Total houses for sale 58 (18) with median of $1.975M ($2.9M).
A few thoughts. Im less confident here than down in MM though I dont see any thing Id consider a crash here. Pricing is currently back around where it was a year ago.
This was the first week Ive ever seen ZERO homes listed. While normally I would chalk it up to the holidays I think its a precursor foreshadowing what will be owners resistance to give up low rate mortgages and sell at now lower prices.
There still isnt a single home for sale below $1M but Id expect we get some this year. Not many but some.
The huge drop in the y-o-y median is due to everything up to around $2M selling last year so it was very skewed a year ago with a top heavy mix at year end.
In the last 4 weeks we put 34 into escrow and we end with 58 on the market. Call it just under 2 months of inventory. We probably had a dozen or so taken off market for holidays so we should get back over 70 pretty quickly.
While we wont get as much new inventory as we typically do, the demand side is the unknown. Potential buyers will be looking at prices around 20% lower year over year this Spring with much higher rates. I see moderate but not big downside ahead. I guess we’ll just have to wait and see.
Ironically Im looking at a purchase this Spring. Its kind of a once in lifetime thing that I wont have another chance at. Despite knowing Id be paying a bit of premium there’s a good chance Im gonna. It would be all or mostly cash. Would be a great place to ride out the string someday while renting my home and a great place for one of the kiddos someday or a great income property for them.
