Sunday, February 26, 2017 / by Steve Marriner
Well here are the answers. The first thing to note is that we did see a reasonable increase in overall sales last year, up 9% over 2015 with a total of 1333 units sold. Driven by record low interest rates and more realistic expectations from sellers, the overall market fared pretty well.
The average listing price increased by a very marginal $600 yet the sales price increased by almost $3,750. This dropped the discount that a buyer negotiates from the original listing price down to 8.6% compared to the 10% levels we saw a few years ago, with most properties selling for around 5% less than their final listing price.
As you can see, it still takes almost 6 months to get a property under contract and if you add the typical 6 week settlement time, its currently normal to take 7 months4 ...