We netted 11 additional new listings this past week, bringing our inventory up from 58 to 69 - the largest such increase this year. In the meantime, the 5 sales that did close, did so at a strong average price/SF, and in an average of just 12 days.
Despite the surge in inventory this spring, sales are still consistently closing above asking price - though not to the same degree as last spring. This time last year. sales were closing at an average of 10-14% over asking. Now we're averaging 2-5% over asking. This is likely due to bidding wars becoming much less frequent as a result of much more plentiful inventory.
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