With the sales over the first three quarters of 2012 being very active (+17% YOY), and a presidential election bearing down on us, it would have made sense to expect a quieter 4Q12. But instead, it was as hot as a pistol around NSDCC.
Here is how 4Q12 compared to 4Q11 in each area:
|Town or Area||4Q11 Sales||LP Avg $/sf||4Q12 Sales||SP Avg $/sf|
A strong improvement in most areas, and the 806 overall sales were the most in a fourth quarter since 2003! There is substantial momentum coming into this year, but it won’t mean much if there aren’t enough sellers to satisfy what appears to be a fairly healthy demand.
Mortgage rates will be a factor, but as long as they are in the 3s, buyers will stay engaged – since rates dipped under 4%, the market has been in full-tilt-boogie mode. Note the 3/4% increase between October, 2010 and February, 2011: