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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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