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Three Cents Worth: Manhattan Paying and Overpaying

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[This week, real estate appraiser, Curbed graph guru, blogger, and podcaster Jonathan Miller sets off his own fireworks.]

This week?as many who follow the market leave for the holiday fireworks to take a break from the market fireworks?I thought I'd take a look at the percentage of buyers who are paying full price and above list price. The list price used here was the asking price in place at the time of the contract, not the original list price. I've been tracking this since the market peak and I went back and updated the historical with additional data I've collected.

The number has jumped in the recent quarter, but not as high as seems to be reported. More specifically, 20.7 percent of buyers paid list price at the time of sale and 15.2 percent paid above list price.

More than one third of all buyers (35.9 percent) who closed in 2Q13 were at or above list price. It sounds like a lot, but as the market began to correct in late 2008, more than half of all buyers (51.6 percent) were paying at or above list price.

I still like sparklers.
· Matrix [matrix.millersamuel.com]
· Three Cents Worth archive [Curbed]