Yeah well, not in Greenwich

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.

7 Comments

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7 responses to “Yeah well, not in Greenwich

  1. The New Normal

    we are setting up for a very powerful rally

    buy everything

  2. Anonymous

    To paraphrase Mary McCarthy, everything stated by that self-serving trade organization is a lie, including “and” & “the”.

  3. jb

    It’s likely going to continue to be a rough ride.

    Gary Shilling: “But even if homeownership was cheaper than renting, as some claim, buying a house now would be a disastrous investment if prices fall another 20% or more.” (Wall Street Journal, May 14, 2012).

    http://online.wsj.com/article/SB10001424052702304299304577348083297932466.html

    However, the same article provide the counter argument “This could be the best time in a generation to be a first-time home buyer.”

    The next five years should be interesting.

  4. Anonymous

    How about those radio commercials from the NAR with the little kid talking to grandpa, saying how he wishes he could have a house like grampa’s? But what they omitted was ol’ gramps took out a reverse mortgage 4 years ago (timing is everything!) and with the proceeds screwed his children and grandkids out of inheriting the house, and instead is taking a lot of weekend vacations to Atlantic City for hookers and blow.

    Live the American Dream!

  5. Anonymous

    Anonymous at 4:12 pm:

    You leave grampa alone! His kids and grand-kids aren’t “screwed” out of anything. It’s grampa’s house, he paid for it, and if he wants to spend the proceeds on hookers and blow, then god bless him, and f**k that little kid who wishes he could have a house like grampa’s: let him earn the money for it, just like grampa did.

  6. GWchase

    To paraphrase the old Jan and Dean song “Go Grandpa Go”!
    GWChase

  7. Anonymous

    The kid is never going to have the chance to earn enough to live in Greenwich due up being born at the wrong time