Market Minute – Overpriced?

There’s concern among some real estate professionals that multiple offers and bidding buyers are tempting sellers to overprice their properties. One predictable result is deals that won’t appraise out.

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Currently, that and properties failing home inspections are common market headaches. When you look at average vs. median selling price trends charted, it’s clear they have inverted. The 2020 average YoY increase was 13%. The median was 11%. The only other time that has happened during the current hot market was in 2017, when the average exceeded the median by 0.9%. This is a signal of high asking prices and declining affordability is.

Last year’s average listing price was $230,331. The average selling price was $202,068. The median listing price was $179,875. The median sales price was $170,000. This could be a worrisome trend for a winter market when that’s already performing at peak buying and selling season standards.

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