Less homes selling at or over list price is declining, going back to historical norms, as outlined by CoreLogic’s Home Price Index. That may be a relief to home shoppers whose budgets have been squeezed recently as home prices soared.
Less homes selling higher than list price
The share of homes sold at or over list price dropped to 31.1% in March – about the same level as in 2000 and 2001 and a big change from last year. In the second quarter of 2018, the proportion of homes selling at or above list price peaked at in excess of 40% of total sales – nearly triple that of 2008.
“As annual home price growth started to slow in the third quarter of 2018, the share of home-buyers able to negotiate a better price began to rise,” CoreLogic researchers note.
However, there is variation geographically: 69% of homes sold for no less than the list price in San Francisco, which had the most significant share of such homes, followed by Washington, D.C., at 50% and Minneapolis at 48%, in keeping with CoreLogic.
On the flip side, Chicago and Miami had the smallest share of homes that sold at or over the list price: 21% and 14%, respectively.
“Price pressures rapidly increase as supply drops below three months,” CoreLogic says. In San Francisco, for example, the supply of homes for sale was at 2.3 months, and home-buyers there paid an average 4.6% more than asking price. However, in markets like Miami, where the supply of homes was 10.9 months, home-buyers had more negotiating power and saw average discounts of 7.8% in March.
Ready to find your new home here in the Tampa Bay and Surrounding Areas? Nick, Cindy & Nicholas Davis with RE/MAX Premier Group are here to assist you with all your Real Estate Needs. We are always available at 813-300-7116 to answer your questions or you can simplyย click here and we will be in touch with you shortly.
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Lot Size3,050 sqft
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Home Size960 sqft
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Beds2 Beds
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Baths2 Baths
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Year Built2000
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Days on Market1
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Lot Size9,148 sqft
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Home Size1,296 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1990
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Days on Market1
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Lot Size10,019 sqft
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Beds4 Beds
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Baths2 Baths
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Days on Market1
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Lot Size6,099 sqft
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Home Size2,045 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built2022
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Days on Market1
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Lot Size7,841 sqft
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Home Size1,588 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1958
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Days on Market1
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Lot Size5,663 sqft
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Home Size1,073 sqft
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Beds2 Beds
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Baths2 Baths
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Year Built1973
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Days on Market1
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Beds4 Beds
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Baths3 Baths
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Year Built2016
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Days on Market1
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Lot Size40.74 ac
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Home Size1,318 sqft
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Beds2 Beds
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Baths2 Baths
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Year Built1981
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Days on Market1
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Beds2 Beds
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Baths2 Baths
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Year Built1996
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Days on Market1
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Lot Size6.39 ac
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Home Size1,049 sqft
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Beds2 Beds
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Baths2 Baths
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Days on Market1
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