Sellers seem to be getting it, albeit slowly. Across parts of the New York region, listing discounts on residential sales have gotten larger over the past year, showing a general upward trend but at different data points. Listing discounts are calculated by taking the percentage difference between the last list price set and the final sales price.
North Shore is a subset of Nassau County. Both have the highest discount levels. Suffolk (excluding the Hamptons and the North Fork), Queens and Manhattan seem relatively consistent and have even moved closer together in recent quarters. Not sure what that means. Probably nothing.
I'd speculate that more of the discounting represents properties that were priced as if the markets were rapidly appreciating versus being priced at market levels and then dumped. In today's market, if a property is listed too high (at market plus the going listing discount +/- a few percentage points), it doesn't mean the property will simply take longer to sell... it means it won't sell.
· Listing Discount (Negotiability) [Miller Samuel]