We have one of those fast moving, frenzied markets that we see from time to time. There is a big line (virtual, not literal) of buyers waiting for new listings and when a new one comes out many showings take place over the first few days. If the house is priced well and is functional, then it is very common to see multiple offers.
The number of sales in January decreased by 2.8% compared to the prior year. This was due to low inventory not lower buyer demand.
During the first 37 days of 2021, 31% of the sales closed for above asking price. For those houses that sold above list price the average premium paid was just over $22,000 or 3.5% above list price. The largest premium paid was 18% for a house near Chautauqua (I didn’t think it was that great). Given what I’m seeing right now, I would expect the numbers for February to show an even larger percentage of above list sales and larger premiums paid.
To give a full picture – 50% of the sales up until today closed for below the asking price. The average negotiation off of the list price was 3.2%. 19.5% of the sales closed at the list price.
The 10 slide annotated presentation below gives a broader picture of the monthly sales.
