Heights Home Sales for August are Still Strong
Sales are strong, inventory is getting better; new home construction is going crazy.
That about sums it up; no use expounding any more.
Another aspect that is still constant: the average ratio of list price to sales price is still 1.0. This means that “on average” homes sell for list price. However, there is no average house. Some still sell for less, others for more. The chart at the bottom demonstrates this. It shows what price buyers paid compared to the list price. The sold prices ran from 9% under list price, to 10% over list!
I made this last month for a client who was trying to figure out how much to offer on a new listing. This chart is for all resale (not new) homes sold in July. It shows that paying 2% over list should get most houses.
However, if the house is priced right, and is cute, clean and in a great location, it could go for more.Don’t expect a bargain.
See a previous post I did on What Price Should I Offer for a Heights House?