It depends.
the average %Sale price/List price for all the homes sold in the last 3 months is 93%. So, on average, all 155 sold for 93% of list price. Sounds pretty good.
but in the $0-$499 range they did even better and went for 94.6% of list
and a close 2nd, homes in the $500-$999 range went for 94% of list
from there, things fall apart
$1,000,000 to $1,499,000 sold for 89.4% of list
and $1,500,000 to $1,999,999 was the weakest of the bunch coming in at a measly 83.5% of list (but what do you expect, only 1 home sold in that range) But using that % anyway, and doing the math tells us that a home listed for $1,900,000 might sell for $1,586,500
and at $2,000,000 and up it firmed up to 90.5%
So it depends, but they’re all averages. Homes within each price group sold for much more and others for much less than the average.
The average is another indication of how strong or weak the overall market is at that price range. And while it can and should be a guide to structuring an offer, there is more to consider.
Like how well or poorly is the home priced vs other similar homes, how long has it been on the market, how many homes are for sale in that price range - in that area, how many have sold, how much have they sold for, how many price reductions has it endured, is it occupied or vacant, and most importantly, and forgetting about the market, what’s it worth to you.
Also, as I’m sure you realize, but I’ll mention it anyway - the % of SP/LP as shown here is calculated based on the latest list price - that’s after 1, 2 or 20 price cuts. And not on the original list price. So while it’s useful, it must be taken with a grain of salt.
I’m hoping our new MLS software will allow us to pull data showing % of SP/OLP – original list price. But I doubt it, even though any 17 year old tech whiz could figure out how to make it happen in about 12 minutes. More likely, the reason we don’t have it, is that the powers that be decided that it is not important and useful info for agents or consumers to have. What else could it be. Imagine, playing it close to the vest like that, in this day and age.
***data is for single family homes in the Foothills, no condos, no townhomes***