RISMEDIA, June 10, 2010—According to a monthly review of MLS-listed properties within 26 of the country’s largest housing markets conducted by the national online real estate brokerage ZipRealty , more than 43% of homesellers slashed their home’s list price in May, up two percentage points from April. The median “for sale” price dropped nearly $2,500 to $264,936.
The same review showed that although there were more price-reduced “for sale” homes in May, the median reduction was $19,240, down slightly (1.06%) from April.
“Homesellers may be lowering their list price to help stimulate interest from home shoppers now that the first-time and repeat home buyer credits have expired,” said Leslie Tyler, vice president of marketing for ZipRealty.
Highlights of ZipRealty’s May survey include:
-More than four out of every 10 “for sale” homes include at least one price reduction – with 43.1% of all listed homes across the 26 markets price-reduced, up more than 3% compared to April
-Sellers reduced their list price by 6.8% on average in May, which is a decline of 0.15% compared to April, and down from 7.09% in March
-The highest percentage of price-reduced “for sale” homes was in Jacksonville, Fla., where more than half (51.8%) of all listings had at least one price reduction
-Denver saw the lowest percentage of price-reduced homes on the market in May, with 30.5%
-Buyers in the San Francisco Bay Area continued to enjoy the biggest home price discount in absolute dollars, with a median price-reduction of $39,000 in May
-Buyers in Houston, Dallas and Raleigh-Durham found the smallest price reductions, with a median price cut of only $10,000 in each of the three markets
-The biggest month-over-month drops in median list prices in May were in Phoenix ($9,100), Tucson, Ariz.($7,995), Baltimore ($5,000), Jacksonville, Fla. ($4,900), Las Vegas ($4,900), and Chicago ($4,000)
Markets with the largest median price reduction in absolute dollars were:
San Francisco $39,000
Orange County, Calif. $35,000
San Diego $31,000
Los Angeles $30,000
Miami/Ft. Lauderdale/Palm Beach $30,000
For more information, visit www.ziprealty.com.