It’s impossible to quantify what impact the winter storm earlier this week had on the market with any certainty. I’m not going to harp on the matter since sales were up, albeit slightly, from last year.
A total of 304 homes sold between December 1-7, an increase of 1.67% y/y – the most sales for the opening week of December since 2007 in fact. Despite that achievement, sales were off -3.5% from the 10-year average.
What was noteworthy for me was that during the blizzard a few of the showings I had scheduled were cancelled by the sellers. The buyers were still raring to go but the sellers didn’t wish to be inconvenienced in such inclement weather. Can you really blame them? The sales-to-new-listings ratio is at 97%. Sellers are in the driver’s seat right now and they know it.
Last year, the luxury market broke the December record in only 15 days and ended the month with 39 sales. We won’t see a similar feat replicated this year that quick, but luxury sales are still way above average levels. Eleven homes have sold for $1M+ in the first week of December compared to 16 last year.
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