Over List, October

The insanity is finding a comfortable range…..until next spring:

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%

October: 45%

A slight uptick in the overall percentage, but the high-end buyers aren’t going for this nonsense any more:

Percentage Of Sales Over List Price by Price Range

Price Range	March	April	May	June	July	Aug	Sept	Oct
$0 – $1.0M	76%	79%	89%	88%	89%	88%	64%	78%
$1.0M – $1.5M	68%	78%	84%	75%	74%	74%	37%	64%
$1.5M – $2.0M	66%	66%	72%	66%	82%	73%	61%	58%
$2.0M – $3.0M	54%	32%	34%	66%	56%	56%	36%	38%
$3M+	16%	22%	22%	17%	26%	19%	24%	7%

October saw new highs in average list and sales prices, which would indicate strong action in the higher-end homes.  The medians have been fairly steady:

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
Oct	248	$2,754,470	$2,705,071	$1,899,000	$1,899,500

The average sales price increased 30% YoY, and the median sales price is up 13% YoY, but that is also compared to the 382 sales last October – which was, and will always be, the most sales in any October.

As sales taper off over the next 2-3 months, it might cause a little more volatility in these pricing metrics.

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