The over-list sales help to identify the enthusiasm in the marketplace.

Looking back to 2021 and early 2022 on the graph above, you can sense how wild it was with most buyers paying more than the asking price. But since then mortgage rates have doubled, and the insanity has settled down.

The usual seasonal downturn in over-list sales got an earlier start this year. In 2023, they were steady through the summer, with the first sizable drop down to 24% not happening until September.

Last month the over-list sales dropped to 27%, which was the lowest June percentage by far.

The June median pricing looks shocking but it is easy to explain – it was an one-month outlier when the sales of lower-end homes didn’t happen as usual:

NSDCC Sales Under $2,500,000

May: 103

June: 71

July: 117

I included the preliminary July stats below to help demonstrate how the median sales price can bounce around. Your home’s value didn’t go up 14% one month, and then drop 14% the next month – it’s the quirky semi-accurate measuring stick:

Let’s talk about July sales though! After the drastic decline in monthly sales since April, it sure seemed like the market was going to be doomed for the rest of the year. What a rebound!

It could be the last hurrah though as buyers scramble to grab a house in which they can hunker down. There are only 153 pendings today, so the number of monthly sales should resume their descent in August.

Jim the Realtor

Jim is a long-time local realtor who comments daily here on his blog, bubbleinfo.com which began in September, 2005. Stick around!

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