This morning we have more homes in escrow than we have for sale!
NSDCC Detached-Home Listings
| Listing Status | ||
| Active | ||
| Pending |
Once upon a time I was discussing the actives/pendings relationship with local agent Peter B. He agreed that a 2:1 ratio of actives to pendings was a sign of a healthy market. If 2:1 was healthy, what is 1:1?
One thing that’s happening is that the action is rising into the upper price ranges. Today we have 94 homes in escrow that are priced over $3,000,000, which I doubt we’ve ever had before.
If we don’t see a surge of more listings, the pendings could extend its lead in the coming days/weeks!
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Definitely an indication prices have one way to go from here, much higher. Especially, for the 10% yoy.
This is about $3.5T printed money last year and $2.0 plus trillion so far this year. The rich are parking their huge paper gains in something real. Desirable houses are as real as it gets.
It may be time to revisit the “slinky effect.” This time without the horrors of NINJa loans, etc.
Yes the slinky effect – momentum /energy surging into the higher price points.
Mid-day score:
Actives: 349
Pendings: 356
This could really get out of hand!
En fuego kids! Hot. Hot. Hot. If you can’t stand the heat get out of the kitchen. Bay Area stock option youngsters buy my neighbor’s house way over list. Just don’t screw my town up.