It will be difficult to determine the frenzy velocity because you will keep seeing eye-popping sales that make you think that the market is still on fire.
This is where evaluating the features of each house will come in handy. The high-value targets – great locations, big ocean views, one-story, etc. – will be the ones that still fetch crazy prices. Why? Because frenzied-up buyers care less about price when they fall in love.
For example – the highest sale this year in this neighborhood was $795,000, and Richard closed one in March for $560,000.
But they asked $919,900 for this – and it went pending after 23 DOM:
You have to gauge whether each property deserves frenzy pricing, or is just hoping to get caught up in the excitement – get good help!