Where Were the Biggest Discounts in August?

Let’s check in on our stats to 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 San Diego County and sorted it by city.

Methodology
In order to maintain consistency with the automatically generated statistics posted to the Redfin neighborhood pages, we have slightly tweaked the way the statistics are compiled for this post series. First, we complied a list of every sale that took place in the month, calculating each sale’s sale-to-list ratio (based on the final list price). Next, we simply take an average of every individual sale’s sale-to-list ratio to calculate an entire area’s sale-to-list ratio. Any sales that came in with a sale-to-list ratio above 150% or below 50% are excluded from the calculation, and areas with fewer than twenty sales are excluded from the top and bottom ten rankings. Interested readers may download the full data summary in Excel format (xls).

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

SD-Sale-to-List-most_2009-08

It’s interesting to note that on average, buyers are actually paying slightly above list price across the county. The overall discount rate was obviously lower than our last update, but since we tweaked the methodology slightly, unfortunately they’re not really comparable.

Here are the ten areas with the smallest discounts:

SD-Sale-to-List-least_2009-08

In the 66 areas we ranked, the median discount was -0.5%.

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 2,738 sales we tracked in the 1-month period, 474 homes sold for 5% or more off the asking price, while 623 homes sold for 5% or more above the asking price.

  • Frank Gazzano

    Why is there no data for the 92107 zip code? I checked the entire data set and there is no entry for it.
    Thanks

  • Frank Gazzano

    Never mind, I found it under the full summary tab, I just needed to read a little further down the page.

  • silvia

    Sorry, I found no data for the 92075 zip code. Could you please update me? Thanks in advance

  • Ryan Thomas

    The money available for mortgages is falling, and house prices will keep falling for some time. The price decline should remind homeowners, and home buyers, that housing should never be seen as a short-term speculation, but rather as a place to settle & enjoy, in the long run. Even for people who have bought several homes, the mortgage process may still be somewhat intimidating. However, Mortgage rates continue to drop helping to make home ownership a reality for many new home buyers. Here’s one such tool which will help you to determine if a property is a good investment. It’s a smart real estate rating engine that provides a lot of information & insight for making a safe real estate investment. It identifies properties with the most value, establishes the right price range to pay and can help produce positive cash flow for you. Look into http://www.smartzip.com/info/score

  • http://www.SanDiegosFinestRealEstate.com Robert Boyer

    Ryan has the right of it. There is another, better tool that I recommend at http://www.FinestExpert.com It allows you to do a cashflow search on any property (nationwide).