Falling Numbers in Grove Townhouse Market

I found a surprising number as I was looking at some statistics for a client.  By the end of 2008, the list price to sale price ratio for townhouses and condos in 33133 fell to 82%.  This is a significant drop because for two years prior the number was in the 90-96% range.

What does an 82% list price to sale price ratio mean? If a property is listed at $500,000, it is selling at $410,000.  Or a property that is listed at $400,000 is selling at $328,000.  I believe it is indicative of sellers getting desperate and an over-supply of these properties on the market.

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