I give the Over-List sales plenty of attention.

How about the Under-Lists?

Most buyers today (55%) are paying under the original list price.

Back in the 2022 frenzy days, only 12 of 142, or 8% of the sales under $3,000,000 sold for less than their original list price – wow, remember those days? You can tell by the $3,248,194 average sales price last month that buyers are paying under list at all price points today.

Interestingly, the homes that needed to sell for less were priced 10% lower than they were last April, but they still sold for 5% under their list price.

Buyers are willing to pay over the list price if they see a spectacular home (great location and condition) which happens to about a third of the sales. However, the majority of homes aren’t flashy enough to impress the buyer pool, and both buyers and sellers are waiting longer (avg. 51 days) to commit to the inevitable discount.