Luxury Home Seller's Club
What does a large difference between the median sale price and the median listing price say about housing in a particular zip code?
I am working on marketing my own business better, something I haven't done much of in the past, and I am exploring home price heat maps to better target MoveVideos marketing and sales. Hell, if I was practicing real estate again, I might use this method to determine on which territories to focus my attention!
Look at the Trulia heat map of 94705, an area of Berkeley CA bordering the Oakland Rockridge neighborhood and containing Claremont, The Uplands and The Berkeley Hills above Claremont:
$1,175,000 median list price
$902,000 median sale price
$273,000 or a 23% difference
Does this mean that homes are being overpriced and the owners know it, so they lower the sale price? Or does it mean that luxury home sales are slow here and the starter home and family home markets are booming? Either way, one would expect the Days On Market (DOM) to be higher than the surrounding zip codes with smaller list/sale price differences.
What do you think? Any Berkeley real estate agents want to chime in?
P.S. While I was looking for the word that means a home someone buys when they start a family and need to expand, I stumbled upon this hilarity.