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Remember in April, 2020 when everyone was scared to death to list their house for sale because they didn’t want to catch the dreaded covid from strangers coming through? When agents were required to wipe down the house after every showing?

It was the month that there was a big drop-off in new listings – we only had 288, which felt like half the usual amount, and we wondered how the real estate market would survive.

Last year there was a nice rebound…..but look where we are this year so far:

NSDCC April Listings

Year
NSDCC Number of April Listings
Median List Price
2017
485
$1,479,000
2018
469
$1,495,000
2019
494
$1,584,000
2020
288
$1,659,000
2021
387
$1,875,000
2022
227
$2,399,000

This month, we’ve only had about eight listings per day, so it’s unlikely that we will reach the same number of listings we had during the worst of the killer covid. The demand is certainly higher than it was in April, 2020, and yet nobody wants to sell.

While it feels like there are more listings coming on the market recently, doesn’t it seem like most are outrageously priced? You can’t blame sellers who have noticed that there are no for-sale signs around them and their zestimates are rocketing skyward.

Two thoughts:

  1. Buyers aren’t going to see much of a price break due to higher rates.
  2. The inventory may never bounce back to where it used to be.

Last April we had 359 sales, and this April we’ve had 200 sales with two days to go plus late-reporters.

It’s been reported that pending and closed sales for March were down, and that mortgage applications are dropping too.  Of course, the talking heads are blaming the impending doom-and-gloom on the higher mortgage rates, and suggesting that the bubble will be bursting any minute.  But the decline is almost entirely due to the fewer choices available.

At this point, it sure seems like the local NSDCC inventory is going to stay remarkably low!

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