Ziprealty Price Reduction Index - Southern California September 2006

The chart below is a snapshot for selected cities served by ZipRealty in the  Southern California. The chart represents the percentage of homes on the market (April-September 2006) where the asking price has been reduced.  Click on the image below for more detail.

Read more about neighborhoods in the Los Angeles, San Fernando Valley area along with the San Gabriel Valley.

*All numbers are from listings showing on the the MLS  (as of 9/7/06) and are deemed reliable but not guaranteed.

Comments

[Cal]

Definitely not a buyers market despite what the NAR says. A buyers market would have low prices and high inventory. This is high prices with high inventory, it is a sellers market with sellers not able to sell.

[Justin Chimento]

Normal Market -

In a normal market, there is fairly a large number of homes available and an average number of buyers. This market does not necessarily favor the buyer or the seller. A seller may not have as many offers on their home, but he or she may not be desperate to sell either. Again, it is the buyer's responsibility to be prepared. During a normal market, the chances to negotiate are higher than in a hot market. As a buyer, you can expect to make offers at lower than the asking price and negotiate a price at least somewhat less than what the sellers are asking.