Right Price Leads to Quick Sale
Posted by Paul Eskildsen on Monday, March 30th, 2009 at 7:17pm.We've all heard that homes are taking longer to sell in today's market, with some homes listed for months at a time. There are cases where this is true, but a closer look at the data reveals that this doesn't have to be so!
Check out this table summarizing Price per Square Foot in February:
| Price per Sq. Foot | Days on Market | |
| Active | 293 | 97 |
| Pending | 274 | 71 |
| Sold | 268 | 63 |
For the South Orange County "Saddleback" area (Mission Viejo, Ladera Ranch, Rancho Santa Margarita, Lake Forest, Coto de Caza, and Modjeska, Silverado and Trubuco Canyons), there were 448 attached and 823 detached homes listed for sale in February. The attached homes average list price was $249 per square foot, while the detached homes averaged $293 per square foot. During the same month, 452 attached and 215 detached homes went into "pending" status - a buyer and seller agreed upon a sale. The average list price of these homes at the time of opening escrow was $221 and $274 per square foot respectively. And what about homes that sold in February? 76 attached homes sold for an average price of $210 per sqare foot and 107 detached homes sold for an average of $268 per square foot - each about $10-$15 under the final asking price.
Here's the kicker - the homes that sold in February were on the market for an average of about 60-70 days, while those still on the market have been active for over 100 days! The bottom line is that homes are selling, and quickly - but only when listed at a realistic price in today's market. For detached homes, that price has leveled out at around $265 to $270 per square foot.
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