This number is also affected greatly by how a home stands against its competition in quality, and most importantly how close to market value the home was listed at when it was first listed
Sean Farley, Terrie O'Connor Realtors
Each town is it's own market.In most cases you can find markets inside those markets.
SP/LP ratios vary widely even when you compare sub markets within the same town.
I'd be more than happy to explain that to you more in person if youd like or in an email if needed.
What you're looking for is a statistic for Bergen county called the sales price to list price ratio. unfortunately, that's one stat that I cannot pull up easily for NJMLS. Other MLS services in NJ provide that info readily, this one does not. That's the reason why you're getting so few answers here as it takes some time to go through the data and prepare.
Ask a local realtor to send you some of the prepared reports that NJMLS provides their members with. These are a collection of very interesting graphs and charts that will help put some numbers on the board versus the "gut" feeling you otherwise get a lot. I posted the web address for NJMLS down below.
Jacobus "Jack" Vollenberg
RE Appraiser - Vollenberg Appraisers
Asset Manager - ERA Statewide Realty
I have also watched/ followed this mkt for years. While i DO agree with the realtors here that price is the key I also voice a much more conservative tone than you often hear at this site. I often get slammed for it..."time to buy before you're priced out forever!!" is the overriding voice and agenda. I have no such agenda. Yes, prices are often closed 20% less than asking price but the asking price was 20% to high in the first place. Here I really don't know whom to blame...homeowners who think their house and town are different and will sell at high prices or realtors who lead people to believe that they will get their price. here's a good example..couple wants to sell house in mid 600's but gets talked into trying a higher price..ta da! No sale. price reduced over and over till it reaches that 650ish mark...sold! who's fault is it that the house was priced to high in the first place. Only 130 dys on mkt? I've seen 2 years. pitiful. It would seem that both the realtor and the owner are hurt but the owner much more as their life has to stay on hold for the entire time the house is on the mkt.
Every town will have different results to your question. Many home that are overpriced are sitting on the market, but many homes that are properly priced are selling quickly, and at, or above list price in a short period of time.
The pricing is the key to the sale, that is it.
If you are interested in any specific town, please let em know and I can give you that data.