New Listings?

A reader asked if people were still putting their houses up for sale or waiting out the current market. Good question, so I pulled some statistics. To my surprise, we seem to be adding new listings even faster than we did before. For instance, this month saw 104 new single family listings, compared to just 75 in 2007. For the year so far, 275 new listings, compared to 204 in 2007.

What we aren’t duplicating is the speed with which houses are moving off the market, so our inventory is soaring: 650 houses now, vs. 552 in ’07 and just 443 in ’06.

9 Comments

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9 responses to “New Listings?

  1. anonymous

    Are these all truly “new” listings, or some “recycled” listings to create illusion of newness and hide desperation?

    Suspect many of listings of unemployed have yet to hit mkt, as most have 12+ mths of savings and hope to find another job before needing to list house

    • christopherfountain

      They’re a mixture, Anonymous, and it’s just too difficult to weed out the returnees en mass. But the same phenomenon was going on in years past, so it’s a preety good approximation of activity. Inventory remains the key indicator, I think, and we have a lot of it, with far less of it selling than ever before.

  2. Retired IB'er

    And what is the most recent reported month’s sales figures?

    Months of inventory must be at a multiple year level.

    • christopherfountain

      Eleven contracts for single family houses this month, IB’r, with one day to go. 664 houses, that’s five years (and more) of inventory, which would be depressing if I didn’t believe that the pace is bound to pick up – or I’m going to have to quit real estate and become a politican.

  3. Riversider

    Listings (inventory) in Greenwich hit a high of 992 on March 27 according to the Shore & Country report (see link below). I expect that by next week, listings will exceed 1,000 in town. When was the last time that happened?

    Click to access inventory09.pdf

    • christopherfountain

      Riversider, as I read the MLS we have 664 single family houses for sale, 226 condos and coops, 43 multi-family and 105 land listings (many of which are also listed as single family houses). So I’d get 993 buildings, an unknown number of land listings. I rather doubt this large an inventory has existed before, regardless.

  4. ff

    Gee, maybe that projection of 50 homes wasn’t so far off the mark.

  5. Kidding Really??

    I see all the listings each day and it’s just depressing since Greenwich has some real stinkers. To add insult to injury they price these at levels that make zero economic sense. As a potential buyer the best deal I have seen of late is the nice white house on Stanwich which the sellers repriced it down $1m. I’m not buying it for a couple of reasons but someone will find value here. I still think it’s a sellers market for those willing to do a little price discovery. Anyone who thinks different should explain how all this inventory will be worked off without lower prices. I’d love to know.

  6. Anonymous

    And it’s all your fault. Blooming prospective politicians!