Listings on MLS for this past week were nearly unchanged. There are 8 more single family homes listed this weekend than there were last weekend. There are 5 additional two bed condos, 7 fewer three bed townhomes, and the same number of three bed SFH listed on MLS.
The percentage of SFH listings in the $400 - 500k price range have steadily decreased from last October. Percentage of SFH listings greater than $700k have been rising for the past couple of weeks.
The pie chart breakdown of SFH listings on MLS, according to price range.
I think there are three possible explanations for the rising number of SFH with an asking price greater than $700k.
1) There are simply more large, luxury homes for sale.
2) Asking prices for homes are rising. What was a SFH in the $600 - 700k price range last year now has a $700k+ price tag.
3) Lesser priced homes, specifically in the $400 - 500k range, are selling, whereas homes with a high price tag are not, thus inventory is building a little faster.
I am not sure which is the correct reason. I'd lean towards #1 or #3. However, if #2 is the reason, I had better buy soon, or I'll forever be priced out of the market! Wait, I'm already priced out of the market. So I'll wait on the sidelines, watch, and cheer for the Bears. I have to cheer for the Bears, if I hope to ever get into this market.