Last month we talked about the Sales Price to List Price ratios for properties that sold in 2016. This month I wanted to take a look at that same statistic but just for properties that sold for over a million dollars after concessions were removed from the sales price. In 2016, 412 properties met this criteria, a mix of single family homes and downtown Boulder attached loft type properties. I was surprised once I ran this analysis how closely the over a million market matched the overall market but there were some differences.
|Week 1||Week 2||Week 3||Week 4||Week 5||Week 6+|
|% of all Sales||32.52%||8.74%||7.77%||4.13%||3.40%||43.45%|
|Asking or better||70.90%||38.89%||37.50%||5.88%||7.14%||12.29%|
|<80% – 95%||4.48%||22.22%||28.13%||47.06%||42.86%||44.13%|
|95% – 97%||6.72%||22.22%||15.63%||11.76%||28.57%||21.79%|
|97% – 99%||10.45%||13.89%||12.50%||23.53%||21.43%||15.64%|
|99% – 100%||7.46%||2.78%||6.25%||11.76%||0.00%||6.15%|
|100% – 102%||52.24%||22.22%||31.25%||5.88%||7.14%||10.61%|
|102% – 105%||7.46%||8.33%||6.25%||0.00%||0.00%||1.68%|
You can see in this first chart that million dollar plus properties that sell quickly mostly sold for their asking price. In the overall market, the majority of properties were selling in the first week on the market while in the million dollar plus market the majority of properties sold in week 6 or later. The million dollar plus market also does not show as much strength in properties selling for over asking price. The peaks in weeks 4-6 for the million dollar plus market also were all in the greater than a 5% discount off asking price category. For the overall market, the greater than 5% discount off asking category never was the majority of sales in any week.
Aside from all of these differences, I was surprised at how the chart of this data wasn’t substantially different than the chart of the overall market. Both charts have a strong spike in week one for sales right at asking price. Both charts have peaks in weeks 2 & 3 right at asking price. Both charts show strength in week 1 sales over asking price. I went into this analysis expecting the million dollar plus market to be dramatically different. The reality is that there were minor differences but it was generally the same. It will be interesting to look at this data again next year and see if and how it changes. Until then, have a great spring.