Everything is selling $100K over the list price (not really)

June 1, 2021 By Ryan Lundquist 4 Comments

The market is nuts and everything is selling $100K over the list price!! We hear that quite a bit, but how true is it? Today I have some new visuals to help answer this question. If you’re not local, would your market look similar?

Two brand new visuals. What do you see?

Below the list price: This visual adds sales below the list price and at the list price. Remember, over 22% of sales sold either at or below their original list price last month. That’s actually an astounding number because it really should be about twice as high as that in a normal market. But here’s the big point. Not everything literally sells above the asking price – even in this crazy market.

Breaking down the numbers: I know it would be cool to see these types of stats throughout various price ranges. If someone hires me full-time to crunch numbers I promise I’ll share that stuff. For now here is a regional overview.

A property really sold $340K above the list price? Yes, a property in Granite Bay listed at $1,995,000 and closed at $2,335,000, which is a difference of $340,000. Most of the outliers paying hundreds of thousands over the asking price are in the luxury market. But remember, literally 0.77% of all sales went $200K above asking.

The big takeaway: It’s shocking to see nearly one out of every three sales go fifty thousand or more above the original asking price. That’s a sensational stat and clearly a symptom of a lopsided market. But let’s get technical. About two-thirds of all sales are not selling $50K above the list price and selling $100K above is such a small sliver of the market. I’m not trying to minimize how competitive it is. I’m just saying only 6.3% of the market was able to sell $100K above the list price, which means 93.7% of the market didn’t do that.

Closing advice: Let the stats form your narrative and always be careful about letting sensational sales form your perception of the market. And sellers, don’t aim for a unicorn situation that only happens in a handful of transactions.

Thanks for being here.

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