When reviewing the stats, I kept saying ‘wow’ at every data point. While I’m not surprised, as the data validates what I was seeing in the trenches, but it’s still jaw-dropping to actually see the numbers. Median sold price $1.7M, wow; 94% of the homes selling in 2 weeks, wow; and 87% of the homes selling a median of 23% over asking, wow just wow. You read that right, a MEDIAN of 23% over asking! That means half the homes sold for higher than that. A component of the over-asking-price number is sellers underpricing their home, which makes home shopping confusing and frustrating, but mostly prices have gone up, as reflected in the 34% year-over-year appreciation. Wow!
March 15, 2022