Recent numbers show why the listed price and the likely closing price are not always the same.
One of the biggest mistakes I see in Los Angeles, CA is taking an asking price at face value when deciding what a home is worth. I would not do that here, because last month the typical asking price on active homes was $1,150,000 while the typical closed price was $1,100,000.
That spread does not automatically make every listing overpriced, but it does tell you where to stay grounded. A typical sale took 34 days last month and offers landed at 99.1% of asking, so I see a market that still rewards serious pricing while leaving some room for careful judgment. There is another useful clue in contract activity. Homes that newly moved under contract last month centered at $1,013,400, and the broader pending pool sat at $958,995. In Los Angeles, CA, that suggests accepted deals were happening below the active-market center, which is exactly why I compare listings to both closings and current contract prices. Use closed and contract pricing as your benchmark before you negotiate. Decide your ceiling before emotion enters the conversation. Keep your offer tied to where recent deals are actually getting accepted and closed. For a future sale, the same rule protects you from setting a launch price the market will not support.
About Donald Maycott
Donald Maycott is a licensed Real Estate Professional affiliated with EXP Realty LLC, specializing in the Los Angeles market. With a focus on strategic marketing and deep local knowledge, Donald Maycott provides clients with expert guidance in navigating complex real estate transactions. View full profile →
