Let’s take a look at the covid history of one of our frenzy measuring sticks:
NSDCC Sales-Price-to-List-Price Ratio:
| Month |
# of Sales |
Median List Price |
Median Sales Price |
SP:LP Ratio |
| March 2020 |
206 |
$1,492,500 |
$1,445,000 |
96.8% |
| Apr |
156 |
$1,424,499 |
$1,390,000 |
97.6% |
| May |
143 |
$1,399,900 |
$1,395,000 |
99.6% |
| Jun |
274 |
$1,362,500 |
$1,363,700 |
100% |
| Jul |
351 |
$1,450,000 |
$1,423,350 |
98.2% |
| Aug |
350 |
$1,450,000 |
$1,419,812 |
97.9% |
| Sep |
360 |
$1,500,000 |
$1,498,750 |
99.9% |
| Oct |
382 |
$1,696,500 |
$1,674,100 |
98.7% |
| Nov |
305 |
$1,599,000 |
$1,599,900 |
100% |
| Dec |
290 |
$1,633,500 |
$1,624,391 |
99.4% |
| Jan |
187 |
$1,716,690 |
$1,725,000 |
100.5% |
| Feb |
224 |
$1,719,500 |
$1,758,000 |
102.2% |
| March 2021 |
252 |
$1,800,000 |
$1,825,000 |
101.4% |
| Apr |
359 |
$1,799,900 |
$1,825,829 |
101.4% |
| May |
300 |
$1,900,000 |
$1,979,500 |
104.2% |
| Jun |
357 |
$1,900,000 |
$1,960,000 |
103.2% |
| Jul |
312 |
$1,792,500 |
$1,852,500 |
103.3% |
| Aug |
268 |
$1,897,000 |
$1,950,000 |
102.8% |
| Sep |
283 |
$1,899,000 |
$2,000,000 |
105.3% |
| Oct |
251 |
$1,899,000 |
$1,899,000 |
100% |
| Nov |
200 |
$1,998,500 |
$2,100,000 |
105.1% |
| Dec |
183 |
$1,995,000 |
$2,165,000 |
108.5% |
| Jan |
140 |
$2,234,944 |
$2,240,000 |
100.2% |
| Feb |
158 |
$2,149,500 |
$2,386,500 |
111.0% |
| March 2022 |
206 |
$2,425,000 |
$2,625,000 |
108.2% |
The chatter increases with the lower volume, plus there are going to be months when the offerings just aren’t that tasty. But in 2022, when buyers see a home they like, they over bid substantially!
All we have to do is watch the trend over the next few months to know the direction of the market.
