Rockyroad
The questions you ask are very good ones but nearly impossible to answer. I have historical data for a couple ZIP I can look up and will provide next time I am in my office but country wide cant be done without pouring over thousands of listings it would take over a month.
For example, you could look at the closings for last year and identify the ones that went pending but you would miss out on the opnes that went pending during a period of time and subsequently fell out. As for % price reduction, you would have to go over every single listing and enter the original price in a spreadsheet. Then you would have to go back and search under the property address to see if it was listed before at a higher price. Throw in range pricing (i.e. seller will entertain offers between 750 and 900) and it gets downright messy.
Sales price to listing price ratio…same problem. Things have been reduced, relisted and range priced so much that these stats have lost alot of their value. Answer this question, when a property is originally listed in a range of 999 to 1.15 then gets reduced to 95 to 1.099M and sells at 1M what is the % price reduction? what is the sales price to list price ratio? Answer..one big mess for anyone trying to calculate anything meaningful.
The truth is that we dont know where the market is right now re: prices. You start somewhere and adjust based upon what the market is telling you (showings? offers? others reducing etc.). My listings have been closing within 2% of where I told my clients they would. In general they have wanted to test the market a little more and while some have sold in less than 2 weeks some have taken longer to be willing to get the price right. Hope this answers you concerns as to why I cant provide the data you ask for. If not…I really don’t care…skip my posts.
Anyone who has MLS can verify this including Rich.
