend to stab him during heated argument in front ...

READ MORE
Metro-North Takes Heat From Commuters
by Vanessa Inzitari | 08/19/11

WESTPORT, Conn. – Delays on Metro-North's New Haven Line on Thursday evening made railroad President Howard Permut at least 20 ...

READ MORE

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