A clear read on how recent pricing compares with the latest pace of sales.
If I were pricing a home in Westlake Village, CA this week, I would start with one question does the current list price still match the market's recent sales pace? Last month, a typical sale closed at $1,787,500 while the typical asking price sat at $1,960,000, so I would treat pricing as the first decision, not the last.
Last month, a typical sale closed at $1,787,500. At the same time, the typical asking price was $1,960,000, and that gap tells me pricing discipline matters right away in Westlake Village, CA.
I would not lean on wishful pricing here. When asking prices sit above recent closed prices, I want the number to be defensible on day one, because that is where attention is won or lost.
Set the price with the recent sale range in mind. Review the first week of response closely. Be ready to adjust quickly if showings do not convert.
