Biggest Discounts June Update

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 chart below, we have taken all sales data from last month in the Los Angeles area 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 dropped just a bit in June from our previous update in April, falling to 3.6% from 3.8%.

Here are the ten areas with the smallest discounts:

Twenty areas had an average sale price higher than the average list.

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:

Apparently sellers in Beverly Hills tend to be the most overly-optimistic with their original list prices. 25 of the 107 ranked cities/towns around LA came in with discounts from original list over 10%.

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 4,774 sales we tracked in the 1-month period, 429 homes (9%) sold for 10% or more off the asking price, while 677 homes sold for 5% or more above the asking price.