Over List, November

Jim's Take on the Market | Over List | Why You Should List With Jim

December 7, 2022

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Only 12% of the houses sold last month actually closed over their list price, which sounds normal.

There were 51 of the 115 of the sales (44%) that closed for $100,000+ BELOW their last list price.

The count of 51 broke down to 17 of 19 sales over $3,000,000, and 34 of 96 sales under $3,000,000 – where knocking off $100,000+ off the list price is fairly significant. Either realtors aren’t that great about their pricing, or they wander into lowball territory and get their head tore off.

The median days-on-market was 28 days, and the average was 41 days.

About half wandered into lowball territory, and about half sold for $100,000+ below their list price – there is a direct connection. People need to figure out how to sell the house in the first couple of weeks of being on the market, or face the same consequences in 2023.

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NSDCC Average and Median Prices by Month

Month	# of Sales	Avg. LP	Avg. SP	Median LP	Median SP
Feb	224	$2,298,797	$2,257,334	$1,719,500	$1,758,000
March	252	$2,295,629	$2,260,524	$1,800,000	$1,825,000
April	357	$2,396,667	$2,403,962	$1,799,900	$1,828,000
May	300	$2,596,992	$2,581,715	$1,900,000	$1,994,500
June	348	$2,509,175	$2,537,953	$1,900,000	$1,967,500
July	311	$2,421,326	$2,442,738	$1,795,000	$1,855,000
Aug	268	$2,415,075	$2,438,934	$1,897,000	$1,950,000
Sept	278	$2,479,440	$2,445,817	$1,899,000	$1,987,500
Oct	248	$2,754,470	$2,705,071	$1,899,000	$1,899,500
Nov	199	$2,713,693	$2,707,359	$1,999,000	$2,100,000
Dec	189	$2,686,126	$2,664,391	$1,985,000	$2,157,500
Jan	140	$2,828,988	$2,855,213	$2,234,944	$2,240,000
Feb	158	$3,063,331	$3,108,907	$2,149,500	$2,386,500
Mar	207	$3,247,251	$3,337,348	$2,400,000	$2,625,000
Apr	227	$3,190,161	$3,251,604	$2,350,000	$2,550,000
May	215	$2,943,657	$3,032,977	$2,350,000	$2,500,000
Jun	190	$2,864,089	$2,872,690	$2,297,500	$2,350,000
Jul	155	$2,889,612	$2,832,080	$2,299,900	$2,300,000
Aug	164	$2,933,243	$2,830,855	$2,200,000	$2,150,000
Sep	135	$2,650,642	$2,560,314	$2,149,000	$2,040,000
Oct	124	$3,090,320	$2,971,211	$2,272,500	$2,212,500
Nov	115	$2,581,790	$2,459,974	$1,950,000	$1,875,000

In October, when the average and median sales price spiked, it didn’t mean your home’s value went up – the homes sold that month had a median square footage that was 12% higher than in September. Similarly, the group of homes that sold in November had a median sf that was 8% smaller than in October.

But if you do want to make a big deal of these sales prices, they are similar to those in July, 2021.

At least there were 100+ sales!