In Ventana Reserve, 6042 N Indian Trail was listed in late December for $999,000 and closed escrow yesterday for $950,000 ($209/sf), and it sold for 95% of list price. With nary a price cut.
6042 N Indian Trail Tucson, AZ 85750
(listed by Long Realty)
No such luck over at 7303 N Mystic Canyon Drive in Pima Canyon. It started out two years ago at $1,127,000, and while it also closed yesterday it went for just $740,000 ($205/sf) - after two years of price cuts and finally getting down to a $799,900 list price – just 66% of the original list price, but 92% of the latest list price.
7303 N Mystic Canyon Drive Tucson, AZ 85718
(listed by Coldwell Banker Residential Br)
And PS- Mystic Canyon will go down in the books as having sold for 92% of list price, because, as calculated by the MLS, the latest list price is all that counts. Period.
With no further information, explanation or footnotes. Nothing to indicate that it started out at $1,127,000 and it took numerous price cuts on its way to $799,900 before finally selling for $740. And, along with the 92% figure, nothing to indicate that it sold for 66% of its original list price, (OLP).
But that’s not at all unusual. For every home that has one price cut or twenty price cuts (and there are thousands) the % of sale price/list price is, nevertheless, calculated solely on the latest list price.
Why? I can’t imagine. Especially since doing so presents only a partial and more positive impression of the market than is often the case, an impression that buyers and sellers are in much closer agreement about prices than they really are, and that the market is more balanced and humming along more smoothly than it really is.
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