This past week I’ve been busy with sellers. The critical topic is always pricing. In this competitive market, no amount of marketing or home staging will sell a home, if it’s overpriced.
Above is a chart showing monthly average home sale prices as a percent of original list price for both homes that didn’t need a price cut (dark blue) and those that had 1 or more price cuts (light blue). The data is for all listed homes sold in Chicago including houses, condos, townhouses and co-ops.
On average over the past year, those homes that didn’t need a price cut to sell sold for 95.9% of original list price. The homes that had 1 or more price cuts sold for only 83.8% of original list price.