The number of  May sales dropped month-over-month, even when we tack on another 10-25 late-reporters to the current tally:

NSDCC April sales: 357

NSDCC May Sales: 294

The April, 2021 sales were 35% higher than in April, 2019, but this year’s May sales were about the same as in 2019 (297). Was it due to less inventory? Not really:

NSDCC April Listings: 378

NSDCC May Listings: 371

But about the same percentage of buyers paid over list price:

NSDCC Detached-Home Sales, % Closed Over List Price

January: 38%

February: 43%

March: 53%

April: 55%

May: 54%

Most sellers and agents are happy just to get 1% to 5% over list.

The big winners who got 20% or more over list:

Most % Over List Price

List Price
Sales Price
Percentage Over List Price

Is anyone surprised that sales are slowing down?

Not when you consider how fast the pricing went up just between April and May. The average list price jumped $200,000, and median list price increased $100,000 in just one month:

NSDCC Pricing of Monthly Listings

Average List Price, April: $2,396,667

Average List Price, May: $2,596,992 (+8%)

Median List Price, April: $1,799,900

Median List Price, May: $1,900,000 (+6%)


But how we measure the sales prices went up more. The average sales price went up $177,753, and the median sales price went up $166,500 – which is a 9% INCREASE IN ONE MONTH!

NSDCC Pricing of Monthly Sales

Average Sales Price, April: $2,403,962

Average Sales Price, May: $2,581,715 (+7%)

Median Sales Price, April: $1,828,000

Median Sales Price, May: $1,994,500 (+9%)


Percentage Who Paid Over List By Price Range:

Under $1.0M: 89% of all sales

$1.0M – $1.5M: 84%

$1.5M – $2.0M: 72%

$2.0M – $3.0M: 34%

Over $3.0M: 22%


It is natural to have sales decline with rapid price increases. The buyers at the margins can get priced out in a week or two, and then we have others who give up and aren’t going to play this game any more – or not until it becomes more rational.

We could be in for a Frenzy Soft Landing, where fewer sellers get lucky as we coast into the pricing plateau that should be coming later this year.


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