This will happen when there's no inventory, and there's no inventory

347 Sound Beach Avenue, priced at $4.995 million, has gone pending after just six days, which means multiple bidders and an above-ask selling price.

The house was built in 2002 by Doran Sabag and Jim Hoffman, so it’s of the very best construction, but the price appreciation here is still amazing. These owners paid $2.925 in October 2018, six months after it had been placed on the market at $3.495. Aside from some cosmetic work, the only thing I can see that’s changed here since then is the $2 million+ appreciation.

This is all great for sellers, but not very encouraging for frustrated, would-buyers, of whom there are plenty right now.

(the coven will stay with the house, of course, because that’s what witches do)