Let’s check in on some stats on the size of price reductions. How receptive are sellers to accepting an offer below their asking price?
Let’s get down to the nitty gritty. Where are buyers currently getting the biggest discount off the asking price in and around Sacramento? Knowing which neighborhoods are softer in terms of sale price discounts off list price will better equip you when making an offer.
In the charts below, we have taken all sales data from last month in the Sacramento area 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 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).
For a quick look at where a given zip code is located, just type it into the Redfin search box, or drop by the handy USNaviguide.com zip code map.
Here are the top ten areas with the largest overall discount:
The overall discount rate for Sacramento came in at 1.7%, which is relatively low compared to other regions around the state and the nation that Redfin serves. Auburn (95603) took the top spot.
Here are the ten areas with the smallest discounts:
Of the 52 areas we ranked, just the seven shown above came in with average sale prices above the 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 2,358 sales we tracked in the 1-month period, 191 homes (8%) sold for 10% or more off the asking price, while 409 homes sold for 5% or more above the asking price.
We will be keeping an eye on this data every month to see which neighborhoods are trending toward larger discounts and which are trending toward selling at full price.
Buyers should be aware that not all neighborhoods are created equal. While an offer 10% below list price may have a good chance of being accepted in a few neighborhoods where buyers are few and far between, some areas in and around Sacramento are still seeing enough interest to command full price or more.