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Our July 2023 sales had an average of 99% Sold Price to the List Price, Indicating two things. Buyers and sellers are falling very closely in line with pricing on homes that are selling and the degree of competition in the market for homes that are selling.
When we look back to last month and last year we will see that the average Sold Price to List Price % for both was 97%, so we have experienced a 2% increase from June 2023 and July 2023. There are two sides to this, one is competition and the other is pricing adjustments.
When we experience a fall in the Sold/List% we will see that other homes on the market should take note and adjust their pricing to fall in line with what the homes that successfully sell are doing. After proper pricing adjustments buyers and sellers fall back in line which results in a higher Sold price to List price %.
However, Competition can do the same thing. With a rise or fall in competition, the Sold/List% can fluctuate to the market’s current demand. When there is a lower demand we are likely to see a fall in the Sold/List% or vice versa when there is an increase in demand we are likely to see a higher Sold/List%.
I believe a combination of both competition and pricing adjustment should be credited for the boost in the Sold Price to List Price %, and I don’t think this will be something to necessarily stay completely stable. If we see listings sitting stagnant on the market we are likely to see this trend downward briefly before balancing again, but as long as our market keeps pace with new supply don’t expect drastic fluctuations.
Remember, the best way to learn about your local market is through a local realtor, not the national media. While there are factors that play into every market, there are many that differ on the local level. So whenever you need to know about the local market contact me!
Jacob B. Mitchell
Cell: 706-581-6401
Office: 706-226-5182
Email: AgentJacobMitchell@gmail.com
www.RealtorJacobMitchell.com
Coldwell Banker Kinard Realty
