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
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
|$0 – $1.0M|
|$1.0M – $1.5M|
|$1.5M – $2.0M|
|$2.0M – $3.0M|
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
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!