The number of sales and percentage of homes that closed over their list price were better last month than they were last October, but that's not saying much. The late-summer surge has subsided, and the last two months of 2023 should bring in a couple of hundred more...
The willingness of buyers to pay over the list price will probably keep dropping off, just like it did last year. There were discounts too, with 16% of the September sales closing at 10% or more BELOW their list price. The lousy way we measure pricing makes it look...
Given that mortgage rates have been above 7% since the beginning of July, it's incredible to see August having the highest sales count for 2023! September is looking pretty good too - there have already been 57 closings this month. The pricing is holding up too. What...
The average and median sales prices last month were similar to what they were in December, even though the same percentage of buyers paid over the list price. It might make you think that this market is retreating quickly! But look at the difference of the number of...
The need to pay over the list price has diminished a bit, but about a third of buyers who closed last month still felt like it was worth paying more than the sellers were asking. Last month looked a lot like June, 2022! There were 24% fewer sales however, and that...
The number of sales ticked up from April, and the crazy way we measure pricing is up too: Though the pricing rally is continuing, we gotta be near the end. June will probably be the peak for 2023.
Above is a sampling of the 163 NSDCC detached-home sales in May! Some details here:
The fascinating phenomenon of paying over the list price continued last month. The practice is fairly unpredictable and doesn't appear to be rooted in reason and logic, mostly due to the lack of uniformity in the presentations. If every property was tuned up nicely...
We are right back into frenzy mode with more than a quarter of last month's sales closing over their list price. Was it required to win the home? Or has paying over the list price become more of a badge of honor for today's buyers? To complicate it further, look at...
I'm not going to get crazy-optimistic just because the over-list percentage more than doubled MoM, or because last month's median sales price was 11% higher than it was a couple of months ago. I'm just happy that the number of sales appears to have bottomed out. Let's...
