In my October 12 posting, FIRST HOME SELLS FOR OVER $1,000,000 IN SCCL, I said that "some (folks) are now listing higher than current comps would suggest is appropriate, and are having to reduce their asking price." As a follow-up to that, I want to share some data on recent price reductions.
The information below was updated on 10/25/23.
SCCL Single Family Residences (SFRs)
Coming Soon/Active:
Of the 23 current listings, 13 have had price reductions ranging from $10,000 to $50,900. Ten of those have been reduced $15,000 or more, including 4 that have been reduced $30,000 or more.
Currently Under Contract:
Of the 14 listings that are currently Under Contract, 6 had price reductions, ranging from $5,000 to $20,100. Three of those were reduced $19,900 or more.
Closed since September 1st:
Of the 16 properties that have closed since the beginning of September, 4 had price reductions ranging from $15,100 to $25,000. The final sales price for those 4 ranged from $25,000 to $39,000 below the original list price.
See below for the stats regarding final close price in relation to original list price.
1 closed above the original list price
5 closed at the original list price
3 closed at 99% of the original list price
7 closed at 90-98% of the original list price
Carriage Homes and Villas (CHVs)
Coming Soon/Active:
Of the 4 current listings, all 4 have had price reductions ranging from $5,000 to $40,000.
Currently Under Contract:
Of
the 3 listings that are now Under Contract, none had price reductions.
Closed since September 1st:
Of the 2 properties that have closed since the beginning of September, the final sale price for those 2 ranged from $10,000 to $14,900 below the original list price.
See below for the stats regarding final close price in relation to original list price.
1 closed at 97% of the original list price
1 closed at 96% of the original list price
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