We have, as of 4:30 pm today, 653 single family homes for sale (and not one contract today) so I thought it would be interesting to see how the high range is performing. Not so well.
In the $5 million – $10 million range, there are 97 for sale. We sold 9 in that range in August, 6 in September, this month and 35 so far this year, total. I’d guess we have at least two year’s inventory, and that’s assuming nothing else is listed for sale in that range during the next 48 months, an unlikely assumption. A random scroll through the listings shows that almost all of these houses are priced well above full assessment value.Taking Russ Pruner’s data that show 25% of our listings are selling above that range, that would indicate, to me, that 75% of these houses have to come down substantially in price before they will sell. If it wouldn’t offend Russ, I’d suggest that 100% do.