Fewer Home Sellers Cutting Prices as Average List Price Falls More Than 3%
Fewer sellers in 27 major U.S. markets reduced home prices this month, and those who did slashed their prices less than in October. At the same time, the average list price in those markets overall declined slightly, a possible sign sellers are pricing more realistically or aggressively to fit market conditions. These are the findings of a monthly report of homes listed for sale on Multiple Listing Services (MLS) in the markets surveyed by ZipRealty, a national real estate brokerage.
Specifically, the survey found home sellers in the markets surveyed reduced their list prices approximately $23,953 in November, a more than 3 percent smaller discount compared to October. While more than 43 percent of home listings had at least one price reduction, the survey found the absolute number of price reduced homes totaled 250,970 in November, a decrease of 2.85 percent compared to the prior month and third consecutive month of a drop in the total number of reduced homes available for sale.
Other national highlights of the brokerage’s monthly survey of price reduction data include:
- Sellers reduced their list prices on average more than twice, an increase of 4 percent compared to October.
- The median list price across all 27 markets decreased slightly to $272,200, down more than 3 percent compared to October.
Local-market highlights include:
- One out of every two homes in Orlando (50.1 percent), Jacksonville, Fla., (50.1 percent) and Chicago (50.0 percent) included at least one price reduction
- Homeowners in South Florida (Miami/Ft. Lauderdale/Palm Beach) reduced list prices by the largest percentage at 16.01 percent or $40,000 on average
- Homeowners in Raleigh-Durham, NC reduced prices by the smallest percentage at 4.54 percent or $10,900 on average
- Markets with the lowest percentage of price-reduced homes are San Diego (36.3 percent), Los Angeles (33 percent) and Denver (31.7 percent)
- Markets where sellers have cut the most in absolute dollars are (amounts shown are median price reduction):
- Orange County, Calif. $ 50,000
- San Diego $ 50,000
- San Francisco $ 50,000
- Los Angeles $ 40,000
- Miami/Ft. Lauderdale/Palm Beach $ 40,000
- Markets with the highest and lowest median list price were the same in November as they were in October. Orange County, Calif., was home to the highest median list price at $595,000, and Jacksonville, Fla. has the lowest median list price at $169,900
For access to all of the data and the full report, click here:
About the Report
ZipRealty compiled real estate listing and price reduction data from the MLS in 27 of the 36 major U.S. metropolitan areas where the real estate brokerage operates. The data cited within this report was pulled on December 1, 2009.
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