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Completed sales should be part of the comparison, but don’t drop withdrawn stock. Looking only at closings creates the opposite bias: it excludes sellers who could not achieve their price. I’d separate active, completed and withdrawn listings, then note when each seller made the first price cut...

Was the financing failure connected to the buyer personally, or did the appraisal come in below the agreed price? That distinction matters. If it was an appraisal gap, the same problem may recur with another financed buyer unless the price is supported by recent completed comparables.