We’ve seen how buyers have reacted to the amount of inventory.
When there are plenty of choices, buyers are very deliberate in their hunt. But when the inventory dries up, especially when (or because) prices AND rates go ultra-low, buyers lose their patience and start gobbling.
The shortage of new listings last year started in late spring – let’s compare to this year to see if there is an indicator of what to expect the rest of the year:
NSDCC New Listings Between May 1 – June 15
We’ve had a few more listings this year, but, unlike last year, the 22% increase in average list-pricing will likely slow the buyer enthusiasm once school starts – if not sooner.