Out here looking for homes for a few clients and one thing struck me. Looking at inventory volume only tells half the story up here. I’ve been watching this micro market and tracking it very closely for 25 years now. In the past nearly all the listings were typical middle of the road homes for the area. Very rarely did one see prime coastal properties hit the market to any degree. Was always one here, one there. Now when I watch the flow it seems like half the new listings and often more are what I’d consider in the top 1/3. That does two things. It means it’s even tougher for the entry and average buyer around here. It also means the median up here is being driven to a bigger extent by the mix of the inventory. Looking just at how many homes are on the market does not show how thin it is. As an example my neighborhood of over 1,000 traditionally had 10-20 homes on the market at all times until the last few years. It’s been 3 months since one hit the market. I know there have gotta be some coming but this is a destination neighborhood that buyers watch and wait to get into. Those first listings are gonna get overwhelmed with interest. Will report once it happens