In spite of the feeling that the frenzy has died down, sales of detached homes around NSDCC over the last two months have been remarkable.
Inventory, rates, and prices are higher, yet the September and October sales are hanging close to last year’s totals – which were red hot:
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| YoY % chg |
You might be able to say that the rate increase in late June probably caused a few buyers to grab a house before rates got any worse, and those closings are still trickling through.
The actual October average cost-per-sf was $501/sf, which sounded too good to be true. I took out the three sales over $6,000,000, and the other 250 sales averaged $462/sf.
NSDCC 2013
March – $404/sf
April – $420/sf
May – $416/sf
June – $453/sf
July – $418/sf
August – $437/sf
September – $469/sf
October – $462/sf
There’s been a whole lot of miney printed in the last 5 years. A cursory look at major money center r.e. price levels suggests prices in Paradise still have quite a way to go. Where would YOU rather live?
Doom and gloomers are still talkn about a big crash. They had their chance to buy when the market tanked but they missed the boat again. Now they are trying to talk the market down so they can get another chance to get in.
Yes a lot of money has been printed but actually a lot of that money is sitting in bank accounts as excess reserves.
People need to learn what they actually have control of in their lives. there a lot of people who made a ton of money by betting on real estate when the market tanked. And there are those who sat around and whined about how bad things were and didn’t make a dime. Its not a perfect world.
Tech circles are also starting to grumble about a bubble… too much cash sitting around driving silly “investments”
http://www.businessinsider.com/evidence-that-tech-sector-is-in-a-bubble-2013-11