New listings 15 (15) – a little more coming on market
New Pendings of 12 (19) – and little selling
Thats +3
Closed sales at 15 (31)
Total houses for sale 98 (49) with median of $1.799M ($2.4M).
Watching the way I do sometimes I just feel things the in the data points that dont quite show up in the data.
A few things I see. New listings ticked up a touch and it was the highest count in 2 1/2 months. Pendings continue to lag.
The big drop in the median lisitng price y-o-y seems to be due to lots of high end homes coming on the market last year. In the past there was little to no market for them but now there has been the last year or two. The high end market up here is as strong or stronger than the more standard offerings.
I still believe we wont see a flood of inventory with people locked in low mortgages and having huge potential cap gains bills. However there are and will continue to be a decent amount of long time homeowners who are only too happy to take the money. There are tons of folks up here that paid 300-500K 20+ years ago for homes that hit $2 – 3M last Spring that are now back into 1.5 to 2.5M. Thats still plenty for some long timers and the excess would be taxed horribly anyway.
Again dont see a flood but do see enough coming to continue exherting downward pressure next year.
