Morning Briefing: Is this the worst housing market in the US?

by Steve Randall14 Sep 2016
Is this the worst housing market in the US?
Greenwich, to the northeast of Manhattan, has been branded the worst housing market in the US by the head of investment firm Starwood Capital Group.

Barry Sternlicht told Bloomberg that “you can’t give away a house in Greenwich” and the data confirms a struggling market. Sales were down 18 per cent in the second quarter compared to the same period of 2015; new listings were up 27 per cent and the inventory would take a whole year to sell.

Sternlicht says high taxes are a big part of the problem that saw him fail to sell his gated estate in the town, listed in 2008 and taken off the market two years later.

The median price in the market has dropped 7.5 per cent in the second quarter to $1.75 million, making it still one of the country’s most expensive housing markets.
 
Mid-Tennessee market remains stable
Closed sales of homes in the mid-Tennessee market in August remained roughly in line with the same month of 2015 but year-to-date sales have increased.

Greater Nashville Association of Realtors reports a 0.8 per cent decline in sales for August 2016 compared to a year earlier while sales for the first 8 months of 2016 were up 4.4 per cent from a year earlier.

“Home sales for our market were essentially flat for August,” said GNAR President Denise Creswell. “Technically, we were down from last August, but by less than one percent. Considering the time of year and the continued struggle with inventory, a slight decrease in sales is not unexpected.”

Prices increased from a median $235,000 for a single family home in August 2015 to $253,000 in August 2016. For condos prices increased from $169,000 to $189,900.
 
Olympic gold Phelps sells Baltimore townhouse at a loss
Michael Phelps has sold his Baltimore townhouse for $960,000. The Olympic gold medal-winner is not used to losing but on this occasion he fell short of the $1.03 million he paid for the home in 2012.

Phelps has bought a new pad in Scottsdale, with more space for his fiancée and baby boy. Zillow reports that he has paid $2.5 million for a mansion close to his new role as coach at Arizona State.

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