Thanks for your patience with us about the Google Hangout On Air last night. We were able to get one person on-screen, so maybe Rich Toscano will join me to discuss his thoughts on this being a bubble.
One of the points to consider is the affluence in our area – check the preliminary NSDCC-sales stats for January:
The Avg. DOM was a precursor to the frenzy – combined with the increased number of sales in January, 2013 you could tell that a surge was building.
This year reflects a whopping 34% increase in average pricing above last January, and once the late-reporters finish, we will probably be close to last year’s sales count too. Plus the average DOM is even faster now!
Yes, at some point the rise in pricing will end – but it may not be a disaster (unless you are in the real-estate selling business). Buyers are locking in low fixed-rate mortgage payments, and glad to have found a home that will last them for a long time – and maybe for the duration.
If prices keep rising, the sales may drop significantly as the group who can afford to live here thins out, but for now, it is full speed ahead.