Where are the most stubborn sellers, price-wise?
NSDCCÂ active detached listings by price range:
| Actives | 0-$700K | $701-$1.2 | $1,200,000+ |
| # of listings | |||
| LP Avg $/sf | |||
| Avg. DOM |
Last year there were 646 closings over $1,200,000, at an average of $541/sf, which sounds miraculous in and of itself.
But there are more listings priced OVER $1,200,000, then there are under!
Can the upper-enders hold out long enough? Will they adjust their price, and if so, when?
82% of the high-end listings are in LJ, DM, SB, RSF, and CV. We’re at a point where $1,200,000 is the starting point for a decent house in those areas.
It is a stagnant market though.
If the stock market keeps moving up, this stagnant condition could change.
So if the $1.2 mil market performs similar to last year, we have about 11 months of inventory and the average list price is up about 50% over last years average closing price? Just when I thought we couldn’t go further down the rabbit hole….
They always sell more caddys than rolls royces even though the specs are similar, they charge a lot more for the rolls (and sell fewer) because its more classy. Location location location is still a valid maxim in property.
P.S. I understand that JTR is an ex marine, if so may I tell a US marine joke (I think you would appreciate)on this blog?