1503 Oxford last sold in 1986 for $131K. It is appraised at $375K.
3 bedrooms, 2.5 baths, 1536 sq feet plus 700sq ft apartment.
About 100 properties' listings expired at the beginning of September; about 50 expired at the beginning of October; a number of these properties are showing up, or will show up, as Relistings.
A buyer's agent will show his/her client all the recent listings for a particular property.
What relisting does, though, no matter what the reason for it, is change statistics. Say this house sells in 45 days for $405,000. If the 45 days, instead of the +/- 250 days on the market, will be used to calculate "Average Days on Market." This wouldn't be accurate.
The theoretical selling price of $405 is 71% of $569, but would be 85% of $475K. Depending upon which price is used as "list price" drastically changes the calculation of "percentage difference in sales v. listing" price data that appear on all local real estate sales updates provided by professional agents. And it's an important figure for both buyers and sellers when listing or making an offer.
April's listing for 1503 Oxford. Click for larger image in new window.
October's listing. Click for larger image in new window.
Images courtesy of /copyright CAAR.
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