How much does home pricing matter in the Colorado Springs region right now?
A lot.
Pricing your home too high for the market or the condition can cost you a lot. An analysis of the last 90 days in our market showed the following stats:
There were 909 homes sold in 0-7 days for 99.8% of their original list price (OLP).
There were 384 homes sold in 8-14 days for 98.65% of their OLP.
There were 223 homes sold in 15-21 days for 97.89% of their OLP.
There were 187 homes sold in 22-28 days for 97.23% of their OLP.
There were 149 homes sold in 29-35 days for 96.92% of their OLP.
There were 114 homes sold in 36-42 days for 89.21% of their OLP.
(PPMLS derived stats 4 Sep 2024, Rob Thompson, Realtor®, Iconic Colorado Properties, LLC).
Homes sold in their second week lost 1.15% of their value. At an average price north of $530K right now, sellers might be leaving $5K or more on the table. By the fifth week, homes lost an average of 2.88% of their original list price, leaving app. $10-15K on the potential table. One can also see that the number of homes that sell as the weeks increase decreases significantly.
It’s critical to price right for the condition of the home and the market.