Where are the contracts of yesteryear?

A reader asks if, by November 2007 the market wasn’t already slowing down and wonders how many houses went to contract the year before. Here you go:

(Single family house contracts)

November 2008: 12

November 2007: 39

November 2006: 62

November 2005: 47

November 2004: 59

Any way you slice it, last month was pretty weak.


Filed under Buying/Selling Greenwich Real Estate, Contracts

5 responses to “Where are the contracts of yesteryear?

  1. CEA

    Wow, that 12 number is really, really weak.

    2007’s number was down 40% from 2006, and this year’s is 70% off from THAT.

    You real estate guys must have been filling your gas tanks with champagne in 2006.

  2. christopherfountain

    Oddly enough, 2007 was my best year ever in this business and 2008 was second. I figure god saw the collapse coming, even if I didn’t, and made sure I’d have something stored away. Or I was just plain dumb lucky but either way, I’m grateful – I won’t have to open that car detailing business until sometime next year.

  3. Chester

    But how much did those houses gross? 12 $600,000 condos or 12 $5 million mansions? Dollars tell the tale in greater measure

  4. christopherfountain

    Those were numbers just for single family homes – condo sales were even weaker but I’ll pull the stats tomorrow just to make the record complete. I’ll also compile the $ volume. Of the 12 contracts, one had an asking price of around $12 million and I suspect it went for somewhere around $10 million – direct waterfront in Riverside commands a good price. The rest were far more modest – the only two spec houses that sold went, as I mentioned, for around 50 cents on the dollar – a $4.5 sale loses some of its luster when you figure the seller lost $4 million on the deal. But check in tomorrow and I’ll have all this for you.

  5. Cos Cobber

    The real question is, how many Greenwich agents blame Chris and his blog for the decline? 80%, 90% or 99%? You should publish that number (albeit it will have to be an informal survey) monthly.

    Don’t worry Chris, you are getting kudos in the public for being real, for being creditable. When the market turns, you could probably start your own agency. I look forward to that.