It’s one of the wealthiest towns in America—in the world for that matter.
The uber-wealthy community of Greenwich Connecticut, which sits along Long Island Sound, is home to some of the biggest hedge funds on earth and the well-heeled people who work there. And right now its housing market is in trouble. As you can see in some of the numbers below, there are significant signs of strain and weakness.
“Greenwich is where the rubber meets the road,” says Hedgeye Housing analyst Josh Steiner in this HedgeyeTV video presentation where he reviews his housing market outlook. “What you see here is sort of a microcosm of what’s going on more broadly. There is a high-end and ultra-high end profound slowdown occurring in Greenwich.”
Here’s a look at the shocking amount of housing supply that’s currently on the Greenwich market, with homes priced:
- $3 - $4 million: 17 months of supply, +38% year-over-year
- $4 - $5 million: 22 months, +35% y-o-y
- $5 - $10 million: 48 months, +108% y-o-y
- Greater than $10 million: 128 months, +63% y-o-y
Let’s put that last bullet into perspective.
“At 128 months, that’s literally almost 13 years of supply,” Steiner says. “These homes are not selling. They are not. I have all this data and it’s amazing to look at.”