Despite watching it for over 20 years, it still amazes me that the annual average $/SF chart is so steady and predictable. It is almost as if the market is following pure mathematical principles rather than being controlled by human decisions. Clearly each human decision to buy or sell at a given price is different, yet when we take an average over a large enough sample, each individual decision fades into almost complete irrelevance.

Looking at the weekly chart for example:

The lines look so well defined and predictable, that we can easily estimate how much the average $/SF will increase over coming months. $300 a square foot is clearly in view.

The monthly average is nowhere near so well behaved.


Market incites provided by the Cromford report.