Let’s have an update on where buyers are currently getting the biggest discount off the asking price. This data should help potential buyers to know which neighborhoods are softer in terms of sale price discounts off list price, better equipping you when making an offer and helping you know where to look for potential bargains.
In the charts below, we have taken all sales data from the last two and a half months in Orange County and sorted it by zip code. 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 zips 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 zip codes with the largest overall discount:
While last month saw three neighborhoods with discounts over 25%, this month only two zips came in over 10% off.
The overall discount for Orange County decreased somewhat from 5.6% last month to 3.6% this month, indicating that either sellers are getting better at pricing their homes according to buyers’ expectations, or that they’re just less willing to negotiate.
Here are the ten zip codes with the smallest discounts:
Of the 5,344 sales we tracked in the 2.5-month period, 75 homes sold for more than 20% off the asking price, while 1,592 homes sold for more than asking.
As a whole, the trend in Orange County is currently moving toward somewhat smaller discounts for most neighborhoods. As we continue to watch this data we will be able to get a better picture of what sale-to-list discounts tell us about the overall health of the local real estate market.