Fly away, little bird

12 Pheasant Lane asked $3.395 million, closed yesterday at $3.5. Nice street, nice yard, but either this bubble will burst or I’ll have to revise my estimate guidelines.

I heard from Gideon today that our single home inventory is down 40% from last year, and the median price is up 21% to $2.3. That inventory number explains a lot.

I’ll pass on a caution I heard both from Gideon and David Huffandpuffer, manager of Hooligans & Lawyers: be nice to underbidders, because a number of the “winners” in price bidding wars are developing cold feet and walking away. You don’t want to have to go back to an unsuccessful bidder after rudely dismissively (which some idiot agents are doing).