Homeowners looking to sell and move to a new place are in a great position; according to the National Association of REALTORS®’ 2015 Profile of Home Buyers and Sellers, sellers are seeing the sales price of their home creep up closer to list price—the median sales price as a percent of the listing price is 98 percent.
The amount of time a property sits on the market also matters in the sales price compared to the listing price. For homes that lasted less than a week on the market, half were sold for full listing price, while another 19 percent were sold for more than that price. The sale-to-list price ratio falls as time goes on (for example, homes that are on the market for 5-8 weeks are only sold for 100 percent of the listing price 17 percent of the time and more than listing price only 3 percent of the time).
In Bayfield County, our vacation home market has also greatly improved. In 2015, 85 residential homes sold in our NWWI MLS in the county, and the median sales price as a percent of the listing price was 94%.
Homes that lasted less than a month in our 2nd home market sold for full price or more than that price 30% of the time. But of the homes that were on the market 5 months or more, only two sold for full price. The average sales price as a percent for homes on the market for 5 months or more was 90%.