Mixed outcomes are the central finding
Zillow reported that 34.4% of July sales closed above list and 47.7% below list, with a 99.4% median sale-to-list ratio. Realtor.com reported a 98% September ratio and described the market as balanced. Those signals support negotiation in part of the market, but they also show that a material share of homes still sold above asking.
A disciplined offer file
For a named property, separate current alternatives, recent same-product sales, listing history, condition, documents, financing, appraisal exposure, and seller priorities. A citywide ratio can frame questions. It cannot identify the correct price, contingency structure, or credit request.
What would change the conclusion
Fresh multiple-offer evidence, scarce same-building inventory, a strong recent comparable, or a uniquely improved property can reduce leverage. Long exposure, price reductions, unresolved condition, rising alternatives, or weak same-product absorption can strengthen it. Record the evidence rather than using a single label.