|Period||LP $/sf||SP $/sf|
But the recent action has been startling – last week the average LP-per-sf of the 52 pendings was $461.35.
Click here Pendings between Feb 28 – March 6 for the list, and you’ll see that several long-time-listed properties opened escrow last week, and others with head-shaking list prices.
Yes, it doesn’t mean anything until they are closed.
But if buyers see and hear that “prices” are going up, it won’t help their anxiety level.
It’s become a binary, “yes or no” decision. If they like the house, they buy it, with less concern about working to get a great deal, and more concern with ending the search.
“Quality” ranks much higher than “great price”. The most-expensive house in the tract is more likely to sell than the cheapest (see the last one on the attached list).
Listing agents are exceedingly over-confident, and not willing to deal.
The shortage of quality inventory is the cause, and with buyers gravitating towards the best available, there is a scramble to snatch them up – all while the dogs and OPTs lie around untouched. In a few months we may be hearing of higher prices and lower sales, which will really set the pundits on their ear!