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Are homes selling for over or under asking price?

Are properties selling for over or under asking?
Are properties selling for over or under asking?Courtesy Flickr Creative Commons user AMagill

In this land of low inventory and multiple bids, you might think that every home that sells does so at a price over asking. If so, you may be correct – but only partially.

According to a newly released Paragon chart, over the last five weeks of house and condo sales, two in every five sales sold for ten percent or more over the list price. One in every six sold for 20 percent or more over the list price.

However, the largest group of sales – nearly one in three – closed between 1 to 10 percent above asking price, while one in five sold at asking or within 1 percent of the list price.

Finally, about one in nine sold below asking price by at least one percent.

A recent New York Times article recounts the story of 1829 Church Street in Glen Park, which was listed at $895,000 but sold for $1.425 million -- $530,000 over asking price. And it was a fixer-upper, but …

“It’s a block away from all the tech shuttles,” the property’s broker told the Times.

What do you think?

Dreaming of San Francisco? Cece Blase offers local advice to San Francisco buyers, sellers and owners-- and feeds the dreams of those who wish they could live in Tony Bennett's 'City by the Bay.' Call 415-577-0809 or email cblase@paragon-re.com. www.ceceblase.com