The Frenzy of 2013 was slowed somewhat by higher rates & prices. But it doesn’t mean it won’t kick up again – because it could.
Buyers have a lot of woulda, coulda, shouldas about not getting in when rates and prices were lower, but enough time has passed. All they can do now is look forward and decide if each listing is worth buying at today’s price and rate, or keep waiting.
How the early market develops will depend on how reasonably the new listings are priced. If they are within reason, they might get gobbled up and some sales momentum could start building again.
It looks like sellers have been fairly reasonable lately.
Here are the NSDCC detached-homes listed between December 1-20, and sales closed in the same period:
Despite the 29% increase in the average sold pricing, there were more closed than listed, which feels like a seller’s market.
Consider that the number of new listings were fewer than last year, and they were priced within 7% of last year’s group (the ones that helped ignite the frenzy), and it looks like the stage is set for a fast start to 2014.