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More Than Half of Recent Sales Sold Under List

By December 26, 2018

Market Report

With the market in a funk some buyers are eager to see just how much of a discount they can negotiate so we did some digging. In the last 3 months for single-family homes and townhomes, there have been 1702 sales.

Under a third of those sales were at list price, and surprisingly nearly 1 in 5 of those sales was over list price (this fixer upper sold for 50% over!), so there’s still a chance you can get into a bidding war, even in this market.

But more than half of those sales (52%) were under list price. So just how much of a discount did some buyers negotiate?

Discount off of list price% of sales
More than 10%2.5%
10%0.8%
9%
1.3%
8%1.5%
7%1.4%
6%2.4%
5%4.2%
4%5.7%
3%8.0%
2%12.7%
1%11.5%

When I sent this to a client wanting to offer 18.5% under list hoping he’d realize that we could likely get 1-5% off list but not 18.5%, he replied with this clip:

And he’s right, there is a chance! But a small one. Doesn’t hurt to try, but keep your expectations in-line. As a listing agent, I’d advise my seller to first lower their price 5% or more as this will allow us to re-list the home as a new listing on the MLS (prices discounts <5% don’t let you re-list).

So what are these homes that buyers got at a massive discount?

I’m the founder and managing broker of Urban Living. I love lofts, floating homes, new construction and mid-century moderns but will help you buy or sell just about anything.

Get in touch to:

  • Understand the market
  • See homes for sale
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Contact:

206-618-1600