Today Redfin is launching the new Sweet Digs, Analytical Edition. We’re proud to introduce Tim Ellis as the curator of this new effort. Tim will bring the same independent, data-driven perspective to Sweet Digs that first established him as a pre-eminent real estate blogger, but with pricing data that only a broker—and sometimes only Redfin—can access. He will be joined by other bloggers providing real-time insights on how contracts are being negotiated in neighborhoods around the area.
Sweet Digs is still a work in progress so if you have ideas about the types of posts you’d like to see — or if you’d like to contribute an analytical post of your own — just drop me (glenn at redfin dot com) or Tim (the_tim at thatchmound dot com) a line or leave a comment below. Thanks for all your support, and we look forward to hearing from you!
Regards, Glenn Kelman, CEO Redfin
I’d like to thank Glenn and the good people at Redfin for giving me the opportunity to delve into real estate data and share insights with readers from around the country. To kick things off, 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.
First up are the top ten cities with the most price-reduced listings:
Of the 146 cities/towns we ranked in the Seattle / NW Washington area, 16 had price-reduced ratios of over sixty percent, and 79 (just over half) came in with fifty percent or more. South King County had the strongest showing on the most-reduced list, taking four of the top ten spots.
Here are the top ten cities with the least price-reduced listings:
Interestingly, the cities with the fewest price reductions are quite a ways out of town. Way up north in Blaine, over the mountains in Moses Lake, east on the peninsula in Port Townsend, and south in Long Beach.
Getting a little more granular, let’s look at the top ten Seattle area neighborhoods for price reductions:
50 of the 144 neighborhoods we ranked in the Seattle area had a price-reduced ratio of fifty percent or more. The top two neighborhoods couldn’t be much more different from each other, with relatively-modestly-priced Northwest Everett and the suburban eastside Somerset both seeing over 70% of homes reduce prices before coming off the market.
Lastly, let’s take a look at which neighborhoods had the least price-reduced listings taken off the market:
Wow, what is going on in north Everett? We’ve got Northwest Everett topping the list of the most price reductions at 74%, then right next door in the Delta neighborhood, only 33% of homes saw price reductions. Weird.
Outside of Delta and Happy Valley way up in Whatcom, all the remaining neighborhoods on the top ten least reduced list are in King County, with many of the strongest neighborhoods (not surprisingly) clustered right around downtown Seattle.