Let’s take a 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:
Of the 196 cities/towns we ranked in the New York area this month, just 48 had price-reduced ratios of ten percent or more. This is an extremely low percentage of price-reduced listings compared to our other markets around the country, where it is not uncommon to see a large percentage of the cities with price-reduced ratios over 40-50%.
Getting a little more granular, let’s look at the top ten New York area neighborhoods for price reductions:
Of the 81 neighborhoods we ranked in the New York area this month, 17 had a price-reduced ratio of ten percent or more. Two neighborhoods had zero reduced-price listings (Long Island City and Queensboro Hill).
As we watch this set of statistics, it should give us a picture of whether the market is generally getting softer or hotter. The more sellers that have to reduce their prices in order to find buyers, the softer the market is, obviously.