Trouble in River city: 39 Month’s Inventory!

Reader IB’r sends this along from Russ Pruner’s brother:

How’d you miss out on a quote here. From the WSJ post:

“Mark Pruner of Prudential Connecticut Realty in Greenwich, Conn., sent me a chart showing the supply of homes in Greenwich. Greenwich of course, lives or dies on the health of the financial markets (hedge funds, Wall Street), so you would think the town should lead any recovery.

But the chart below shows that Greenwich has a 39-month supply of homes priced at $10 million or more. That compares to inventory of only six months for homes priced at less than $400,000, which in Greenwich won’t even buy you Steve Cohen’s Zamboni shed.

At the current sales rate, it will take more than three years to clear out the town’s supply of megamansions, and that assumes that no new ones come on the market.”

4 Comments

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4 responses to “Trouble in River city: 39 Month’s Inventory!

  1. Old School Grump

    Even if it’s accurate –the 39-month supply of $10 million+ homes, I mean — is that particular stat particularly meaningful as a measure of the health of the overall Greenwich market?

  2. Flyman in Rivvy

    It’s more of a locationally specific problem. Grouping all the town’s inventory into one $10mm category is misleading. If you drill down a bit you’ll see that about a 1/3 of the inventory is Back Country, 1/2 is Mid Country, 1/4 of it is Belle Haven or Mead Pt and the balance in Rivvy/OG. Great time to be an estate buyer in Mid or Back Country.

  3. Patrick

    I agree that you can really play with the numbers. If they analyzed the less than $1.5 market or $1m market they would get a completely different number.

    I recently saw a piece on cnbc.com which listed the fastest growing towns for rich people. They essentially took the sales rates and assumed that it translated into a vibrant market. So Greenwich’s recent 135% increase in sales somehow represented a huge shift in demographics, when in actuality it just means that we’re coming off a horrific number from 2009. Sales are up 135% in 2011, but down 60% from the height…Statistics and lies.

  4. Lonnie

    Is this surprising to anyone?