By DON FENLEY

Almost half of the homes that sold in February did so after an average $30,367 price reduction. And 63% of the homes that sold followed concessions that averaged $17,1676. Both were in line with the pattern of the previous month and a sale-to-list price ratio trend that began in July last year. The trend line ranges from a high of 96.5% in July to a low of 96.2% in January. The February metric was 96.4%.

The sale-to-list ratio measures the final sale price of a home listing price, expressed as a percentage. This ratio reveals how close (or far) the selling price was to the asking price, serving as a barometer for market dynamics.

In February, 45.7% of homes sold had undergone at least one price reduction before closing. A 42%-45% price reduction in market share has been consistent for seven months.

The pattern is similar for concessions. They have become more common and command a higher now share of sales. Last month, 63% of the homes that sold were after concessions. The market share of concession sales has been in the 63% to 67% range for 10 months.

The trend affirms a shift in the local housing economy’s dynamics. It’s now a more balanced environment shaped by better strategy, negotiation, and pricing discipline instead of rapid, momentum-driven conditions.

So far this year, sales have been stronger than in the first two months of last year. February’s median price was also higher. Transactions were more the result of negotiation instead of bidding competition in both months.

In practical terms, that means sellers are still achieving sales, but buyers have modest leverage in how those deals are structured.

For buyers, the data is a reminder that the list price is often a starting point. For sellers, it underscores the value of a marketing strategy and accurate pricing from the outset. Homes that avoid reductions and concessions typically close faster and at higher net proceeds.

Categories: REAL ESTATE