A broker remarked to me the other day “this market is crazy.” Yes, it is/was the overstatement of overstatements.
Active listings are down 25% from this time a year ago, which translates to a 1.5-month supply of inventory.
Buyers are running around in frenzy. Brokers are dealing with multiple offers. The builders can’t get homes (and prices) up fast enough.
“Because of our extremely quick, frenzied market, sellers know they have the power to wait,” J. Lennox Scott, chairman and CEO of John L. Scott explained.
“(I hope) programs that encourage entry-level priced development will emerge to ease the situation and help accommodate demand as more millennials come out of the basements of their parents’ homes,” commented Dick Beeson.
Here’s the heart of it: The definition of the term “entry-level” pricing as it pertains to single-family homes has changed. What may be needed is the continued evaluation/reevaluation of entry-level-locations.
It’s about the dirt.