The frenzy around houses is the talk amongst agents all around the country. Predictions of a slower, more balanced market in 2023 don't seem to be coming true. Instead, (not to gloat) as I predicted all last year, the demand right now seems just as strong as last spring and inventory is pretty tight up to the $3 million range. When a new home hits the market, within days agents are reporting dozens and dozens of showings and ultimately bidding wars. As I wrote last week though, I think the range to watch is the high end luxury home segment. For the second week in Weston and Wellesley more than half of the homes for sale are priced north of $3M. If I look back at the crash in 2009 (which I don't like to do), that was the segment of the market which was most affected by the downturn, with prices adjusting down between 30%-40%. I actually don't see that happening drastically now, but the build up is real at this point. Hopefully come the peak of our market in March-April the inventory will become more varied.
As you can see below there just aren't a lot of houses out there to buy right now.