39
Journal
PRICE WOES:
FEWER HOMES
SELLING FOR
ABOVE LIST PRICE
A new report from OJO Labs, a Texas-
based real estate technology and guidance
company, has found that 40.9% of homes in
October sold for more than its list price—a
number that has been consistently declining
over the last four months.
is number also rings true on a local scale
as well: in the top 80 metro areas that saw at
least 1,000 homes sold last month; 70 areas saw
a decline with only 10 seeing a rise in homes
selling for more than list price.
According to the report, which was
authored by Patrick Kearns, the Director of
Storytelling and Public Relations at OJO Labs,
the percentage of homes that sold above list
price sat at 42.8% in September, so the decrease,
while minor, showed a steady four-month trend
of month-over-month decreases.
"On an annual basis, the percentage of
homes selling above list price was at 30.4% in
October 2020, so while the housing market
is generally more competitive than it was at
this time last year, the year-over-year delta is
beginning to contract," Kearns wrote.
In addition, the report found that the
average home sold for $1,790 over the asking
price in October, down from $3.533 in
September and down from $4,493 in October
2020.
"San Francisco/Oakland/San Jose metro
in California continued the nation's most
competitive market, as has been the case every
month since OJO Labs began tracking the
data," wrote Kearns in the report. "70.2% of
homes sold for more than they were originally
listed, in October 2021, compared to 60.6% in
October 2020. e average home sold for more
than $85,448 over asking price, which is down
slightly from last month but far ahead of the
$27,598 average by which homes were selling
above list price in September 2020."
"Seattle-Tacoma saw homes selling at the
highest premium outside of the Bay Area.
In the Seattle metro, homes were selling for,
on average, $20,507 above list price," Kearns
continued. "Dayton, Ohio unseated Norfolk,
Virginia as the nation's least competitive market,
with just 3.3% of homes selling above list price."
