In the past 10 days in (Washington Township) Indianapolis has had a few pendings for the highest price in their neighborhoods history. This forced me to research the topic (or phenomenon). What are the chances of sellers and their agents acting so confident in setting the highest price per sq ft in the neighborhood's history? It cannot be purely due to appreciation as our market is producing a snail rate. It may be a great sign...high prices, short amount of days on the market?

Exp #1 Property Neighborhood
Delaware (Meridian Kessler)
Year of Last High Price per Sq Ft 
$190sq ft 2/1/2005
Recent Pending
$239sq ft (39 DOM)

Exp #2 Property Neighborhood
Forest Hills
Year of Last High Price per Sq Ft 
$203sq ft 6/13/2007
Recent Pending
$220sq ft (10 DOM)

Exp #3 Property Neighborhood
Blue Ridge (Butler)
Year of Last High Price per Sq Ft 
$125sq ft 3/20/2006
Recent Pending
$140sq ft (50 DOM)

I am curious to know the reasons and would love to hear other opinions or if your seeing the same trends in comparable communities that are contradicting our slow appreciation growth?