Monday Market Update: Yes, Homes Still Sell Over List Prices (Here’s Where!)
Location, timing & demand are pushing home prices higher.
The housing market trends vary greatly from state to state, and perhaps even greater within each location’s varying micro markets. While you may hear words like “slow”, “sluggish” and “uncertain” being used – the reality is that there is still a nationwide home shortage. While we may not be echoing the trends of May 2022 when the US experienced the most homes ever selling over asking price, there are still circumstances in which that ROI could be even better than you expect.
Just a few days ago, Realtor.com® published an article titled
“Top 10 Cities Where Homes Are Selling for the Most Over Asking—Plus One Shocking Sale $200K Over List Price.” You will not be surprised that the #1 spot goes to a Silicon Valley city. You may be surprised however that ONLY two Bay Area cities made the cut. The state with the most cities of homes selling over-asking price was actually Connecticut!
San Jose, CA
Ranking in the #1 position among metros with highest over-list price, San Jose holds a median home price of $1.3 million, with homes selling an average of 6.2% above list.
San Francisco, CA
As the #4 city on the list, the San Francisco median home price hovers at $1.15 million with homes selling an average of 3.6% above list.
Do any of these cities surprise you? We were a bit shocked that none of the cities on the Peninsula made the cut, and not too stunned that the east coast had such a high turn-out (though we probably would have expected New York to have more contenders than Connecticut!).
Read the article and see the home prices and percentages over-asking HERE.
Cheers,
Bobbi
Bobbi Decker
DRE#00607999
Broker Associate, Bobbi Decker & Associates
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com
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