I have analyzed the sales and contracts for the period of Januay1, 2004 – May 18, 2004 and January 1, 2005-May 18, 2005. While what passes for the lower end of the Greenwich Market, $2,000,000-$4,000,000 is perking along at about last year’s pace (100 contracts 2005 vs 93 in 2004), there has been a considerable falloff in the high end market.
In the 2004 spring market, 28 houses priced between $5,000,000 and $7,500,000 found buyers. Only 16 did this year. Sales activity is 57% of last year’s market. There are presently 67 houses being offered to the market at this range. I expect many of the new houses currently under construction and not yet on the market will add to this price range’s inventory, bloating it still further.
The highest end of the market (above $7,500,000) is faring a bit better this year than last (11 vs.8) but there are presently 69 houses on the market asking $7,500,000 and above. If we’re selling off 11 every quarter, it will take at least a year and a half to move all these and longer if more come to market.