Ever wondered how close homes are selling to their asking prices? Especially in these times? We broke down the stats and are here to report the findings. But first, here’s how we did it:
We limited the search to the last 3 months worth of sales. The reason? It is recent activity we’re concerned with, not stuff that happened a year ago. The dates queried were 10/1/2008 through 12/31/2008. We took the average sales price for all property types in each of the city’s 10 districts, and divided it by the average listing (aka: asking) price for all property types. The resulting figure tells us at what percent homes are selling in relation to their asking prices. For example, if an area averaged a $1,000,000 list price over this period, and homes sold on average for $900,000, we could say that homes are selling at an average of 90% of their asking price. Makes sense, right? We then did the exact same thing, except on the second go-round, used medians instead of averages.
Pleeeeasse give me my asking price! (photo courtesy of funnygames.biz)
So here’s the data for each district. What do you expect to see? Homes selling at 75% of asking? 85%? 125%?? Here are the results: Read the rest of this entry ?
