Let’s look at the 24 homes that sold for a million$$+ between Jan 1 and June 30. And look at -
sold price, list price (at time of sale) & original list price – that’s SP/LP/OLP. And the % of SP/OLP, which is where it’s really at.
6050 N Desert Sun Court- SP $1,000,000/LP $1,198,000/
OLP same (SP/OLP 83%)
6440 N Desert Wind Circle-SP $1,025,000/LP $1,195,000/
OLP $1,295,000 (SP/OLP -79%)
5910 N Mina Vista- SP $1,000,000/LP $1,160,000/
OLP $1,795,000 (SP/OLP 55.7%)
3550 E Entrada Del Sol- SP $1,030,000/LP $1,295,000/
original list $1,450,000 (SP/OLP 71% )
4200 N Painted Quail Place- SP $1,050,000/LP $1,095,000/
original list $1,950,000 (SP/OLP 53.8%)
1887 E Desert Garden Drive- SP $1,075,000/LP $1,250,000/
OLP $1,495,000 (SP/OLP 71.9%)
7441 N Moon Spirit Lane- SP $1,100,000/LP $1,350,000/
OLP same (SP/OLP 81.4%)
4150 E La Paloma Dr- SP $1,100,000/LP $1,500,000/
OLP $2,450,000 (SP/OLP 44.9%)
6301 N Placita Arista- SP $1,100,000/LP $1,100,000/
OLP $2,395,000 (45.9%)
2436 E PLACITA DE LA VICTORIA- SP $1,150,000/LP $1,385,000/
OLP $1,800,000 (SP/OLP 63.8%)
3771 E Sumo Octavo- SP $1,200,000/LP $1,350,000/
OLP $2,195,000 (SP/OLP 54.6%)
5280 E Mission Hill Drive- SP $1,220,000/LP $1,500,000/
OLP $2,900,000 (SP/OLP 42%)
6363 E Paseo Otono – SP $1,250,000/LP $1,395,000/
OLP same (SP/OLP 89.6%)
7021 N Mission Hill Lane- SP $1,395,000/$1,495,000/
OLP same (SP/OLP 93.3%)
6652 N Avenida De Posada- SP $1,420,000/LP $1,495,000/
OLP $1,895,000 (SP/OLP 74.9%)
6460 N Thimble Pass- SP $1,475,000/LP $1,599,000
OLP $1,997,500 (SP/OLP 73.8%)
6954 E Gate Ridge Place- SP $1,700,000/LP $1,795,000/
OLP $2,150,000 (SP/OLP 79%)
6609 N Eagle Ridge Drive – SP $1,700,000/LP $1,749,000/
OLP $1,999,999 (SP/OLP 85%)
3601 E Lone Hill Place- SP $1,800,000/LP $2,200,000
OLP $2,350,000 (SP/OLP 76.6%)
2192 E Desert Garden Drive- $1,800,000/LP $1,995,000/
OLP $2,499,000 (SP/OLP 72%)
1813 E Sahuaro Blossom Place- $1,900,000/LP $1,999,999/
OLP $3,200,000 (SP/OLP 59.3%)
3401 E Camino A Los Vientos- SP $1,925,000/LP $2,000,000/
OLP $2,900,000 (SP/OLP 66.3%)
7755 N Ancient Indian Drive- SP $2,000,000/LP $2,250,000
OLP $2,795,000 (SP/OLP 71.5%)
6755 N Hole In The Wall Way- SP $2,200,000/LP $2,495,000/
OLP $3,200,000 (SP/OLP 68.7%)
As a group these 24 homes sold for an average of 88.6% of LP.
That is, the list price at the time of sale - after all price reductions and re-listings. And that’s how the % of SP/LP is calculated and reported by the real estate industry.
But based on the original list price – before all the price reductions and re-listings - those 24 homes sold for just 69% of OLP.
A figure that gives a more complete and accurate picture of how homes are selling. And a figure that is very important to buyers but is, nevertheless, ignored by the real estate industry. Well, ignored, now that homes so often sell for so much less than their original list price.
When homes were selling quickly and for over list- you didn’t have to look very far to find those numbers.
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