
We have learned, and observed, that there's always just a bit of mystery to pricing a listing.
There is a range of potential value.
Then you assess the property itself, the likely buyer pool, the level of activity and mood in the market... and so on.
Finally, you agree on a number and put it out there into the world.
What will happen next?
The dream is always a quick sale, with multiple offers, selling over asking.
Of course, every listing would sell over asking if they just put it out there at $1.99.
Your goal with that start price is to be oh-so-close to the "right" price, but still attractive enough for buyers to say, "Hmmm, that's a pretty good deal. We gotta get in on that right away."
That's how you might get multiples, and maybe 3-5% more than asking. It means you "threaded the needle" with that start price.
Let's call out a selection of listings that got it right recently, with over-asking sales and just a few days on market.
Sand Section
424 3rd St. (3br/2ba, 2200 sqft.)
Start price: $3.675M
Sold price: $3.750M
Over by: $75K (2%)
5 Days Active in MLS (DAM)
460 30th (5br/3ba, 2208 sqft.)
Start price: $2.825M
Sold price: $2.910M
Over by: $85K (3%)
22 DAM
315 Marine Place (3br/2ba, 1340 sqft.)
Start price: $2.200M
Sold price: $2.325M
Over by: $125K (5%)
2 DAM
213 Seaview (4br/4ba, 1748 sqft.)
Start price: $3.099M
Sold price: $3.250M
Over by: $151K (5%)
9 DAM
213 15th St. (3br/2ba, 1217 sqft.)
Start price: $2.199M
Sold price: $2.875M
Over by: $676K (31%) (!!!)
5 DAM
Tree Section
3208 Agnes (6br/7ba, 3505 sqft.) (Dave's listing)
Start price: $5.895M
Sold price: $6.250M
Over by: $355K (6%)
7 DAM
720 27th (3br/1ba, 960 sqft.)
Start price: $2.999M
Sold price: $3.025M
Over by: $26K (1%)
12 DAM
3517 Walnut (5br/6ba, 3240 sqft.)
Start price: $3.999M
Sold price: $4.300M
Over by: $301K (7%)
7 DAM
944 Rosecrans (3br/1ba, 1053 sqft.)
Start price: $1.695M
Sold price: $1.750M
Over by: $55K (3%)
14 DAM
3213 N. Valley (4br/3ba, 1976 sqft.)
Start price: $2.899M
Sold price: $2.950M
Over by: $51K (2%)
13 DAM
2605 N. Poinsettia (3br/2ba, 1190 sqft.)
Start price: $2.499M
Sold price: $2.680M
Over by: $181K (7%)
5 DAM
1725 N. Poinsettia (4br/4ba, 3812 sqft.)
Start price: $4.500M
Sold price: $4.583M
Over by: $83K (2%)
6 DAM
1417 Pine (4br/3ba, 2338 sqft.)
Start price: $3.300M
Sold price: $3.350M
Over by: $50K (2%)
5 DAM
Hill Section
901 N. Poinsettia (4br/4ba, 2700 sqft.)
Start price: $3.425M
Sold price: $3.500M
Over by: $75K (2%)
14 DAM
East Manhattan
2209 Faymont (4br/3ba, 2327 sqft.)
Start price: $2.699M
Sold price: $2.800M
Over by: $101K (4%)
4 DAM
1632 Nelson (4br/3ba, 2080 sqft.)
Start price: $2.395M
Sold price: $2.609M
Over by: $214K (9%)
4 DAM
1 Coronado Ct. (3br/3ba, 2042 sqft.)
Start price: $2.149M
Sold price: $2.175M
Over by: $26K (1%)
4 DAM
11 Catalina Ct. (3br/3ba, 1903 sqft.)
Start price: $1.749M
Sold price: $1.826M
Over by: $77K (4%)
26 DAM
So, bravo to those 18 listings for doing somewhat better than expected.
Of course, not everyone sells quickly or over asking.
In the same roughly 3-month span of time that those listings all sold, 50 listings in Manhattan Beach sold below asking.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.