The market is still cooking, just not boiling over. The 10%-plus increase in inventory since the beginning of the month (during the prime selling season), suggests that a pricing plateau could be forming:
The UNDER-$1,200,000 Market:
| Date |
NSDCC Active Listings |
Avg. LP/sf |
DOM |
Avg SF |
| April 29 |
201 |
$384/sf |
36 |
2,599sf |
| May 5 |
195 |
$381/sf |
36 |
2,633sf |
| May 9 |
207 |
$387/sf |
35 |
2,624sf |
| May 18 |
241 |
$397/sf |
33 |
2,566sf |
| May 23 |
236 |
$397/sf |
34 |
2,529sf |
The OVER-$1,200,000 Market:
| Date |
NSDCC Active Listings |
Avg. LP/sf |
DOM |
Avg SF |
| April 29 |
620 |
$806/sf |
94 |
5,183sf |
| May 5 |
606 |
$806/sf |
93 |
5,223sf |
| May 9 |
628 |
$808/sf |
93 |
5,150sf |
| May 18 |
653 |
$807/sf |
92 |
5,161sf |
| May 23 |
661 |
$814/sf |
92 |
5,141sf |
It is relative though, and the cheaper, the hotter!
Jim is a long-time local realtor who comments daily here on his blog, bubbleinfo.com which began in September, 2005. Stick around!
A-rods house in Miami just sold for 30 million after paying 7.4 million in 2010. He renovated it but I’m sure he made a few bucks.
Supply and Depand is working…the invisible hand.