There will be more sales reported over the next few days, which should push last month’s total above those in May, 2014 – even though pricing is substantially higher!
NSDCC May Sales and Pricing
Year | |||||
2012 | |||||
2013 | |||||
2014 | |||||
2015 |
The average size of houses hasn’t changed much, and the speed at which they are flying off the shelf is impressive too. Of the 263 sales last month, 25% of them found their buyer during the first 7 days on the market.
The average SF amounts for 2012 and 2013 were identical – stats are quirky!
The numbers keep reinforcing the idea that, as a seller of anything other than super high-end, if you are still sitting there after 30 days, you are at least 10% too high. If you are anywhere close to the ballpark, you’ll sell in less time than you spend at the dealership to buy a car. I would argue that in this market, when talking about “active” listings, you should not count anything that has been active more than 45 days. Then you would have a real understanding of Thinventory ™.
This does not feel good to me. I am an executive recruiter and literally as of this morning I am seeing too many people leaving good corporate jobs for flimsy, risky startup opportunities. Just too much — too much risk out there.
Predicting may 2015 is the top of this cycle.
Joe, it’s anybodies guess when this market turns south – I told my parents to keep their home in the crazy bay area market until February 2016. We will see.