Third Quarter Real Estate Numbers Show Little Has Changed

The real estate numbers for the third quarter are in, and little has changed from the last quarter.

For instance, last quarter’s numbers looked like this:

• 68 homes sold
• Average Price: $1,382,820
• Average drop in price from list to sale: 9%

This quarter had some mixed results. The number of homes sold was essentially the same, but the average price dropped a lot. However, the average drop in home price from initial list to sale dropped a lot.

• 66 homes sold
• Average Price: $1,122,172
• Average drop in price from list to sale: 6%

Averages aren’t always the best measure since a couple large homes can throw the numbers off. So here’s how a couple of the different segments did in terms of price drops:

• Under $1 million: 5% drop (36 homes)
• Between $1 million and $2 million: 8% drop (24 homes)
• Over $2 million: 4% drop (6 homes)

So it looks like the homes in the $1 to $2 million range are taking the biggest beatings in terms of price reductions. Either the market in this range is just very slow, or these owners are the least willing to face up to the fact that their homes just aren’t worth what they thought they were.