Both buyers and sellers spend a lot of time focused on "comps" as in what has recently sold. But really what they should also be looking at is what has recently gone into escrow, "under contract" (UC), because that is the leading indicator of where the market is headed.
But when you go down this path, a higher more precise level of analysis is required and that's just simply a lot more work.
Above you can se what has gone into escrow recently and how long these properties have been on the market. While we won't know for sure what they have sold for until they close escrow, there are certain conclusions you can draw.
Here's a few things I notice comparing this report to what sold and came on the market during the same time period (not in the graphic).
- Average selling price under contract is $869K @ 537 SqFt
- Average sold price is $952K @ $515 SqFt
- Average new listing price is $1.087M @ 524 SqFt
The lower UC price point may indicate a softening of the market while the higher listing prices point towards a lag of market perception by sellers or their agents.
The trend that I find most interesting is that in some of the highest price per square foot (over $600) are also the highest priced listings, over $1M.
If you like these kind of market reports, follow this link.