Rich Toscano documented how today’s market conditions are ripe for higher prices.
There is a disconcerting anxiety among buyers today. They see fewer houses coming on the market, and more selling. But on average they aren’t paying more, at least not yet.
Here are detached stats from NSDCC for the March 1st-to-March-15th period. The categories are mostly unrelated, other than happening during the same time frame – but the change in the NL/S ratio demonstrates the frustration. Fewer homes coming on, more selling, and at lower prices:
|Year||New Listings||Avg. LP/sf||Sales||Avg. SP/sf||NL/S|
Even though the average SP/sf is still lower, it only dropped 1.3% Y-O-Y. The smaller gap between average LP/sf and average SP/sf is very encouraging too!