The lower-end average pricing has been steadily rising about 1% per month, resulting in 10% to 12% annual appreciation (the Under-$1,000,000 market saw a 12.8% gain in their average pricing for Feb. 2013).
NSDCC Detached-Home Sales for February
|Under $1M||Feb. Sales||Avg $/sf|
The lower-end appreciation should continue because it will take months or years to satisfy the demand when there are 10, 20, 30 or more buyers for each house. The higher-end pricing hasn’t been quite as frothy:
|Over $1M||Feb. Sales||Avg $/sf|
There are 718 active listings, and their list prices are averaging $697/sf. The inventory is top-heavy though; only 157 of those are priced under $1,000,000. There are 561 houses for sale priced over $1 million!
Photo taken five minutes after an open house began yesterday – note that the booties crate is already empty. There were another five realtors waiting for their buyers outside: