A better way to read asking price versus closed price
Pricing decisions get easier when I compare them to what has already closed. In Woodland Hills, CA, the median list price last month was $1,650,000 and the median sold price was $1,245,000, so the spread between asking and closing is hard to ignore.
Last month, the median list price was $1,650,000. Against a $1,245,000 median sold price, I see a market where the ask still needs to be tested against what buyers are willing to pay. That is useful for both sides, because it keeps the conversation anchored in real results.
For sellers, the message is to price with precision from the start. For buyers, the message is to focus on closings instead of assuming every asking price will hold. In Woodland Hills, CA, the strongest decisions come from the numbers that have already been accepted.
Use the sold price as your anchor.
Keep the asking price honest.
Check how close a home really is to the market.
