RISMEDIA, October 14, 2009—While many sellers continue to cut their asking prices, fewer are doing so, according to recent data compiled by ZipRealty, national real estate brokerage, which may lead to an upward trend in home prices. According to MLS data, more than 44% of home listings in 28 major markets tracked by ZipRealty in September 2009 included at least one price reduction, down 2.8% from September 2008.
Homes currently on the market with reduced prices have had their prices cut an average of twice, according to analysis recently released by ZipRealty based on MLS data in the 28 markets tracked by Zip.
Other highlights of the brokerage’s monthly survey of price reduction data, compiled from local Multiple Listing Service (MLS) data in the 28 markets tracked, include:
-Home owners slashed listing prices by an average of $25,362 in September, similar to the average reduction of $25,155 in August;
-Las Vegas homeowners reduced list prices by the largest percentage at 20% (a 1.7 point decline compared to August), while homeowners in Raleigh-Durham reduced prices by the smallest percentage at 4.6% (a 0.27 point incline compared to August);
-Of the markets studied, those with the highest percentage of price-reduced homes are Orlando (50.4%), Jacksonville (50.2%) and Chicago (49.7%);
-Markets with the lowest percentage of price-reduced homes are Denver (30.3%), Los Angeles (34.7%), San Francisco (37.1%) and Sacramento (37.2%);
Markets where sellers have cut the most in absolute dollars are:
Market Median Price Reduction
Orange County, Calif. $55,000
San Francisco $54,000
Los Angeles $44,694
Miami/Ft. Lauderdale $41,000
Naples, Fla. (Southwest Fla.) $40,000
-The median list price decreased to $263,700 across all 28 markets, down slightly (2.7%) compared to August 2009;
-Orange County had the highest median list price at $647,000. Jacksonville, Fla. has the lowest median list price at $174,900.
For more information, visit www.ziprealty.com.
