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 Seattle area (King/Pierce/Snohomish) 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:
The overall discount rate for the Seattle area bumped up a bit in June from our previous update in April, rising to 3.7% from 4.1%. The Eastside dominated the top ten.
Here are the ten areas with the smallest discounts:
Of the 47 areas we ranked, only Covington came in with an average sale price above the average list price.
Here’s an added bonus. The following chart shows the top ten areas with the largest overall discount from the original list price, instead of the final list price:
Wow. Apparently sellers in Mercer Island are a little bit too optimistic when originally pricing their homes. It’s also interesting that the area-wide discount rate more than doubled up to 10%. On the other hand, we could say that this means Seattle-area sellers generally hit the value of their home within about 90% on the first try.
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 2,750 sales we tracked in the 1-month period, 193 homes (7%) sold for 10% or more off the asking price, while 71 homes sold for 5% or more above the asking price.