It’s raining, Tiger Woods is eleven strokes off the lead, so why not sit down and crunch numbers? It’s far more interesting than watching poor Mr. Woods grimace in disgust at his play.
TOTAL NUMBER OF ALL RESIDENCES FOR SALE TODAY (CONDOS/SINGLE FAMILY) 1,001 TOTAL SINGLE FAMILIES: 767
Single families sold this year: 111
SINGLE FAMILIES PRICED $10,000,000 and above, all ages: 47
Sold this year, all ages: 2
Spec homes priced over $10,000,000: 12
Sold this year: 1
SINGLE FAMILIES PRICED BETWEEN $5,000,0000 – $9,999,999, all ages: 114
Sold this year: 12
Spec homes available: 39
Sold this year: 5
So what’s this tell us? Well, of the 111 houses sold so far, 6 1/2 months into the year, 67 (60%) sold for less than $2,000,000. And 97 (87%) sold for less than $5,000,000. So when we have 161 houses priced over $5,000,000 and are selling them at the rate of 24 per year, we have a 6.7 year inventory of high-end homes. Anyone tempted by a $10,000,000 house might consider that we have a 24 year supply of them – surely some of those sellers will be dropping their price, eventually. And, although there are only twelve spec homes in that category, at the rate of fewer than 2 sold per year, how strong are those builders? I think we’re in for an interesting time the next twelve months.