Brevard County Florida Real Estate Sales : The Initial Asking Price versus Actual Selling Price - The real story at Heritage Isle in 2011

One of the commonly used statistics in real estate is the percentage of listing to selling price. This percentage is based on the last listing price.

I wanted to take a look at the real story - the percentage of initial listing price compared to the selling price.

For this small study I selected Viera's 55+ community of Heritage Isle and used single family homes only and excluded direct builder sales for the period of May 1, 2011 through July 15, 2011 as reported in the Brevard County MLS system.

The average list price to sell price is 94.5% if you compare the selling to the final listing price.
 
The story is a bit different if you consider the selling price to the original list price where it is only  88.4% of the original price. 

• Average Original List Price – $249,942 
• Average Selling Price – $221,000 
• Median Selling Price – $195,000 
• Average List Price at Sale – $233,875 
• Median list Price at Sale – $207,000 
• Average Days on Market – 100 
• Average Number of Price Reductions - 2

The way I see it is the average seller in Heritage Isle in Viera is dropping almost 12% of their price to get the deal done. 

Why not do it up front and price a bit more competitively and likely sell in a lot less than three plus months?