Sales and Inventory

Well, as I suspected, we’re a little slow here in town – time to head for the Rockies or the beach until say, next February. Contrary to what I opined in a comment below, the $1 million to $3 million dollar house is still our bread and butter but according to these stats, we’re reduced to dining on stale crusts and oleo margarine. Here’s what we’re up against (and sorry for the layout – we’re still futzing with this blog – what I see is not what you get, and it’s frustrating):

Contracts since March 1, 2008
<$1,000,000 39 current inventory = 72
$1-$1.49 31 current inventory = 137

$1.5-1.99 29 current inventory = 98
$2.0-2.99 41 current inventory = 163
$3.0-$4.99 37 ` current inventory = 161
$5.0-$7.99 16 current inventory = 103
$8.0+ 7 current inventory = 81


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7 responses to “Sales and Inventory

  1. Anonymous

    Chris – you do us all a geat service- thank you!

    I am not dis-couraged – hang in there – Greenwich – is the place to live and work in.

    Looking forward to your up-grades on your website – keep showing those ‘over-priced-homes’ – ‘stay sharp’ – and we are looking forward to more pictures of properties in Riverside and Old Greenwich –

    Do not go any wheres – my friend – ( I hope ) we will ‘Stand-Bye and Stay Tuned’!

    Looking forward to tomorrow’s posts!

  2. drfinn

    excuse my ignorance, what does the last part of each line mean. The number after the equal sign.

  3. Chris Fountain

    It’s not your ignorance but my own – I wrote a nice, neat body of text and can’t seem to get the numbers to stay separated. So the first number is the number of houses in a particular price range that went to contract this year since march 1st. The second number is the count of other houses in that same price range that are actively listed and remain unsold. As you’ll see, we have a long way to go before we get rid of our inventory. And wait til September – if this year follows the pattern, even more houses are on the way!

  4. jess

    Chris – would I be calc’ing this right… on the 2-2.99 price range, if in 5 months, there were only 41 contracts signed, and there are 163 houses in inventory, does that mean you have 20 months of inventory? Or is it better to look at a last 12 months monthly average compared to inventory, to take out any seasonality bias?

  5. Chris Fountain

    Jess – wish I knew. I used the March 1 – July 28 spread because sales have fallen so drastically during that time. If credit returns and buyers regain some confidence then I’m sure we’ll see the existing inventory whittled down faster than 8 per month, but, as of today, the market’s in the doldrums and I don’t know when it will pick up again.

  6. Chris Fountain

    Further thoughts – March-May is traditionally one of our strongest markets so any “seasonal adjustment” may be down, not up. Ugh.

  7. jess

    Thanks Chris. Ugh is indeed right. By the way – loving that you are posting more frequently. I check your blog often – am quite a fan!