February City/Neighborhood Price Reductions

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. The downloadable Excel file also includes charts showing the top ten cities/towns/neighborhoods with the least reduced-price listings.

First up are the top ten cities with the most price-reduced listings:

boston-pr-cities-most_2009-02.png

Of the 183 cities/towns we ranked in the Boston area this month, 138 (75%) had price-reduced ratios of fifty percent or more. Only Sharon carried over from last month’s top ten to this month.

Getting a little more granular, let’s look at the top ten Boston area neighborhoods for price reductions:

boston-pr-neighborhoods-most_2009-02.png

Of the 51 neighborhoods we ranked in Boston area this month, only these top ten (20%) had a price-reduced ratio of fifty percent or more. On the neighborhood level, much of the top ten list remained the same, with the Logan Airport area, Forest Grove, and Grafton Hill all continuing to rank highly.

At the neighborhood level, there is definitely some consistency in the number of homes seeing price reductions. If finding a good deal on a home is important to you, these neighborhoods might be a good place to start, as higher ratios of reduced-price homes indicate sellers that need to sell and are willing to lower the price to do so.

  • doug

    Based on the latest Case-Schiller info, or other more local data, if you were trying to decide to rent or buy about 2500 sq. ft. recent construction/update in the $1 mil. range, in the Longwood/Coolodge Corner area of Brookline or Southeast and were likely to move again in three years, would you rent or buy – and in which area to get the best value? (I know, its multi-variable question loaded with lots of “well, it depends…” issues.Thanks, Doug