Digging Deeper: Price Reductions
The DMAR Market Trends Committee examined how many closed transactions reduced their list price compared to the original list price prior to receiving an offer.
- 22.3 percent of closed transactions in March reduced the asking price prior to receiving an offer. This is down from 27.6 percent in March of 2019.
- Listings that had a price reduction spent an average of 83 days in the MLS, which is up from 75 days in March of 2019.
- Listings that had no price reductions spent an average of 14 days in the MLS, down from 15 days in March of 2019.
- These numbers generally reflect a pre-COVID-19 housing market and reaffirm the idea that if not for COVID-19, this spring selling season was setting up to be very good. The numbers also reaffirm that pricing a property correctly from the start will significantly reduce marketing time.