January marked the first time in 18 months that more homes were
listed "for sale" compared to the previous month, with an additional 15,000 homes, or a 2.9% increase, listed for sale compared to December according to the January Housing Inventory Index, a survey of Multiple Listing Service (MLS) listed homes in 27 major U.S.housing markets
Other highlights from ZipRealty's January Housing Inventory Index
The number of home listings year-over-year remains down 22.3%, with 163,000 fewer homes on the market.
The combined number of MLS-listed single family homes and condos within the 27 major U.S. markets surveyed in January totaled 567,265, up from 551,447 in December.
Markets in California showed significant jumps in inventory in January with month-over-month increases of 10.1% in the San Francisco Bay Area, 8% in Orange County, 4.5% in Los Angeles, and 6.5% in San Diego.
Baltimore was one of only two markets where the number of homes listed for sale decreased, at a modest 1.9%. In Miami, ZipRealty tracked a minor decrease of .05%.
The average median list price of $258,634 was relatively flat in January, down 1% (or $2,521).
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.
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.
national highlights of the brokerage’s monthly survey of price reduction data
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.
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
in South Florida (Miami/Ft. Lauderdale/Palm Beach) reduced list prices by the
largest percentage at 16.01 percent or $40,000 on average
in Raleigh-Durham, NC reduced prices by the smallest percentage at 4.54 percent
or $10,900 on average
with the lowest percentage of price-reduced homes are San Diego (36.3 percent),
Los Angeles (33 percent) and Denver (31.7 percent)
where sellers have cut the most in absolute dollars are:
Median Price Reduction
Orange County, Calif.
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
From all of us at ZipRealty, we want to wish you a very Happy Thanksgiving Day!At
ZipRealty, we're all about working together and teaming up to ensure
you're getting the best service possible...and this month, the best
Thanksgiving recipes we know! Visit the ZipRealty Thanksgiving page for some yummy recipes to make your holiday more festive!