Admittedly it is a slow time for those reporters who are looking for negative real estate news, so there was no surprise to hear rumblings about the million-dollar market experiencing “double the foreclosures since 2007” yesterday.
How is the $1,000,000+ market doing? Sales are up 56% since 2009, and we’re averaging 87 million-dollar-plus sales per month in 2012:
NSDCC Detached Sales between January and August, OVER $1,000,000
| Year | # of Sales | Avg SF | Avg $/sf | DOM |
| 2009 | ||||
| 2010 | ||||
| 2011 | ||||
| 2012 |
NSDCC Detached Sales between January and August, UNDER $1,000,000
| Year | # of Sales | Avg SF | Avg $/sf | DOM |
| 2009 | ||||
| 2010 | ||||
| 2011 | ||||
| 2012 |
The under-$1M market has been less exuberant, but sales still increased 46% from 2009 to 2012.
There hasn’t been any other dramatic changes to report, other than mortgage rates being at all-time lows each of these years. Once rates get back into the 4%s buyers will be a little bummed but it won’t stop them from buying. It’s once they hit 5% and higher, then buyers will likely pause.
