The Longer Your On The Market, The Lower Your Sales Price!
I did an analysis of the sales price of San Francisco properties as a % of list price by days-on-market for all houses and condos in San Francisco, from January 1 to April 15, 2008. It comes as no surprise that the longer a property is on the market, its sales price as a % of the listing price decreases. District 5 in San Francisco (the Upper Market/Noe Valley area) is representative of all the districts across the board. The average sales price to list price is 106.37% in the 0-30 days and goes progressively down to 94.76% in the 120+ days category. Pricing your property is so key in this market and the old adage, “your first offers are going to be your best offers”, still rings true! For a more detailed analysis of the SF market, go to https://www.re-advisor.com/neighborhoods.php and look at our detailed market reports.