Tuesday, June 14, 2011

"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...

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