Biggest Discounts (Belated) August Update

I apologize for the tardiness of this post. Unfortunately I did not receive the data until almost the end of the month.

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 Los Angeles area and sorted it by city. 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 increased slightly from June to July, moving from 3.2% to 3.3%.

Here are the ten areas with the smallest discounts:

In the 108 areas we ranked, the median discount was 1.2%. 35 areas had an average sale price above the average list price.

Here’s the bonus graph, showing the discout off the original list price:

The overall discount off the original list price decreased from June’s 9.0% to 8.5% in July.

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 5,874 sales we tracked in the 1-month period, 1,361 homes sold for 5% or more off the asking price, while 955 homes sold for 5% or more above the asking price.