Drop the price!
The first two months of sales data in the greater Auburn, Washington tell the story perfectly — Want or Need to Sell Your Home Fast? — Drop The Price! Or at least price it within the range of those houses that are actually selling:
Granted, this little chart only shows three months of home sale activity in the greater Auburn area, but it clearly reflects that homes sell faster when they are nearer the lower end of the pricing spectrum.
Here you can see that the average home listing price is above $300,000, but the average price for home sales that actually closed (i.e., made it all the way to the exchange of keys!) was in the low-mid $200,000 range. It’s further telling that homes in those upper dollar amounts for Auburn, stay on the market longer than those than ultimately are priced in the lower $200’s — 100+ days compared to 58 days and 82 days.
It’s important to remember that “Solds” are a result of homes that went Pending 30-60 days prior.
Compare the number of days for houses that went pending in December to those that closed in February. For houses that sold in December, one would need to compare the days on market for those that went pending in October or November.
And I’m thinking that the closed prices in March will be higher too! Look at the pending $$ for February! (Yeah, I know, I get excited about these things ……………..)