Misha Immorm…, Real Estate Pro in Chicago, IL

what are average selling % of asking price?

Asked by Misha Immormino, Chicago, IL Sun Jul 5, 2009

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Misha

Year to date, detached homes are now selling 88% of original list and detached at 85% in Glen Ellyn. Wheaton's numbers are similar. if you have a client you would like to refer to the suburbs in 2010 let me know and I will help you pick a good agent to meet your clients criteria.
1 vote Thank Flag Link Tue Dec 29, 2009
Hi Misha, In our area (central Maryland) the list to sale price ratio is running at right about 89% but that is due in part to lots of over pricing. We have a lot of sellers and agents in our area that base their asking price on what they could have gotten for the house two years ago. Those houses that are priced realistically and in line with the current market are selling closer to 100% of asking price with $7k - $15k in closing help. And they are selling in less than 30 days!
1 vote Thank Flag Link Sun Jul 5, 2009
Misha,

I want to confirm your question.
Are you asking in general to define what is a Sold Price/Asking Price ratio and how useful it is as a real estate statistics? or are you asking for the specific and current ratio in you local area (Glen Ellyn)?

Thank you in advance-

Cathy Chaudemanche
0 votes Thank Flag Link Tue Dec 29, 2009
In San Francisco it is all over the board. We still can underprice and drive multiple offers so some agents use that strategy.

I did an analyis once to see how often we, as experts on valuing homes, priced the property correctly. I found that we price it at what is sells for only 16% of the time. The other intersting factor was that we priced it over and under the selling pirce pretty evenly; 38% under selling and 46% over the selling price.
I'd hoped for a different result.
0 votes Thank Flag Link Mon Jul 6, 2009
Jed Lane; Fog…, Real Estate Pro in San Francisco, CA
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Hi Misha,

If you look at CMA or sales statistics in our MLS, you will see the Selling price / LAST (after all reductions) asking price ratio. It's about 93% - 94 % depending on neighborhood. If you take in a consideration the Initial asking price, ratio will change to approximately 90 %.
0 votes Thank Flag Link Mon Jul 6, 2009
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