by Jim the Realtor | Mar 11, 2021 | 2021, Bidding Wars, Frenzy, Over List |
The trend of paying over the list price is increasing.
NSDCC Detached-Home Sales Closed Over List Price
January: 38%
February: 43%
March: 51% (of the first 75 closed sales of the month)
Most sellers and agents are happy just to get 1% to 5% over list which will cover some or all of the commission. There were only four that went double-digit over:
Most % Over List Price
| List Price |
Sales Price |
Percentage Over List Price |
| $1,900,000 |
$2,255,551 |
19% |
| $1,200,000 |
$1,350,000 |
13% |
| $1,750,000 |
$1,953,800 |
12% |
| $1,095,000 |
$1,205,000 |
10% |
NSDCC Sales, March 1st-10th: 75
Average List Price: $2,072,379
Average Sales Price: $2,049,937 (99%)
Median List Price: $1,750,000
Median Sales Price: $1,800,000 (103%)
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
by Jim the Realtor | Feb 28, 2021 | 2021, Auctions, Bidding Wars, Frenzy, Over List |
Here are the percentages from January:
Link to January Blog Post
Here are February’s winners:
Most % Over List Price
| List Price |
Sales Price |
Percentage Over List Price |
| $1,595,000 |
$2,060,000 |
29% |
| $1,300,000 |
$1,602,000 |
23% |
| $1,550,000 |
$1,825,000 |
18% |
| $1,079,000 |
$1,225,000 |
14% |
| $1,395,000 |
$1,600,000 |
15% |
| $899,000 |
$1,016,000 |
13% |
| $1,150,000 |
$1,300,000 |
13% |
| $1,150,000 |
$1,305,000 |
13% |
| $1,350,000 |
$1,510,000 |
12% |
| $1,399,000 |
$1,561,000 |
12% |
| $1,949,000 |
$2,180,000 |
12% |
| $1,900,000 |
$2,100,000 |
11% |
Those are the only double-digit winners out of 216 sales, and only 43% of the total sold for more than list.
How much crazier could it get if we did auctions?
NSDCC February Stats (so far):
Sales: 216 (+16% YoY)
Average LP: $2,308,952
Average SP: $2,263,457 (98% of list)
Median LP: $1,699,500
Median SP: $1,736,000 (102% of list)
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
by Jim the Realtor | Feb 3, 2021 | 2021, Bidding Wars, Frenzy, Over List, Thinking of Buying?, Thinking of Selling?, Why You Should List With Jim |
We’ve had 208 closed SFR sales between La Jolla and Carlsbad this year.
How crazy is it?
Eighty homes sold over the list price, which is 38% of the total number of sales. Of those, most were just $10,000 to $50,000 over list, but there were some big bombers:
Most % Over List Price
| List Price |
Sales Price |
Percentage Over List Price |
| $1,150,000 |
$1,500,000 |
30% |
| $1,500,000 |
$1,750,000 |
17% |
| $1,850,000 |
$2,100,000 |
14% |
| $1,500,000 |
$1,710,000 |
14% |
| $650,000 |
$740,000 |
14% |
| $2,199,000 |
$2,475,000 |
13% |
| $2,395,000 |
$2,660,000 |
11% |
| $2,250,000 |
$2,495,000 |
11% |
| $2,995,000 |
$3,300,000 |
10% |
| $1,449,000 |
$1,600,000 |
10% |
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It’s not just paying more than the list price. The listing agents will test your mettle too.
Here’s a seller counter-offer on a million-dollar home with nine offers on it:
The house was built in the 1980s, and you expect the buyer to take it as-is without a home-inspection contingency? And you’re going to get 5% to 10% over list price, but you can’t throw in a home warranty?
There will be buyers who would have paid more money but who drop out when they see the extra demands.
Listing agents believe that this is how you get rid of the buyers who ‘aren’t serious’, but in reality it just limits the remaining buyer pool to the emotionally-charged-and-will-sign-anything buyers. They are the ones that are less likely to close escrow.
