2. Homes between 2.5 and 4.5 million that are active
3. Homes between 2.5 and 4.5 that sold since Apr 8 2015 (past 6 months)
4. Homes between 2.5 and 4.5 million that are now pending (in escrow)
Data taken from the MLS
BHPO Home Sales for Past 6 Months
Of the 25 homes sold in BHPO the past 6 months, approximately 8 sat on the market more than 3 months and suffered big reductions:
- 1441 Summitridge Dr – reduced 200,000 then sold for an additional 195,000 less
- 13211 Mulholland – reduced 1.5 million and then sold for an additional 500,000 less
- 9512 Heather Rd – reduced 250,000 and sold for an additional 850,000 less (not a typo!)
- 1642 Lindacrest – reduced 365,000 off asking price
- 9454 Lloydcrest – did not reduce but sold 150,000 under asking price
- 1326 Benedict Cyn – reduced 100,000 and then sold for an additional 70,000 less
- 1259 Beverly Estates Dr – reduced 100,000 then sold for an additional 150,000 less
- 3114 Abington Dr – reduced 100,000 and sold for an additional 75,000 less
CONNIE’S TIP: If there are not many showings or a poor turnout from open houses, the price should be re-evaluated after the first month. Don’t wait 3 months.
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BHPO Homes Now in Escrow
Of 10 homes currently pending in BHPO, 4 had to reduce the price. The reductions ranged from 150,000 to 450,000.
CONNIE’S TIP: Keep in mind these are homes between $2.5 and $4.5 million, and they have not closed yet, so there could be further reductions in price.
BHPO Homes Currently Active (Not in Escrow)
Of the 41 Homes currently active in BHPO:
- 8 homes came to market in the last 30 days
- 14 Homes have been on the market for more than 3 months
- 10 have been on the market over 4 months
The home sitting the longest has been on the market 203 days.
CONNIE’S TIP: If you are thinking of selling in this market, it is critical that you take time to go over homes that have recently sold. First, look at the data from the MLS. Then drive past each home to see it in person. Pay attention to each home’s curb appeal. Is the home facing or next to an “eye sore?” Is it on a noisy corner? These things can greatly influence the property’s ultimate selling price.
Next, make the effort to see the homes that are currently on the market. How many of these homes in your neighborhood and in your price range have had their home staged or are looking picture perfect? If you see many such homes you might want to consider doing the same – or your home will not sell as well. Remember, buyers will compare your home to others they have seen in the area. You want to offer the most impressive package for the money, to sell at the highest price.
THE TAKE-AWAY
In BHPO, homes are selling for less than the price at which they were listed – often, significantly less (we’re talking at least $150k and all the way up to $2M less). Some of these homes faced drastic reductions. Keep in mind, my research was solely on the market of homes in BHPO priced between $2.5 and $4.5 million.
Inflated price expectations are the reason these homes are sitting or not selling well. On the contrary, there were many homes in this group that did sell in under 30 days, and from past data, they sold well. It seems apparent, in most cases, that time does not bring better results.
I hope you’ve found this helpful! If you would like my help in pricing your home, please don’t hesitate to reach out!