One of the most telling benchmarks to track in the local real estate market is the sold to list price ratio.
This chart tracks the actual sales price as compared as a % to the asking price of a listing. This particular chart shows the data for the Greater Williamsburg area, residential, but can be run for a particular neighborhood, price bracket, etc. The conclusions are not ideal, as they don’t reflect prior listings, which may have been at a higher price (for instance, a home is listed for 6 months at $400,000, expires, and then is relisted at $375,000…sells for $350,000 – the calculation will be made $350k:$375k). However, the trend is still valuable for students of the local real estate market as it shows whether or not offer prices are trending up or down.
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