The new-listing totals for the early spring season have been virtually identical over the last five years.
But the mix has changed dramatically – in 2012, 60% of the listings were under $1,000,000, and this year it’s only 35%:
NSDCC New Listings between Feb. 1st – Mar 15th
Year | ||||
2012 | ||||
2013 | ||||
2014 | ||||
2015 | ||||
2016 |
If this was going to be the year that the inventory cut loose, we would have been seeing more signs of it by now. For a variety of reasons, people would rather stay put, than cash in!
I think part of the problem is that the under $1M crowd want to move up, but perhaps they are still underwater on their mortgage?
Or maybe they can’t afford to move up, even if they sell their current place at market prices?