ZipRealty Price Reductions by Metro, November 2009

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.

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:

 

Market	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:  Download Price Reduction November 2009 FINAL

Happy Thanksgiving!

 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!

ZipRealty Price Reductions By Metro, October 2009

Download Price Reductions for October 2009. Click image below for a larger view.

ZipRealty Home Inventory by Metro, September 2009

Download Inventory Data September 2009 Click on the image below for a larger view:

ZipRealty Price Reductions By Metro, September 2009

Download Price Reduction September 2009. Click image below for a larger view of this chart.

ZipRealty Price Reductions By Metro, August 2009

Download ZipRealty Price Reduction August 2009 - Click on image below, for larger view.  

ZipRealty CEO, Pat Lashinksy on Bloomberg

ZipRealty CEO, Pat Lashinsky on Bloomberg talking about NAR’s just released report showing a big increase in housing sales. He also talked about the general state of the market.

CEOs for Cities study shows affect of Walkscore on housing values

CEOs for Cities just released a study that shows that a 1 point increase in Walkscore is worth up to $3,000 in home value. Using data from Walkscore and ZipRealty, the study examined 15 MSAs across the country to find that homes with higher than average Walkscores are mostly worth more than their less Walkable counterparts. Read the full study. Here is the official announcement.

Here is a brief list of some notable cities and the effect of the Walkscore on their home prices:

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ZipRealty Price Reductions by Metro, July 2009

Please view and download the full chart here, (from the main ZipRealty blog) including total value of price reductions, inventory, median prices, and percentage of price reduction to list prices.

Metro	Avg. Reductions per Listing	Median Reduction Amount	Reduced % of Inventory	Number of Reduced Homes
Austin, TX	1.92	$15,100	46.23%	4,672
Baltimore, MD	2.01	$20,000	46.49%	4,404
Boston, MA	1.94	$25,000	44.68%	15,634
Central Valley South (Fresno/Bakersfield, CA)	1.95	$25,000	35.15%	2,198
Charlotte, NC	1.76	$15,000	42.90%	8,748
Chicago, IL	2.26	$20,000	48.90%	36,118
Dallas, TX	1.81	$11,600	43.49%	16,156
Denver, CO	1.67	$15,005	31.74%	5,898
Florida - Southwest	2.23	$45,000	46.48%	11,312
Houston, TX	1.69	$10,000	39.47%	11,583
Jacksonville, FL	2.3	$20,000	50.15%	5,600
Las Vegas, NV	2.41	$40,000	43.53%	5,704
Los Angeles, CA	1.94	$46,000	38.37%	15,966
Miami/Ft. Lauderdale/Palm Beach, FL	2.32	$45,000	45.54%	24,233
Minneapolis/St. Paul, MN	1.93	$19,830	46.77%	11,031
Norfolk/Virginia Beach, VA.	1.67	$15,000	39.86%	4,733
Orange County, CA.	1.99	$60,000	42.28%	3,605
Orlando, FL	2.48	$33,000	52.41%	12,273
Philadelphia, PA	1.94	$15,000	43.87%	15,734
Phoenix, AZ	2.27	$30,000	47.25%	14,146
Raleigh-Durham, NC	1.66	$12,000	41.92%	6,464
Richmond, VA	1.63	$14,000	39.46%	3,591
Sacramento, CA	2.13	$30,000	39.81%	6,173
Salt Lake City, UT	1.85	$16,000	45.45%	7,605
San Francisco Bay Area, CA	1.75	$51,000	37.66%	6,998
Seattle, WA	1.93	$25,100	45.73%	14,939
Tampa, FL	2.27	$25,000	48.60%	19,498
Tucson, AZ	1.94	$20,900	43.68%	2,390
Washington, D.C.	1.99	$30,000	44.56%	15,323
TOTALS	1.99	$25,846	44.37%	312,727
Changes compared to June 2009	-0.62%	-1.30%	-9930.95%	-2.81%

 

MLS-Listed Housing Inventory Snapshot – June 2009

The number of single family homes and condos listed for sale according to MLS data decreased in June from May by 2.1%, bringing the total number of active listings in 28 major U.S. markets to 696,858.

Following is a snapshot of the housing inventory across all 28 metros that ZipRealty tracked in June 2009:

Market Name	Active Home Inventory (SFRs and Condos)	% Change: Month over Month	% Change: Year over Year
Overall Market Total	696,858	-2%	-25.6%
Austin	10,220	1.4%	-7.4%
Bakersfield	6,419	1.5%	-56.2%
Baltimore	9,347	-0.1%	-7.6%
Boston	36,611	-8.2%	-5.8%
Charlotte	20,744	0.4%	-7.3%
Chicago	74,576	0.2%	-13.6%
Dallas-Ft. Worth	37,213	-0.6%	-11.9%
Denver	18,770	5.1%	-16.0%
Houston	29,142	2.2%	-21.8%
Jacksonville	11,236	0.2%	-18.0%
Las Vegas	14,014	-10.3%	-38.7%
Los Angeles	44,024	-8.8%	-53.9%
Miami	55,969	-4.8%	-31.8%
Minneapolis-St. Paul	23,988	-0.3%	-21.8%
Norfolk/Virginia Beach	11,937	0.7%	-3.7%
Orange County	8,898	-4.5%	-41.8%
Orlando	24,564	-6%	-26.8%
Philadelphia	36,504	0.8%	-5.5%
Phoenix	30,868	-7.2%	-38.8%
Raleigh/Durham	15,695	-0.3%	-5.3%
Richmond	9,129	1.3%	-6.6%
Salt Lake City	16,775	-0.5%	-12.2%
San Francisco Bay Area	19,372	-6%	-45.3%
Sacramento	15,520	0.7%	-29.3%
Seattle	32,596	1.2%	-18.8%
Tampa	41,309	-3.6%	-22.8%
Tucson	5,694	-3.6%	-22.8%
Washington, D.C.	35,724	-3.3%	-31.4%

To view all MLS-listed homes across all major metropolitan areas that ZipRealty operates in, visit www.ziprealty.com.