Wait’ll next year!

With the month winding down and new contract activity not likely to appear, let’s look at what we had this December: 6 single family homes went to contract, with asking prices (selling prices are usually lower) ranging from $375,000 to $2,250,000.

December 2007: 23 houses, $649,000 – $7,750,000.

December, 2006: 49 houses, $780,000 – $12,975,000.

See a trend here?

4 Comments

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4 responses to “Wait’ll next year!

  1. CEA

    Chris, out of curiosity:

    How many real estate agents are there in Greenwich?

    For what % of those agents, would you say, is being a real estate agent the bulk of the household income?

    Does the 80/20 (or is it more like 60/40, or 90/10) rule hold – that 80% of the business is done by 20% of the agents?

    And thus – shouldn’t there be a 30-40% reduction in agent numbers, similar to what is happening on Wall St?

    These poor numbers just don’t make sense for people looking to earn a living.

    • christopherfountain

      CEA – there were something like 1000 agents in town last I checked, down 10% from last year. The next round of $1000 dues is coming up next month and that may thin ranks further, perhaps, although a lot of the newly unemployed are under the mistaken belief that an easy, lucrative new career awaits them in real estate.
      I think the 90/10 rule is the most accurate.
      How many people make a real living practicing real estate full time? Well certainly that 10% and perhaps another 10%. The rest either hang out at home and wait to get a friend’s listing once every one or two years, use their license solely to tour Mel Gibson’s and Leona’s mansions or ??? I don’t know what many of them do, to be honest.
      Will 40% drop out? They should but I bet they don’t. And one or two will go on to make some real money, just as those of us who do so now once did. I’m typical in that I starved for two years, atypical in that, after that, I started making a good living at this. But some do break out, every year, and that encourages many more to try. God bless America, we’re all free to try something once -or even twice, Hey, check out Walter Noel – a failure at Citibank, a struggling career as a money manager, then he met just the right guy to run his hedge fund and the rest is (or will be) history.

  2. Anonymous

    Thought you might find this website interesting…

    http://www.walkawayplan.com/

  3. CEA

    OK, if 20% are really agents, then the actual number of practicing real estate agents in Greenwich is 200.

    100 of them actually do the bulk of the sales, another 100 get the remainder, while 800 pay their $1,000 annual dues for the privilege of calling themselves “real estate agents” and doing a one-off job now and then. Got it. Interesting.