I’m not saying there isn’t unmet demand, but I’m saying that there is unmet demand because there is not enough inventory at an appropriate price point to meet the demand today.
You can’t compare today’s sales to sales three years ago and say the delta constitutes viable buyers.
In fact, that sales are so low could suggest prices are too high and to get the sales back to where they were, the prices must give.
Regarding the 8 offers on 1 property … To me, that means there are 7 buyers who aren’t in the market at the current price, which of course, is the highest price. It shows interested buyers, but unless all those offers came in really close together, I’m not sure it constitutes it real “demand” at current prices. For all we know, one of them was Nor-LA and he only bid 400K.
Just sayin – more than one way to look at those numbers.
