In some parts of the country house inventory is just 6 months, close to the 5 months supply “experts” say defines a sellers’ market.In Greenwich, we have 632 single family homes for sale. At last year’s sales number of 525, that’s a 14 month inventory and I suspect that there’s a shadow inventory that will flood the market if houses start selling.
Of that 632, by the way, a little more than 25% (161) are priced at $5 million and more. 54 houses in that asking range sold last year, which would indicate a three-year supply, were they still selling at 2011′s pace. They are not: 18 have sold this year, yielding about a 3.7 year supply. And see comments re: shadow inventory, above.