They feel like the good old days but it was only 4-5 years ago that we could count on 200-300 listings priced under $2,000,000 to hit the market every month. It caused some complacency and pickiness among buyers, but now that the choices have narrowed so quickly, there is a lingering panic in the air.
Those buyers who only qualify for $1,000,000 are forced to consider other choices further out, and for many that means out of state.
Those in the $1M to $2M market are shocked to see about a quarter of the number of monthly listings we used to see, but at least they still have a shot – though what you get for that money has been greatly diminished. It’s understandable why the frenzy conditions are still happening though.
Thankfully, a lot of affluent people want to live here!