June 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:

la-pr-cities-most_2009-06

Of the 100 cities/towns we ranked in the Los Angeles area this month, just 8 had price-reduced ratios of fifty percent or more.

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

la-pr-neighborhoods-most_2009-06

Of the 173 neighborhoods we ranked in the Los Angeles area this month, 31 had a price-reduced ratio of fifty percent or more. On average, the neighborhoods with more price reductions had somewhat higher median closed prices than those with fewer price reductions.

The general trend in Los Angeles looks to be heading slightly toward less price reductions, however every city and neighborhood is of course different. Some may be getting softer while others get tighter. Download the full spreadsheet to check where your neighborhood came in.

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  • Diaphne Down

    garbage in, garbage out. what do these graphs mean without numbers of homes reduced, sold etc. and reduced by how much? and at what price point? are these low-priced or high-priced homes? these graphs are meaningless without that info.

    bottom line: we are nowhere near the bottom of this market, regardless of how badly the mass press and real estate industry want us to think we are.

  • http://seattle.redfin.com/blog/author/timothy.ellis/ Tim Ellis

    Diaphne,

    There’s a reason I provide the full data as a downloadable spreadsheet.

    Maybe you weren’t referring to this post specifically, but I don’t believe I said we’re at the bottom. I don’t believe we are. Also, I’m hardly what one would describe as “mass press,” and although I am writing on the Redfin blog, I’m also not in the real estate industry. I’m just a guy that’s got an unnaturally strong interest in real estate :^)

  • http://www.edhardyworld.co.uk ed hardy

    I really appreciate your help.