Time for another update on where buyers are currently getting the biggest discounts off asking price. Our goal in sharing this data is to help potential buyers to know which neighborhoods are softer in terms of sale price discounts off list price, to better equip you when making an offer, and help you know where to look for potential bargains.
In the chart below, we have taken all sales data from the last two months in the Seattle 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 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).
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 zip codes with the largest overall discount:
At 3.7%, the overall discount for the Seattle area came in slightly lower than last month’s 4.4%. 98004 (west Bellevue) shot from #4 last month to #1 this month. Meanwhile, 98199 (Magnolia) made its debut in the top ten at #2.
Here are the ten zip codes with the smallest discounts:
What’s the deal with the south Tacoma zip code 98444? It was the only zip code to come in on this update with an area-wide average sale price above the average list price. Something smells fishy here, but looking at the raw data nothing jumps out as obviously incorrect… odd.
Of the 3,058 sales we tracked in the 1.5-month period, 215 homes sold for 10% or more off the asking price, while 76 homes sold for 5% or more above the asking price.
We’ve been tracking the discount trend for five months now, and we have seen the Seattle area’s overall discount hold relatively steady between 3.4% and 4.4% off. It will be interesting to see what the spring and summer bring to these stats.