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There probably aren’t many people today who expect to see any frenzy left in the marketplace. But here’s a view from the street, looking at actual sales closed over the last 30 days.
At 22 minutes, this turned into a full-length feature film (sorry), but consider it an audio track about the current market conditions, with video evidence to support it.
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There may not be many more of these!
At the end of the video, I promised some pricing data and of course the MLS is down tonight so if you came to see list prices vs. sales prices, check back tomorrow.
100% Sold In Ten Days or Less
Here is a good sampling of the NSDCC pricing decisions made in May (mortgage rates started going up the first of April). The days-on-market are on the left.
Days on Market: All 28 found their buyer quickly – only one took as long as ten days!
Paid Over List: 21 of 28 paid over the list price (75%).
Of the 21 who paid over the list price, the average amount paid over list was $185,761. Literally 11 out of 21 paid at least $200,000 over list – and these 28 sales are the mid-range group!
Best Discount: -$70,000.
Here are some of the big winners:
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While the market may be calming down, there are still properties selling for well over the list price!
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It would be natural to assume that the insanity will settle down and buyers will stop feeling the need to drastically overpay, but who knows? The desperation isn’t going away.
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Donna asked what sellers might think about his video.
I hope they think that old Jim the Realtor is tracking the market closer than anyone and would be the ideal listing agent because of how he is able to utilize this research to take advantage of the market at hand:
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Of the NSDCC detached-home sales in February, 60% of them closed above their list price. The majority of buyers are doing it, and we can expect the trend to continue!
But how much over?
Here are five recent sales that demonstrate the insanity:
Here is some of the evidence of what’s been happening lately: