It's just a reference. A bids/closings so far over list is relatively new to this market; the last time we had anything similar was the lead up to the 2008 cra

It's just a reference. A bids/closings so far over list is relatively new to this market; the last time we had anything similar was the lead up to the 2008 crash. More typically, a "$500k" house would list for $480 and close at $520 or maybe $550. Today, that same house is listing for $599 and closing at $700+. Not only have the prices gone up, but they've gone up fast enough that nobody really knows what a home is worth until it closes.