I looked up the numbers for all Suffolk County sales listings put on the market in 2009, to see how many had sold by August 11, 2010. The answer? 36.1%.
The survey looked at homes that were listed for sale last year in Suffolk County and about 36% of those listings had sold by August 11, 2010, while just 393 or 2.5% of those listings were still active. The success rate looks at the number of listings that sold through the original listing agent; if someone hired an agent, and then changed agents, the home is added again to the count of new listings.
One conclusion from the Redfin study:
Many sellers aren’t willing to reduce their prices because they don’t want to sell their homes for less than the amount they owe…
Others simply think that they shouldn’t have to reduce their prices, often because they’ve plunked down lots of money for renovations that they had hoped would boost the value of their home. The buyers may be happy to pull their homes off and wait for the market to come back.
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Updated: 1st Q 2018