A valuable lesson in home pricing

We will use Blossom Valley here in San Jose as an example.  
 
So far this year Blossom Valley has had 387 closed escrows thus far this year.  The average days on the market is 18 days.  But let’s break that down even further.
 
79 of 387 or 20% sold in 7 days or less.161 of 387 or 42% sold in 8 to 14 days
55 of 387 or 14% sold in 15 to 21 days
26 of 387 or 7% sold in 16 to 30 days
 
So you can see 75% of all sold properties in Blossom Valley in 2016 sold in 21 days or less and 83% sold in 30 days or less.  
 
You will also find that 65 properties (17%) took longer than 30 days to sell.  On average, these properties that took over 30 days received an average of $3175 LESS THAN LIST PRICE or on average $473 per square foot.   
 
The 240 (62%) properties that sold in 14 days or less sold for a average of $43,809 MORE THAN LIST PRICE or $509 per square foot. 
 
So as I tell all my sellers.  PRICE IT RIGHT THE FIRST TIME!!!