High-priced Zip Codes have Low Inventories
This is the story around the country, and here on the South Shore, it's also true. Duxbury, where the average sale is over $600,000, is the only town in my service area of 13 towns where the number of sales is greater than the number of homes going on the market during the last few months.
Sellers seem to be thawing out a little, coming out of their deep freeze into a somewhat "warmer" market, but this month, June, is likely to be one of the busiest months for closed sales in Duxbury ever. It's likely to be at least triple the number of sales in May. That's drawing down the inventory to levels rarely seen here.
Wealthy ZIP Codes Starved for Mansions
Housing inventory in wealthy ZIP codes is falling slightly faster than in the broader market, but it is declining especially fast in some of the richest ZIP codes.
According to a report from Altos Research, housing supply in the nation's 90 wealthiest ZIP codes has fallen 15 percent over the past year and is down more than 50 percent in the richest ZIP codes.
In a ZIP code in Carmel, Calif., inventory has fallen 76 percent over the past year, leaving only four homes on the market priced at $1 million or more as of the end of May. The number of $1 million-plus homes in Palm Beach, Fla., meanwhile, has declined 70 percent, falling from 89 to 26.
"I don't recall seeing the market like this, and it's come so quickly," said Cristina Condon of Sotheby's International Real Estate in Palm Beach.
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