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 213 cities/towns we ranked in the DC area this month, 94 had price-reduced ratios of fifty percent or more. The median price-reduced ratio was 48.4%.
Getting a little more granular, let’s look at the top ten neighborhoods for price reductions:
Of the 78 neighborhoods we ranked this month, 20 had a price-reduced ratio of fifty percent or more. The median price-reduced ratio was 40.0%.
Download the full spreadsheet to check where your neighborhood came in (assuming your neighborhood had enough sales to be ranked).