Lower List Prices and Fewer Price Reduced Homes Point to More Realistic Seller Pricing in December 2009
According to a report issued by ZipRealty there were 17,741 fewer homes listed for sale in December with reduced prices which represents a decline of 7.1 percent compared to November. This data is from a monthly survey of Multiple Listing Services (MLS) in 27 major U.S. markets conducted by the national online real estate brokerage ZipRealty.
The brokerage reports that the average list price across all 27 markets surveyed declined by more than 4 percent, and the average price per reduction declined by 2 percent, indicating that sellers may have priced their homes more in line with market conditions.
National highlights of ZipRealty’s monthly survey include:
- Home sellers on average reduced their original list prices approximately $23,459 in December, a more than 2 percent smaller discount compared to November
- More than 42 percent of home listings had at least one price reduction, a drop of 1 percent compared to November
- December was the fourth consecutive month of a drop in the total number of price reduced homes available for sale
- The median list price across all 27 markets decreased slightly to $261,155, down more than 4 percent compared to November
Local-market highlights include:
- Homeowners in South Florida (Miami/Ft. Lauderdale/Palm Beach) had the largest price reduction percentage, compared to the original list price, at 16. 7 percent (an increase of 4 percent from November) and a median of $40,000
- Homeowners in Raleigh-Durham, NC reduced prices by the smallest
percentage, compared to the original list price, at 4.7 percent (an
increase of 2 percent from November) and a median of $10,900 - Markets with the lowest percentage of price-reduced MLS-listed homes were San Francisco (34.8 percent), Los Angeles (32.5 percent) and Denver (31.4 percent)
- One out of every two home listings in Jacksonville (49.9 percent) and
Orlando (49.8 percent) had at least one price reduction - Markets with the largest median price reduction in absolute dollars were:
Market Median Price Reduction
San Francisco $50,000
Orange County, Calif. $49,900
San Diego $49,000
Miami/Ft. Lauderdale/Palm Beach $40,000
Los Angeles $35,500
- The market with the highest median list price Orange County, Calif. was the same in December as in November at $566,950.
- The market with the lowest median list price in December was Las Vegas at $164,500. In November, Jacksonville, Fla. was lowest at $169,900
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