What homes are selling for vs. what they're listed for

The Cromford Report has provided a wonderful update as to what percentage of the final listing price homes are selling for. They obtain this number by dividing the average sales price by the average final listing price. This percentage gives us a great idea of how the market is performing. 

At the highest peak it was 99.55% (June 5, 2005). Meaning in 2005 home sellers were getting 99.55% of their asking price. Over the last 14 years the minimum has been 93.92% (Feb. 5, 2009). The average over the last 14 years is 96.88%. Over the last 3 days we have dropped just below average. This is a recent sign the market is cooling off a bit back into a balanced market. 

***If you are looking to sell your home ensure your realtor is current on today's market trends. It's vital to determining how to price your home. What you read in the news headlines is actually a 4 month delay of real estate statistics and isn't a reliable source for what's going on in today's market.