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.

April 17, 2020

Key Points

  • 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. 

Download the Report