Quote:
Originally Posted by OptimalTates
I have no reason to disagree (or agree) with you but I'm not sure what that example proves if the house was not sold. Taking it to an extreme for illustrative purposes, does the same thing not happen if the house was worth $500,000 in 2021 and $750,000 in 2022?
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Like accord, I've been pretty active in following the $1mm+ market and I generally agree with his sentiment that the market is not that robust.
Anecdotally, I see the same thing - lots of homes that have been previously for sale, languished (and presumably not sold) and now relisted at a similar price. Again presumably, sellers are hoping to take advantage of the "hot market", only to have their homes (again) sit on the market. I suppose there could be a lot of these homes being resold by the new owner a year or two later, but I get the feeling that isn't the case for the majority.
This is quite different than the run up to 2014, where this part of the market was very active. A lot of owners
still haven't recovered to within 10-20% of where their values were back then, which I think partly explains some inelasticity (or stubbornness) in asking prices.