Thanks for the comments this week!

For some historical perspective, let’s review the recent change in inventory.

Bill Clinton signed the new law in 1997 that allowed sellers to take up to $500,000 in tax-free profits, and it set off a local moving spree that lasted 20+ years. Boomers were at peak family levels, and moving up and down in the same town was reasonable because prices didn’t fluctuate much.

The most frenzied-up years were 2003, and 2021 – both were years when the inventory dipped.

But in 2022 and 2023 the inventory kept declining, for two reasons. Boomers were empty-nesting comfortably, and the rapid rise in mortgage rates thwarted the move-up/move-down homeowners.

It set off a pricing bonanza that has limited the buyer pool to only the most affluent. It shows no signs of slowing locally, and it would take a flood of motivated sellers who dump on price for the trend to change.

Local pricing HAS DOUBLED in eight short years!

NSDCC Number of Listings Between January 1 and February 15

Even if the remaining home buyers go on strike, it would take a flood of boomers to give their houses away for pricing to dip, and you don’t see much of that happening.

If pricing just went flat, it would be a dramatic change!