Number 4 answers your question for you. A very common complaint is shortage of inventory. Open house activity is not necessarily an indication of buyer intention. $400-$600 per sq ft is very high and you need to consider additional costs such as repairs and remodeling. I bought in Maui for $270 per sq ft and left California because of the problem you describe. It just wasn’t worth it to my mind competing over questionable quality and over-inflated prices. Nothing really changed from the heady days …or so it seemed.
