Average Price of Active Listings vs. Average Sold Price
In our market updates, we frequently show the MLS® Average Sale Price per city in Niagara and the Average List Price at time of sale. Depending on market conditions in the area, the percentage difference between the sale price and list price tends to hover between 95% and 97%.
Saleable listings, therefore, tend to fall between 3% and 5% of anticipated sale price. These are typically made up of:
- Homes that are competitively listed to begin with to achieve best market price, and
- Homes whose list prices have been reduced to promote a sale.
Yet here is what is most revealing
At the end of June 2013 we looked at the average list price of all active listings--listings not yet sold and compared it to the average sale price of homes sold. We noticed that the average price of active listings versus average sold price was markedly higher by a low of 15.6% in Welland to a high of 53.6% in Niagara-on-the-Lake. A look at each city: