Big Pop Ahead?
On February 10th, I guessed that by mid-March, enough new listings would be pouring into the MLS that a glut might be forming, and we would be up to five months’ worth of inventory.
|Date||NSDCC Listings||Avg. LP $$/sf|
There were 185 solds in February, so 746/185 = 4.03 months of inventory.
The number of new listings this month look similar to last year, but there is one glaring difference:
|March 1-15||New Listings||LP Avg $/sf|
It looks like we’re having another year like 2003! I think that the big pop of appreciation has happened, and sellers are already enjoying much higher pricing. We’ll see more evidence as sales close in the coming months.