Will the frenzy continue? NSDCC sales have had an inverted relationship with the inventory. When plenty of homes are coming to market, buyers are picky and sales are slower. As inventory got tighter, sales increased.
In particular, look at March, 2012 – it was the peak month for new listings last year, and as supply dropped during the critical April-June selling season, sales took off:
The amount of inventory plays a vital role, and is a leading indicator.
It would appear that the intensity of the frenzy this year will be determined by how many new listings come to market between April and June.
How are we doing so far?
NSDCC New Listings:
No wonder last year ended up so hot – new listings in 1Q12 came out lower than previous years, and never got rolling.
This year we got off to a similar start, helping to stoke the frenzy further.
But new listings are rolling now.
Here are the 98 new NSDCC listings that hit the market between April 1-15 between $700,000 and $1,200,000 (the MLS only allows 100 flags at a time). The 38 in yellow are already pending: