Here is where the cooling-frenzy shows up.

The number of buyers who are willing to pay over list price is dropping:

NSDCC Detached-Home Sales, % Closed Over List Price

January: 38%

February: 43%

March: 53%

April: 55%

May: 54%

June: 59%

July: 64%

August: 55%

September: 41%

To have 41% of the sales close over list price would be remarkable….if it weren’t for the last six months!

Percentage Who Paid Over List Price by Price Range

Price Range	March	April	May	June	July	Aug	Sept
$0 – $1.0M	76%	79%	89%	88%	89%	88%	64%
$1.0M – $1.5M	68%	78%	84%	75%	74%	74%	37%
$1.5M – $2.0M	66%	66%	72%	66%	82%	73%	61%
$2.0M – $3.0M	54%	32%	34%	66%	56%	56%	36%
$3M+	16%	22%	22%	17%	26%	19%	24%

The average sales prices have been virtually identical for the last three months, and the median sales price is back up to where it was in May:

NSDCC Average and Median Prices

Month	# of Sales	Avg. LP	Avg. SP	Median LP	Median SP
Feb	224	$2,298,797	$2,257,334	$1,719,500	$1,758,000
March	252	$2,295,629	$2,260,524	$1,800,000	$1,825,000
April	357	$2,396,667	$2,403,962	$1,799,900	$1,828,000
May	300	$2,596,992	$2,581,715	$1,900,000	$1,994,500
June	348	$2,509,175	$2,537,953	$1,900,000	$1,967,500
July	311	$2,421,326	$2,442,738	$1,795,000	$1,855,000
Aug	268	$2,415,075	$2,438,934	$1,897,000	$1,950,000
Sept	278	$2,479,440	$2,445,817	$1,899,000	$1,987,500

Compared to last September, the average sales price was +25%, and the median sales price was +33%!

Sales should taper off the rest of the year, but not sure if pricing will follow!

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~