880 Jobs Lost = How Many Houses for Sale?

The local paper writes that 880 Greenwich residents lost their jobs during 2008. The prospects are that the worst is ahead and the town will see accelerating unemployment through the end of the year, according to a Yale economist and CT Dept of Labor researcher quoted in the article.

So how many properties will be put on the market to be sold as residents deal with these new financial constraints? And who will buy them? Who knows, but more inventory will certainly increase leverage for buyers and reduce it for sellers.

So far this year, 25 residential properties (single family and condominiums) sold. That leaves about 600 single family homes and the 200-odd condominium units on the market. Talk about a growing imbalance in supply and demand. I expect the rate of property price declines will pick-up dramatically over the coming months.