Looking at properties in the $600,000 to $950,000 price range, I noted that several homes were still on the market after extensive days on market. From the original asking prices, the prices had been reduced anywhere from $13% to 16%.
Ergo – is it reasonable to conclude that a house that has been on the market in Albemarle County (I’m not looking at any other market) for at least one year should now be “worth” at least 15% less than its original asking price?
Looking at three randomly selected sold properties in Albemarle County in that price range in the past three months, the list-to sell percentage was a bit more stark – 85%, 75%,74% – sold for less than the original asking price.
*Stipulating of course that coming to a conclusion about the entire market from three homes is a bit silly, I’m still trying to ascertain some basic trending information. And that for each house on which I work/study/advise, I do a comprehensive and thorough market analysis that goes beyond days on market and asking/sold prices.