Now that the media is trumpeting a slower housing market every day, you’d think there might be more sellers hitting the panic button and listing their house for sale this year, rather than wait for the Glut of 2019.

But this week, the number of new listings dropped 32%! The count from the previous week was 101, but we only had 69 new listings in the past seven days.

The number of pendings is holding up too (+1 this week).

Let’s compare the exact time in question when things started feeling different towards the end of the selling season.

NSDCC Sales between Aug 1st and Oct 15:

Year	Number of Sales	Median LP
2014	588	$1,065,000
2015	637	$1,059,000
2016	676	$1,187,500
2017	652	$1,237,050
2018	598	$1,325,000

In 2014, mortgage rates had been coming down – from 4.43% in January to 4.04% in October – and the median sales price was 24% lower too. Yet we had more sales in 2018!

By the Spring of 2019, you can bet that any talk of a year-end slowdown will be shrugged off and blamed on the holidays – and that next year’s pricing will be right back to (overly) optimistic.

Buyers – it won’t get better next year!

Get Good Help!

The UNDER-$1,000,000 Market:

Date	NSDCC Active Listings	Avg. LP/sf	Avg. DOM	# of Pendings
Jan 1	36	$477/sf	51	58
Jan 8	35	$479/sf	42	56
Jan 15	39	$469/sf	37	53
Jan 22	37	$453/sf	42	62
Jan 29	38	$459/sf	35	64
Feb 5	41	$463/sf	26	69
Feb 12	39	$461/sf	20	73
Feb 19	42	$456/sf	20	72
Feb 26	53	$451/sf	20	81
Mar 5	47	$457/sf	24	79
Mar 12	60	$434/sf	19	87
Mar 19	67	$478/sf	21	81
Mar 26	61	$477/sf	23	86
Apr 2	50	$464/sf	24	95
Apr 9	56	$471/sf	23	93
Apr 16	61	$464/sf	24	93
Apr 23	59	$459/sf	25	96
Apr 30	61	$466/sf	27	95
May 7	67	$472/sf	20	89
May 14	66	$480/sf	21	95
May 21	81	$474/sf	21	85
May 28	83	$438/sf	24	91
Jun 4	80	$442/sf	27	97
Jun 11	81	$427/sf	27	91
Jun 18	88	$442/sf	29	78
Jun 25	93	$442/sf	31	77
Jul 2	96	$443/sf	30	76
Jul 9	98	$447/sf	33	65
Jul 16	98	$445/sf	34	78
Jul 23	97	$436/sf	34	68
Jul 30	116	$433/sf	32	71
Aug 6	111	$434/sf	31	64
Aug 13	115	$434/sf	34	64
Aug 20	110	$426/sf	37	58
Aug 27	117	$430/sf	36	64
Sep 3	109	$427/sf	38	62
Sep 10	113	$436/sf	36	61
Sep 17	117	$439/sf	36	59
Sep 24	109	$440/sf	37	61
Oct 1	100	$441/sf	40	67
Oct 8	106	$441/sf	40	66
Oct 15	112	$434/sf	43	57
Oct 22	111	$426/sf	42	63
Oct 22	114	$422/sf	41	64

The $1,000,000 – $1,500,000 Market:

Date	NSDCC Active Listings	Avg. LP/sf	Avg. DOM	# of Pendings
Jan 1	91	$532/sf	72	68
Jan 8	99	$551/sf	64	64
Jan 15	96	$535/sf	61	75
Jan 22	107	$515/sf	63	82
Jan 29	108	$512/sf	57	91
Feb 5	110	$518/sf	49	100
Feb 12	117	$487/sf	46	106
Feb 19	107	$500/sf	45	114
Feb 26	112	$485/sf	46	117
Mar 5	111	$496/sf	45	115
Mar 12	126	$475/sf	43	109
Mar 19	125	$487/sf	47	129
Mar 26	133	$484/sf	47	124
Apr 2	139	$495/sf	47	121
Apr 9	148	$485/sf	51	119
Apr 16	145	$474/sf	45	114
Apr 23	162	$470/sf	43	117
Apr 30	162	$486/sf	42	121
May 7	180	$495/sf	40	117
May 14	182	$491/sf	41	127
May 21	184	$475/sf	40	135
May 28	188	$473/sf	40	139
Jun 4	189	$469/sf	43	148
Jun 11	199	$469/sf	45	142
Jun 18	193	$465/sf	44	143
Jun 25	211	$476/sf	39	141
Jul 2	206	$483/sf	41	142
Jul 9	201	$483/sf	45	146
Jul 16	200	$502/sf	44	145
Jul 23	217	$504/sf	45	148
Jul 30	210	$493/sf	48	154
Aug 6	209	$493/sf	45	146
Aug 13	214	$496/sf	44	147
Aug 20	205	$494/sf	46	145
Aug 27	211	$493/sf	46	134
Sep 3	207	$486/sf	45	129
Sep 10	211	$489/sf	47	125
Sep 17	194	$483/sf	49	120
Sep 24	209	$476/sf	49	108
Oct 1	207	$476/sf	48	107
Oct 8	201	$481/sf	48	110
Oct 15	203	$487/sf	48	110
Oct 22	203	$492/sf	48	108
Oct 29	204	$495/sf	51	104

The $1,500,000 – $2,000,000 Market:

Date	NSDCC Active Listings	Avg. LP/sf	Avg. DOM	# of Pendings
Jan 1	84	$612/sf	86	40
Jan 8	98	$612/sf	73	42
Jan 15	98	$607/sf	73	42
Jan 22	111	$589/sf	63	42
Jan 29	120	$577/sf	61	45
Feb 5	114	$586/sf	56	51
Feb 12	118	$566/sf	52	57
Feb 19	121	$596/sf	53	64
Feb 26	122	$596/sf	53	64
Mar 5	125	$593/sf	56	70
Mar 12	131	$602/sf	53	67
Mar 19	120	$598/sf	58	74
Mar 26	121	$596/sf	57	75
Apr 2	128	$593/sf	55	70
Apr 9	140	$612/sf	54	66
Apr 16	146	$617/sf	50	67
Apr 23	149	$616/sf	53	78
Apr 30	152	$605/sf	60	81
May 7	157	$618/sf	63	85
May 14	158	$614/sf	63	87
May 21	154	$637/sf	54	82
May 28	146	$633/sf	58	80
Jun 4	149	$614/sf	54	76
Jun 11	158	$615/sf	50	83
Jun 18	164	$606/sf	53	77
Jun 25	160	$606/sf	56	73
Jul 2	160	$607/sf	56	69
Jul 9	160	$590/sf	63	65
Jul 16	160	$591/sf	63	66
Jul 23	156	$587/sf	65	67
Jul 30	158	$582/sf	68	69
Aug 6	165	$590/sf	59	70
Aug 13	166	$596/sf	58	72
Aug 20	172	$608/sf	61	67
Aug 27	171	$622/sf	66	65
Sep 3	172	$611/sf	67	64
Sep 10	176	$603/sf	69	52
Sep 17	177	$613/sf	70	56
Sep 24	174	$618/sf	72	56
Oct 1	164	$624/sf	73	57
Oct 8	169	$612/sf	68	57
Oct 15	174	$612/sf	69	51
Oct 22	171	$602/sf	69	55
Oct 29	159	$601/sf	73	57

The $2,000,000+ Market:

Date	NSDCC Active Listings	Avg. LP/sf	Avg. DOM	# of Pendings
Jan 1	341	$1,021/sf	127	56
Jan 8	356	$1,007/sf	123	49
Jan 15	370	$991/sf	115	48
Jan 22	375	$992/sf	110	47
Jan 29	384	$1,005/sf	109	56
Feb 5	387	$1,005/sf	111	56
Feb 12	379	$1,004/sf	107	63
Feb 19	399	$990/sf	104	69
Feb 26	400	$990/sf	101	75
Mar 5	398	$1,022/sf	97	79
Mar 12	406	$1,017/sf	99	89
Mar 19	430	$1,020/sf	97	79
Mar 26	455	$0/sf	92	71
Apr 2	453	$0/sf	94	67
Apr 9	462	$0/sf	94	66
Apr 16	473	$0/sf	95	66
Apr 23	482	$0/sf	95	70
Apr 30	476	$0/sf	94	74
May 7	486	$0/sf	92	72
May 14	493	$0/sf	91	84
May 21	510	$0/sf	92	79
May 28	504	$0/sf	95	90
Jun 4	488	$0/sf	94	102
Jun 11	502	$0/sf	95	99
Jun 18	524	$0/sf	93	91
Jun 25	525	$0/sf	92	78
Jul 2	516	$0/sf	94	78
Jul 9	519	$0/sf	96	73
Jul 16	521	$0/sf	98	80
Jul 23	539	$0/sf	98	82
Jul 30	550	$0/sf	101	82
Aug 6	544	$0/sf	101	81
Aug 13	556	$0/sf	100	78
Aug 20	562	$0/sf	100	76
Aug 27	552	$0/sf	102	74
Sep 3	541	$0/sf	105	65
Sep 10	543	$0/sf	106	72
Sep 17	550	$0/sf	106	78
Sep 24	545	$0/sf	107	80
Oct 1	528	$0/sf	106	81
Oct 8	523	$0/sf	107	84
Oct 15	523	$0/sf	107	82
Oct 22	528	$0/sf	106	80
Oct 29	523	$0/sf	110	81

Weekly NSDCC New Listings and New Pendings

Week	New Listings	New Pendings	Total Pendings
Jan 1, 2018	18	15
Jan 8	89	31
Jan 15	87	43
Jan 22	87	43
Jan 29	81	48	244
Feb 5	77	53	262
Feb 12	74	53	280
Feb 19	89	55	295
Feb 26	87	57	318
Mar 5	84	62	328
Mar 12	107	61	339
Mar 19	88	59	350
Mar 26	99	55	347
Apr 2	87	66	346
Apr 9	106	58	336
Apr 16	98	54	331
Apr 23	108	67	353
Apr 30	98	70	362
May 7	138	68	355
May 14	99	78	386
May 21	115	63	369
May 28	92	84	387
Jun 4	91	77	410
Jun 11	100	56	401
Jun 18	103	54	376
Jun 25	105	54	358
Jul 2	83	78	361
Jul 9	74	50	342
Jul 16	109	83	361
Jul 23	101	54	357
Jul 30	97	67	364
Aug 6	101	60	349
Aug 13	103	54	350
Aug 20	89	58	334
Aug 27	83	46	325
Sep 3	80	59	312
Sep 10	83	46	302
Sep 17	91	53	305
Sep 24	85	41	296
Oct 1	95	47	302
Oct 8	93	55	307
Oct 15	84	40	291
Oct 22	101	51	298
Oct 29	69	55	299

Jim the Realtor

Jim is a long-time local realtor who comments daily here on his blog, bubbleinfo.com which began in September, 2005. Stick around!

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3 Comments

Jim the Realtor on October 29, 2018 at 9:15 am

Oh, the media is only looking for quickie headlines? OK, sales were down 8% from last year.

But 20% or more is a big drop. 8% is a flesh wound.
Ty Webb on October 29, 2018 at 9:41 am

Buyer’s sit and wait a 20-30% rout in the stock market will soon set in, layoffs will start, this whole charade of an economy will be unmasked. Seller’s will panic they always do and prices will capitulate. It’s not “different this time” it’s always the same up and down up and down.
Eddie89 on October 29, 2018 at 1:25 pm

Problem with buyers waiting for the big crash, with cash on the sidelines is that when/if the big crash comes, bigger players like Blackstone and Invitation Homes have billions in cash waiting to snag up those same properties.

Also, the banks learned that they are too big to fail and Central Banks will bail them out and drop interest rates to zero or negative and do whatever it takes to re-inflate the bubble.

Inventory Watch

3 Comments

Jim Klinge

Klinge Realty Group

Broker-Associate, Compass

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