Biggest Discounts July Update

Let’s check in on our stats once again and find out where buyers are currently getting the biggest discounts off asking price. If you are a potential buyer, this will help you to know which neighborhoods may be softer in terms of sale price discounts off list price, and help you know where to look for potential bargains.

In the charts below, we have taken all sales data from last month in the Chicago area and sorted it by city/town. We calculated the overall difference between the sale price and the list price. Note that this reflects the final list price, after all price drops in the listing. Any areas with fewer than ten sales are excluded from the top and bottom ten rankings, but interested readers may download the full data summary in Excel format (xls).

Here are the top ten areas with the largest overall discount:

chicago-sale-to-list-most_2009-06

The overall discount rate for the Chicago area bumped up slightly from May to June, moving from 6.2% to 6.4%. Last month’s top-ranking Harvey dropped out of the top 10 entirely, while newcomer Northlake rocketed to the top with a whopping 19% average discount.

Here are the ten areas with the smallest discounts:

chicago-sale-to-list-least_2009-06

None of the 120 areas we ranked came in with an average sale price above the average list price.

Is the area you’re shopping not on either the top 10 or bottom 10? No problem, just download the full rankings in Excel format and hit the “FullSummary” sheet.

Of the 5,811 sales we tracked in the 1-month period, 1,214 homes (21%) sold for 10% or more off the asking price, while 367 homes sold for 5% or more above the asking price.

  • http://twitter.com/asherbearman Asher Bearman

    This is simply a fantastic post. Concise, relevant and poignant – makes a great point. Thanks for sharing.

    • http://blog.redfin.com/ GlennKelman

      Thanks Asher, always appreciate the commentary and support.

  • http://twitter.com/1938media Loren Feldman

    Beautiful

  • http://www.mn-houses.com/shoreview.php Shoreview MN Homes for Sale

    Similarly, I am learning to open my mind to these humbling experiences as I stumble through my 30s. I make an effort to open my mind to everyone with whom I share a significant few minutes or few hours. There is always something positive that we can take away. Thanks for the excellent perspective!

  • http://www.facebook.com/fredtasticvoyager Fred Schoeneman

    This is some good writing, Glenn.

  • http://twitter.com/justbrianwilson Brian Wilson

    Thanks for your candor on this. I think it can start by ending this current trend of calling other people “crazy” because they have a different worldview when it comes politics, religion, conspiracies, whatever. I am not saying that everything is equally right, it’s not. However, it is a special type arrogance to think that our worldview is the only one that is reasonable and sane.

  • Jorgeleo

    You know the saying “fast, cheap, durable. Pick two”?
    Well there is also “right or happy, pick one”. We tend to make our minds, and be emotionally invested, on being right. But that will not makes happy in the long run.
    Same thing with people, we make our opinions about them, and for all of our observations, we might be occasionally right about our evaluation. But that will not make happier or better relationships.
    The only way to get happier is to create more relationships regardless of how wrong we might think they are.
    It is a difficult lesson to learn in this American culture that highly value pride and money. Both concepts push one to individualism, as opposed to relations.
    I would like to know what would it take to revert this trend, because I believe that there is a brighter future in rejecting pride and righteousness.

  • http://alexlod.com Alex Loddengaard

    This post calls to mind a quote I read in Dale Carnegie’s “How to Win Friends & Influence People.” The quote is semi-relevant, but still worth sharing. And by the way, great post, Glenn! I recall a time when Goyer and I both agreed we wish we could write as eloquently as you. Anyway, here’s the quote:

    I shall pass this way but once; any good, therefore, that I can do or any kindness that I can show to any human being, let me do it now. Let me not defer nor neglect it, for I shall not pass this way again.

  • Will

    The older I get (yikes, I’m almost 50), the more I try to revert to the mind of a child. Thankfully, I have a wonderful 11 year old boy at home whose world is not jaded or petty, but open to the wonders each day brings.

  • http://twitter.com/nils_gilman Nils Gilman

    I resemble that remark….

  • http://www.facebook.com/people/Angela-Distefano/553063706 Angela Distefano

    I had been clicking around redfin with my morning coffee when I stumbled on this post. I was momentarily disoriented, wondering if I was still on a real estate blog, when I started reading. I can’t tell you how much I appreciate this post, especially the fact that I have encountered it on a real estate blog, but you have made my day, possibly my week. Thank you!

  • http://www.moldremediationremoval.com Mold Removal Oakland

    This is some good writing, Glenn.