For those who think we are still over-valued and need to resort to historical trends, consider this.

  1. If it weren’t for the big blow-up in the 2003-2004 era, we might have been fine.
  2. We are roughly 25% higher in pricing then we were 10 years ago, or about +2.5% per year.
  3. The last three selling seasons have been steady.

Average $/sf of NSDCC Detached Sales between April 1st and July 31st:

Sustainable?  As long as rates and inventory stay low, we should be OK for now.  For sellers who are “waiting for prices to come back”, consider that this is probably where they were supposed to be, and the fog-a-mirror financing that fueled the bubble won’t be returning.

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