America’s high-end neighborhoods could feel the pain as homes linger on the market and prices slide.
There are more than 60,000 homes priced above $1 million listed on Realtor.com with the inventory at levels far above the national average of 10 months.
Some observers predict that big inventories in formerly protected enclaves will drive down prices as much as average prices fell in less-pricey metros a year ago. “Any [inventory] over seven months generally means falling prices,” says David Stiff, chief economist at Fiserv in Brookfield, Wis.
Multi-million dollar communities with significant risks of taking big slides are:
1. Incline Village-Crystal Bay, Nev.
2. New Vernon, N.J.
3. Alpine, N.J.
4. Sagaponack, N.Y.
5. Amagansett, N.Y.
6. Bridgehampton, N.Y.
7. Ross, Calif.
8. Old Westbury, N.Y.
9. Santa Barbara, Calif.
10. Southampton, N.Y.
The Boston Luxury Real Estate market is doing much better, as of today, there are 319 condominiums listed for more than $1M in Boston, the average days on market is 200 days and the average listing price is $2,253,024. There are 74 single family homes on the market with the average days on market if 188 days and average listing price of $3,659,781