Gap Between List Price and Sold Price Is Widening
Comparing list price vs. sold price for Portland homes provides an indication of whether and to what extent sellers are accepting lower offers. Over the last couple of months this gap has been widening in the Portland-metro area according to a June 2008 report published by REMAX and discussed at RE Conversation.
This chart shows the trend dating back to June 2006. Blue is pending, green the actual sold price. As you will note, the gap is widening, confirming that an increasing number of savvy buyers are able to purchase at considerable discounts to the list price.
Median Home Prices (Jun 06-Jun 08) – Pending (blue) vs. Sold (green)
This trend is likely to continue as the number of closed sales continues to decrease, adding pressure on sellers to drop their prices further.
Supply & Demand – # of Units Sold (Jun 06 – Jun 08)
So, if you are a buyer out there looking for Desperate Sellers this is probably good news.
