How are we doing, compared to the ‘peak’ years?
To capture the latest frenzy, let’s use the March 1st to April 30th period, and reflect back to see how the numbers stack up compared to previous years:
Today, both sales and pricing are increasing at the same time – similar to the 2003-2004 era, which was the hottest market in recorded history.
This year we had the fourth-highest sales count, and an average cost-per-sf similar to 2004. Average pricing is only 14% behind the peak year of 2006!
With sales being a leading indicator, it appears that pricing should continue to climb.
For those who prefer a bar graph, here are the same numbers: