EMERYVILLE, CA, Nov 06 (MARKET WIRE) --
More than four of every 10 homes listed for sale (43.5 percent), across
27 major U.S. housing markets reduced their listing prices in October,
according to a report of homes listed on Multiple Listing Services (MLS)
in the markets surveyed by ZipRealty (NASDAQ: ZIPR), a national real
estate brokerage. This is down slightly from September.
According to the survey, MLS-listed properties with reduced prices have
had their prices cut an average of twice, but sellers are not knocking
quite as much off as they did earlier this year. Home owners slashed
listing prices by an average of $24,718 in October, just slightly less
than the average reduction of $24,960 in September.
The median list price across all 27 markets decreased slightly to
$281,416, down 2.02 percent compared to September.
Other highlights of the brokerage's monthly survey of price reduction
data
include:
-- Miami-area (Ft. Lauderdale/Palm Beach) homeowners reduced list prices
by the largest percentage at 15.7 percent or $40,000 on average
-- Homeowners in Raleigh-Durham reduced prices by the smallest percentage
at 4.6 percent or $11,000 on average
-- Of the markets studied, those with the highest percentage of price-
reduced homes are Jacksonville (50.9 percent), Orlando (50.1 percent) and
Chicago (50.1 percent)
-- Markets with the lowest percentage of price-reduced homes are Denver
(31.1 percent), Los Angeles (33.6 percent), Sacramento (36.4 percent) and
San Diego (35.7 percent)
-- Markets where sellers have cut the most in absolute dollars are:
Market Median Price Reduction
San Diego $54,000
Orange County, Calif. $51,000
San Francisco $50,500
Los Angeles $43,000
-- As in September, Orange County had the highest median list price at
$624,900. Jacksonville, Fla. has the lowest median list price at $172,000
For access to all of the data and the full report, click here:
http://ziprealty.typepad.com/marketconditions/2009/11/ziprealty-price-reductions
by-metro-october-2009-.html
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 at the
end of October 2009.
This report is intended to convey information on the general market
conditions where ZipRealty operates, not on ZipRealty's operating results.
ZipRealty's operating results may be materially different from the general
trends shown in this report. Please do not draw any conclusions about
ZipRealty's operating results based on the information contained in this
report but, instead, refer to ZipRealty's earnings releases and periodic
reports as they are made public.
About ZipRealty, Inc.
ZipRealty is a full-service residential real estate brokerage firm. The
Company utilizes its user-friendly Web site and employee real estate
agents to provide home buyers and sellers with high-quality service and
value. ZipRealty's Web site provides users with access to comprehensive
local Multiple Listing Services' home listings data, as well as other
relevant market and neighborhood information. The Company's proprietary
business management system and technology platform help to reduce costs,
allowing the Company to pass on significant savings to consumers. Founded
in 1999, the company operates in 36 major markets in 22 states and the
District of Columbia. For more information on ZipRealty, visit
www.ziprealty.com or call 1-800-CALL-ZIP.
Susie Hughes
Allison & Partners
415-277-4931
ziprealty@allisonpr.com
Copyright 2009, Market Wire, All rights reserved.
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