I looked at the list of October solds to see how close homes were going to asking price. I saw a handful that went over the Asking Price. Most of these are REOs under $250K in North County. About 10% (I’m estimating) sold at Asking Price. Most (all?) of these were REOs or Short Sales. Every other property went below the Asking Price. There were a few examples of homes that have been on the market for over a year that have been chasing the downward pricing curve.
One Arroyo Grande home that was on the market for 565 days originally listed for $424,000 and sold for $260,000. An Atascadero home on the market for 307 days was listed for $729,000 and sold for $485,000.
Higher-end homes have also felt the price pressure. A Cambria home on the market 303 days listed for $1.25M and sold for $930K.