Let’s have another 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 (as of 11.16.2009). 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 136 cities/towns we ranked in the greater Seattle area this month, 91 had price-reduced ratios of fifty percent or more. The median price-reduced ratio was 52.3%.
Getting a little more granular, let’s look at the top ten neighborhoods for price reductions:
Of the 104 neighborhoods we ranked this month, 44 had a price-reduced ratio of fifty percent or more. The median price-reduced ratio was 47.5%.
As I was processing this data I noticed something interesting. In Redfin’s eastern US markets (New York, Boston, DC, and Chicago), median price-reduced ratios ranged from 43% to 55%. In the California markets (San Diego, LA, Orange County, Sacramento, and SF Bay), the median price-reduced ratios were much lower, ranging from 24% in Sacramento to 34% in Orange County. There seemed to be something of an east-west divide in the data… Except that Seattle ended up with the second-highest median ratio, coming in at 52%. Here’s a visual of how Seattle sticks out from its nearest geographical neighbors.
Not sure what it means, but I thought it was interesting.
Download the full spreadsheet to check where your neighborhood came in (assuming your neighborhood had enough sales to be ranked).