Homes Are “On Sale” in South Florida, Phoenix and Las Vegas According to ZipRealty
Sellers nationally reduced their list price twice, for a median reduction of $20,200, in March to attract buyers
EMERYVILLE, Calif. (APRIL 8, 2010) – For home sellers in the Southwest or in South Florida the heat is on. According to a monthly review of Multiple Listing Services in 26 major U.S. markets conducted by the national online real estate brokerage ZipRealty (www.ziprealty.com; NASDAQ: ZIPR) in March, more than 50 percent of MLS listings in Phoenix had at least one price reduction.
That same review showed that the median price reduction in Miami was $33,000, which also had the largest price reduction percentage of 14.16 percent. While the number of “for sale” homes in Las Vegas declined by more than 6 percent in March compared to a month prior, the median price reduction increased to $24,000 in March, up $1,000 from the February median.
First-time homebuyers, looking to take advantage of the tax credit that expires April 30, may be pushing asking prices higher as the median list price for the homes reviewed by ZipRealty increased by 1.07 percent to $263,754, and the median price reduction declined 3.02 percent to $20,200.
Other national highlights of ZipRealty’s March survey include:
· The percentage of price reduced “for sale” homes declined slightly to 40.35 percent
· With an increase in total inventory, there were 243,225 price reduced homes, compared to 230,238 in February
Local-market highlights include:
· Jacksonville (50.3 percent), Phoenix (50.1 percent) and Orlando (47.2 percent) had the largest percentage of price reductions
· Homeowners in Austin, Tex. reduced prices by the smallest percentage, compared to the original list price, at 4.15 percent and a median reduction of $10,600
· Markets with the lowest percentage of price-reduced MLS-listed homes were Denver (28.9 percent), San Francisco (32.3 percent) and San Diego (33.9 percent)
· Markets with the largest median price reduction in absolute dollars were:
Market | Median Price Reduction |
San Francisco | $40,000 |
Orange County, Calif. | $38,100 |
San Diego | $34,300 |
Miami/Ft. Lauderdale/Palm Beach | $33,000 |
Los Angeles | $30,000 |
About the Report
ZipRealty compiled real estate listing and price reduction data from the MLS in 26 of the 35 major U.S. metropolitan areas where the real estate brokerage operates. The data cited within this report was pulled on April 2, 2010.
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