Is there a noticeable difference between the list price of homes that have Sold, and the list price of homes that have sat around on the market and Expired without selling.
Sold listings set the price for what buyers are willing to pay for homes in the current market, while Expired listings are a good indicator that those homes are priced beyond what buyers are willing to pay.
Seems simple. Let's see if the numbers support the theory.
Since 9/15/08, 75 homes have Sold in the Foothills,
and 62 listings have Expired.
The average list price of the 75 homes that Sold was
$656,876 - For the 62 Expired listings it was $795,282.
- that's 21% higher than the list price of those that Sold.
The median list price of the 75 homes that Sold was
$530,000 - For the 62 Expired listings it was $639,500.
- that's 20% higher than the list price of those that Sold.
So yes, there is a very noticeable difference.
Taking it a step further;
The average Sold price of the homes that sold was $614,035,
which puts the Expired listings, listed at a gaping 29% higher than those that Sold. And the median Sold price was $505,000, vs. $639,500 list price for the Expired's, or almost 27% higher.
These figures are for homes priced from $199,900 up to $2,685,000, and the good news is that homes are selling in the Foothills in all price ranges. But in many cases there's a big gap between buyer and seller expectations. And like it or not, in this environment buyers are calling the shots, while home sellers who are not willing to capitulate are sitting it out on the sidelines.
see my web site thefoothillsToday.com
to search for and learn more about Tucson Foothills Homes
