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Property List Prices Outshine Sale Prices


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Trends & Current Events

Quandry of Home List Prices

 

The asking price for a home or investment property has historically been a good measure of its market value, as the final figure that a buyer pays has tended to fall within this vicinity by a few percentage points.  Unfortunately this is sadly no longer the case, as the current state of the real estate market is leading to a widening gap between the asking price and the sale price of properties.


In fact, market trends reveal that where single-family home sales in March fell by 2.6% from the previous month, the median sales price rose by 5% from February and 2.5% from the previous year. The data also imply that while on a national level buyers are willing to pay more, on a regional level sellers are generally less able to find a taker for their asking prices.


While a marginal difference in property valuation is to be expected, the disparity now exceeds over $50,000 in some cities.  Hence there is a clear sense that sellers are much more optimistic about the market than the buyers.  Realtors, however, are blaming the disparity on the price drag created by foreclosures and the short sale process, and on the sluggishness of home demand in the suburban regions. The city real estate, they believe, is doing just fine.

For more details and insights on these trends, click here.



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