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Rich people problems: Mansion inventory declines in richest U.S. ZIP codes

An Old Greenwich, Conn. home listed for $7.6M (Source: David Oglivy & Associates)
An Old Greenwich, Conn. home listed for $7.6M (Source: David Oglivy & Associates)

The scarcity of housing inventory is especially prevalent in some of America’s wealthiest ZIP codes, potentially meaning slower sales, CNBC reported, citing figures from real estate research firm Altos Research. The stock in the 90 richest ZIP codes has fallen 15 percent year-over-year, but in the very richest ZIP codes inventory has dropped more than 50 percent year-over-year.

For example, in Old Greenwich, Conn., inventory of homes priced over $1 million has fallen 58 percent year-over-year. Carmel, Calif., is another example, and has seen a 76 percent annual drop in these homes. Over in Palm Beach, Fla., the number fell 70 percent year-over-year.

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Mansions in Old Greenwich are selling days after being listed, CNBC said. A home listed for nearly $1.4 million sold in two days after being viewed 14 times.

“The Old Greenwich market right now is just super hot,” David Oglivy of brokerage David Oglivy & Associates told CNBC, adding that despite worries about slower future sales, he wasn’t concerned. “The inventory is fine,” he told CNBC. [CNBC] —Zachary Kussin