Do Westerville homes sell 25% under list price?
NO!
On Westerville Home Prices - February 2012 a real estate agent from Canada wrote:
"In our area that would be a huge difference between listing and selling prices."
A 25% difference between the average for sale price and the average sold price is big... bigger than some other central Ohio school districts (the market report is for all homes in the Westerville City School District) and the difference is smaller than other central Ohio school districts. The home price graph is not telling the discount from list price. A 25% discount from list price would be huge in our market as well.
And perhaps that's not what the CA real estate agent is saying...

The average active (for sale) price for a home in the Westerville City School District in February 2012 was $228,000 and the average sale price was $176,000.
Q. Does that mean that homes in Westerville schools sell 25% under list price?
A. No.
A percentage of those Westerville home for sale are not going to sell.
A percentage of those Westerville homes for sale will have a price reduction from prices that are too high prior to a buyer making an offer. Is that reduction 25%? No.
Do Westerville homes sell 25% under list price?
The discount from the final list price and the sale price of a Westerville home is way lower than 25%. About how much? Look at the purple line: Sold/List Price%

The purple line on the graph shows the "Sold to List Price Percentage" for the past 15 months. In February 2012 single family homes in the Westerville City School District sold within 95% of list price... On average homes sold with a 5% discount from the list price. Some homes sold with a 7% discount, some 5%, some 3%... if there were multiple offers on a property, perhaps the property sold for list price or above. In February 2012 among single family homes in the Westerville City School District it averaged out to 5% less than the final list price.

Here's a graph for Westerville, original list price... "Sold to List Price Percentage" the purple line is the percentage to the original list price. Homes that sold in Westerville schools in February 2012 sold within 91% of their original list price... There were price reductions... There is a bigger reduction but it's not 25% off list price.
Maybe Canadian real estate agents and sellers have a better handle on prices than those in Westerville, Ohio...
You knew Westerville homes don't sell 25% under list price?
You knew there are a percentage of homes that do not sell. Maybe the CA real estate agent understood what the graph said too.
Westerville homes for sale by price range
Homes for sale in Westerville schools under $100,0000*
Homes for sale in Westerville schools $100,000 to $200,000
Homes for sale in Westerville schools $200,000 to $300,000
* The search is for single family but a lot of condos were showing up when I created the search. It looks as if they are listed as single family. That can't help the data, can it?
Westerville Homes SELL 25% UNDER List Price? Really? was published in March 2012 based on data available from the Columbus Board of REALTORS® at the end of February 2012. Trendgraphix reports are based on data supplied by the Columbus Board of Realtors. According to Trendgraphix neither CBR nor the mls (multiple listing service) guarantee or are in anyway responsible for the accuracy of the data. It says: "Information deemed reliable but not guaranteed." Since I am relying on the info from the CBR mls and Trendgraphix, I can offer no guarantee either. A slight correction in the data may be visible in the graphs the next month. The gold and purple graph is not one of my favorites.
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This post provided by Maureen McCabe of Real Living HER
Contact 614.388.8249
Website: MaureenMcCabe.com
email: MaureenatMaureenMcCabe.com @
Information is deemed to be accurate but should be verified to your satisfaction. Information provided herein is supplied by several sources and is subject to change without notice. Opinions expressed are solely those of Maureen McCabe.
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The homes in the Westerville, Ohio 43081 zip code are in Franklin County. Neighborhoods include Annehurst, Glengary Heights, Huber Ridge, Lehy Acres, Spring Grove. The Westerville, Ohio 43081 zip code includes neighborhoods in the City of Westerville, and City of Columbus as well as neighborhoods in unincorporated areas in Blendon Township.
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March 2011 Westerville home sales were down 6.6% from March 2010.