Single family homes that have sold in Glenshire so far this year are selling on an average of 94% list to sales price. That is around 6% off of the original listed price. The homes that are well priced and/or great deals are seeing quite a lot of action. Some are still receiving multiple offers! There are currently 60 single family homes listed in Glenshire and 5 homes are pending. This gives the market about an 8% absorption rate which means 92% of homes currently listed are failing to sell. There is still about a year's worth of inventory in Glenshire. Not so good for people trying to sell homes there right now, but there are lots of opportunities for buyers!
Hi Jill - I somewhat agree with the first respondent that pricing is about 5%-7% rather than 1 to 5%. It is also important to take into consideration that some of the homes currently listed were purchase at the peak of the pricing. Glenshire is a family friendly area as you might know and many people want to be there for the comfortable 'neighborly' feelings!
We have seen anywhere from a 1%- 5% difference between what homes are listed for and what the sold price is. Of course, some homes are overpriced to begin with, but a savvy buyer is not going to pay more than market value - hence the big range. Homes that are priced well to begin with are only seeing a 1-3% gap.