"Relists" Sell With Lower Prices

So what's happened in Sunset Village, Westmorland and the Dudgeon-Monroe neighborhoods in the last month?  All three of these areas continue to be highly sought after.  The homes that have sold in the last month have been on the market for only a short time before an accepted offer came in and the majority of them sold for more than 90% of their final listing price.

I did find something interesting this month that hasn't surfaced in past months.  Several of the homes that sold in May in each of the neighborhoods were "relists".  By that I mean they were on the market last fall and didn't sell.  The sellers took the homes off the market for the winter and relisted them in the spring.  To a buyer, they appear to be new listings.  The other factor these "relists" altered when they went back on the market was the listing price.  In every case, the price was lower in the spring than when it was listed last fall.  In a few cases, the price was significantly lower.  On average, the most recent list price was 89% of the original list price last fall.  Quite a difference when you think about the added taxes, mortgage payments and utility bills that the sellers may have escaped had they been priced correctly last fall.

So now those houses have sold.  And it looks at first glance as thought they sold quickly for nearly the asking price.  My question is this: would they have sold at the lower price last fall?  Perhaps.

But here's the real takeaway in my mind: if you are buying a home make sure that your realtor knows the market.  Really knows the market!  Have them look closely at the listings and dig a little deeper to find out a little history of the property.  It could pay off!

See a synopsis of sales in May by neighborhood  below:

SUNSET VILLAGE:

Address	1st Price	Last Price	Sold Price	SP/FP	SP/LP	Cum. Days of Market	# Days From Last Price Change Until Offer
322 Falles Ct.	244,900	244,900	235,000	96%	96%	12	12
126 Merlham Dr.	319,900	309,900	287,000	90%	93%	142	20
4206 Bagley Pkwy.	309,900	309,900	290,000	94%	94%	17	17
Average Total	$258,233	$288,233	$270,667	93%	94%	57	16.3333

WESTMORLAND:

Address	1st Price	Last Price	Sold Price	SP/FP	SP/LP	Cum. Days of Market	# Days From Last Price Change Until Offer
4026 Birch	267,500	267,500	262,000	98%	98%	16	16
576 Park Lane	269,900	269,900	270,000	100%	100%	2	2
Average Total	$268,700	$268,700	$266,000	99%	99%	9	9

DUDGEON-MONROE:

Address	1st Price	Last Price	Sold Price	SP/FP	SP/LP	Cum. Days of Market	# Days From Last Price Change Until Offer
1816 Keyes Ave.	350,000	350,000	350,000	100%	100%	1	1
2116 Monroe St.	449,900	354,900	354,000	79%	100%	175	11
710 Edgewood Ave.	399,900	399,900	374,500	94%	94%	42	42
Average Total	$399,933	$368,267	$359,500	91%	98%	73	18

Until next time...