Use the gap between asking prices and closings to set realistic expectations
If you are getting ready to sell and wondering how much room you really have, I would start by separating asking prices from completed sales. In Monterey Park, CA, active listings centered at $877,500 last month while the typical closed price was $792,500.
That gap is exactly why I would not price from hope alone. Monterey Park, CA still leaned toward sellers with 2.5 months of supply and recent closings near asking at 99.7%, but those numbers reward listings that are aligned with the market rather than listings that overshoot and wait. The timing supports that view. A typical sale took 25 days last month, and pending homes over the last three months had a middle price point of $791,500, so the homes reaching contract were clustering much closer to the closed range than to the broad upper edge of active inventory. Start from the contract and closing range, then justify any premium carefully. Review competing active homes only after you know where recent buyers actually committed. In Monterey Park, CA, I would also decide ahead of time what feedback would trigger a price correction.
About Ashley Kay
Ashley Kay is a licensed Real Estate Professional affiliated with Re/Max Champions, specializing in the Monterey Park market. With a focus on strategic marketing and deep local knowledge, Ashley Kay provides clients with expert guidance in navigating complex real estate transactions. View full profile →
