We keep hearing how tight the inventory has been, but it is relative to price. The Above-$1M market has had a fairly consistent supply – it’s the lower-end inventory count that has been dropping steadily:
NSDCC New Listings Between Jan 1 – April 30th
|Year||# Listings Below $1M||# Listings Above $1M||Percentage Above $1M|
Now that we’ve come this far, sellers will be reluctant to go back!
If The Inventory keeps drying up, I just might throw up my hands, move me to North Platte, Nebraska, and collect my sweet $10K for my mad supervising skills.
A better metric would be quintiles. 20%, 40%, etc. We would find so many of the bottom half right up against the 500% ceiling that the true affordability would be exposed.