How did 2014 stack up to previous years?
A. Look at the similarities between the median SP in 2003-2005, and the last three years. In both cases, the frenzy caused a large increase one year, followed by a smaller jump the next year. It then plateaued in 2006 and 2007, in spite of the easiest credit ever. I think we can expect a similar plateau-like event in pricing.
B. In 2014, we had 3% fewer listings, but 12% fewer sales than in 2013. The pricing strategies being employed are less effective than before.
C. Over the last two years, more than half of the sales occurred within the first month the house was on the market.
Expect more of the same this year!