February 2017 Market Update - Luxury Homes/Top Towns

Valentine Housing Report

The overwhelming trend is, less to buy, selling faster, and yet at slightly lower average sale prices.

It would seem prices would rise when supply is short, right? Two theories come to mind.

One is the vagary of who’s selling when. Any one town, at any one time, could be offering more houses from the higher or lower end of its inventory. Or buyers are resisting prices. Of the sold homes, buyers are paying 1% more, as a fraction of list price, than in 2016, so that argues against the resistance theory. We will need to take another look in June or July.