It used to make sense that the higher prices went, the more people would sell.
But now here we are at all-time high prices, and not many are interested. It must be due to the lack of other options – not selling looks better than selling.
New Detached-Home Listings Between Jan 1 – Feb 15
One place where there has been some nice action is the $700,000 – $900,000 range along the I-15 corridor. There has been a steady stream of new product coming to market, and momentum is building as most sell within the first week (catching many sellers and agents by surprise).
When there are only a smattering of new listings like we’re having along the coast, buyers struggle with whether the pricing is real. A few will sell here and there, but more listings would provide more comfort to buyers, one way or another. If they see them selling, then they’d be more likely to jump in!