Let’s take our monthly look at which cities and towns have the most price reductions.
The following charts show the percent of MLS, FSBO or REO listings that were price-reduced at some point before leaving the market (either sold or removed unsold from the market) in the past 90 days. Cities/towns or neighborhoods in which the number of homes taken off the market was too small to provide believable estimates are excluded from ranking.
For those that are interested, I have uploaded the full data set in Excel format here (saved in Excel 97-2003 .xls format by request). In order to keep from overwhelming you with charts, I am leaving out the top ten cities/towns/neighborhoods with the least reduced-price listings from the post, but you can still see that chart in the downloaded file.
First up are the top ten cities with the most price-reduced listings:
Of the 201 cities/towns we ranked in the Boston Area this month, 161 (80%!) had price-reduced ratios of fifty percent or more. This is up from about 66% last month. Only Merrimac has consistently been in the top ten for the last three months.
Getting a little more granular, let’s look at the top ten Boston Area neighborhoods for price reductions:
Just 11 of the 59 neighborhoods we ranked in the Boston Area had a price-reduced ratio of fifty percent or more. East Boston and Logan Airport / Jeffries Point both made the top ten for three months in a row.
For home buyers, cities and neighborhoods that consistently remain near the top of the list for price reductions may be a good place to potentially hunt for bargains. Once a home has been on the market a while, many buyers tend to overlook it, even though a price reduction or two may have brought it into a more desirable price range.