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November (belated) City/Neighborhood Price Reductions

Tim Ellis — Tue, 08 Dec 2009 01:59:10 +0000

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 41 cities/towns we ranked in Orange County this month, 8 had price-reduced ratios of fifty percent or more. The median price-reduced ratio was 34.5%.

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

Of the 45 neighborhoods we ranked this month, 10 had a price-reduced ratio of fifty percent or more. The median price-reduced ratio was 33.3%.

Download the full spreadsheet to check where your neighborhood came in (assuming your neighborhood had enough sales to be ranked).

September City/Neighborhood Price Reductions

Tim Ellis — Sun, 27 Sep 2009 00:21:52 +0000

It’s been a while since we had 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 41 cities/towns we ranked in Orange County this month, just 7 had price-reduced ratios of fifty percent or more. The median price-reduced ratio was 36.1%.

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

Of the 47 neighborhoods we ranked this month, only 8 had a price-reduced ratio of fifty percent or more. The median price-reduced ratio was 37.0%.

Download the full spreadsheet to check where your neighborhood came in.

June City/Neighborhood Price Reductions

Tim Ellis — Tue, 30 Jun 2009 05:34:57 +0000

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.

First up are the top ten cities with the most price-reduced listings:

Of the 42 cities/towns we ranked in Orange County this month, 15 had price-reduced ratios of fifty percent or more.

Getting a little more granular, let’s look at the top ten Orange County neighborhoods for price reductions:

Of the 51 neighborhoods we ranked in Orange County this month, 9 had a price-reduced ratio of fifty percent or more. On average, the neighborhoods with more price reductions had median closed prices roughly double the medians in neighborhoods those with fewer price reductions.

The general trend in Orange County 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.

March City/Neighborhood Price Reductions

Tim Ellis — Wed, 25 Mar 2009 19:00:57 +0000

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.

First up are the top ten cities with the most price-reduced listings:

Of the 40 cities/towns we ranked in Orange County this month, 21 (53%) had price-reduced ratios of fifty percent or more. Much of the top ten was the same as last month, with the familiar names Rossmoor, Coto de Caza, and San Clemente coming in the top three positions.

Getting a little more granular, let’s look at the top ten Orange County neighborhoods for price reductions:

Of the 42 neighborhoods we ranked in Orange County this month, 16 (38%) had a price-reduced ratio of fifty percent or more. The Highlands shot from #3 last month (with 63% reduced) to #1 this month with a whopping 74% reduced. Various Huntington Beach neighborhoods also made repeat appearances in the top ten. These are the neighborhoods where you might want to look for sellers that are more anxious to sell.

We’re still seeing a degree of consistency in which neighborhoods and cities have the most price reductions. Are sellers in these locations just not very good at finding the right market price in the first place, or are they so anxious to sell that they drop the price early and often? Either way, the regions with the really high percentage of reduced-price homes are probably a good place to go bargain-hunting.

February City/Neighborhood Price Reductions

Tim Ellis — Fri, 20 Feb 2009 22:19:43 +0000

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.

First up are the top ten cities with the most price-reduced listings:

Of the 40 cities/towns we ranked in Orange County this month, 24 (60%) had price-reduced ratios of fifty percent or more. Portola Hills, Coto de Caza, Newport Coast, Rossmoor, and San Clemente all carried over from last month’s top ten to this month.

Getting a little more granular, let’s look at the top ten Orange County neighborhoods for price reductions:

Of the 38 neighborhoods we ranked in Orange County this month, 13 (34%) had a price-reduced ratio of fifty percent or more. On the neighborhood level, the Huntington Beach area continued to have a strong showing.

There is definitely some consistency in the number of homes seeing price reductions month to month in the cities and neighborhoods around Orange County. If finding a good deal on a home is important to you, these neighborhoods might be a good place to start, as higher ratios of reduced-price homes indicate sellers that need to sell and are willing to lower the price to do so.

January City/Neighborhood Price Reductions

Tim Ellis — Sun, 11 Jan 2009 04:40:02 +0000

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 (saved in Excel 97-2003 .xls format by request). In order to keep from overwhelming you with charts, I am leaving out the top ten cities/towns/neighborhoods with the least reduced-price listings from the post, but you can still see that chart in the downloaded file.

First up are the top ten cities with the most price-reduced listings:

Of the 41 cities/towns we ranked in Orange County this month, 22 had price-reduced ratios of fifty percent or more. Coto de Caza, Los Alamitos, and Rossmoor have consistently been in the top ten for the last three months.

Getting a little more granular, let’s look at the top ten Orange County neighborhoods for price reductions:

23 of the 47 neighborhoods we ranked in Orange County had a price-reduced ratio of fifty percent or more. Huntington Beach neighborhoods continued with a strong presence in the top ten for the third month in a row.

For home buyers, cities and neighborhoods that consistently remain near the top of the list for price reductions may be a good place to potentially hunt for bargains. Once a home has been on the market a while, many buyers tend to overlook it, even though a price reduction or two may have brought it into a more desirable price range.

City/Town/Neighborhood December Price Reduction Update

Tim Ellis — Mon, 22 Dec 2008 20:52:55 +0000

Let’s take 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. 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. In order to keep from overwhelming you with charts, I am leaving out the top ten cities/towns/neighborhoods with the least reduced-price listings from the post, but you can still see that chart in the downloaded file.

First up are the top ten cities with the most price-reduced listings:

Of the 41 cities/towns we ranked in Orange County this month, 20 had price-reduced ratios of fifty percent or more. Much of this month’s top ten list is the same as last month’s, with the notable exception of the Las Flores dropping from the number one spot to completely off the list, and a new contender Portola Hills jumping into #1.

Getting a little more granular, let’s look at the top ten Orange County neighborhoods for price reductions:

28 of the 51 neighborhoods we ranked in Orange County had a price-reduced ratio of fifty percent or more. Huntington Beach neighborhoods still dominate the top ten list, with consistent price reductions continuing to take place.

On the neighborhood level (but not at the city/town level), there is a slight tendency for neighborhoods with higher listing prices (per square foot) to have a larger share of reduced-price listings. If you’re looking for sellers that might be more willing to negotiate a lower price, these would be the places to look.

Which Neighborhoods Have the Fastest Price Reductions?

Tim Ellis — Mon, 17 Nov 2008 20:34:21 +0000

Here’s a fun set of data. Redfin data engineers have dug deep into our market databases to find out which neighborhoods have the fastest price reductions.

For listings with more than one price drop, we calculated the time between each price drop. Then, for each neighborhood, we calculated the median average number of days between successive price drops for listings. Neighborhoods with fewer than 20 reduced-price listings were excluded from the calculation.

Here’s a chart of the top ten neighborhoods with the fastest price reductions:

For those readers that are interested to know which neighborhoods had the slowest price drops, feel free to download the full data set in Excel 2007 format.

Both Woodbury and Old Town Huntington Beach made this month’s top ten neighborhoods with the most price-reduced listings and the fastest price reductions.

On average, OC neighborhoods where price reductions happened the fastest were those with slightly higher prices, both in terms of overall median and per square foot. The average median sold price per square foot of the top ten neighborhoods with the fastest price reductions was $318, while the ten neighborhoods with the slowest price reductions had an average median sold price of $298 per square foot.

Which Cities, Towns, and Neighborhoods have the most price reductions?

Tim Ellis — Wed, 05 Nov 2008 19:29:42 +0000

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 42 cities/towns we ranked in Orange County, only Las Flores had a price-reduced ratio of over sixty percent, while 15 came in with fifty percent or more. Three cities neighboring the military facilities—Rossmoor, Los Alamitos, and Seal Beach—made the top ten.

Here are the top ten cities with the least price-reduced listings:

No city in Orange County has had fewer than 40% of homes with price reductions in the last 90 days. Compare this to neighboring Los Angeles County, where 30 cities had fewer than 40% of homees with price reductions.

Getting a little more granular, let’s look at the top ten Orange County neighborhoods for price reductions:

19 of the 53 neighborhoods we ranked in Orange County had a price-reduced ratio of fifty percent or more. Sellers in Huntington Beach (which as a whole had 53% of homes that were price-reduced—#10 on the Most Reduced list above) are apprently quite motivated, as it is home to five of the top ten neighborhoods for price reductions (Huntington Harbour, Holly-Seacliff, Beach Boulevard, Old Town Huntington Beach, and Downtown Huntington Beach).

Lastly, let’s take a look at which neighborhoods had the least price-reduced listings taken off the market:

The hilly Irvine neighborhood of Turtle Ridge takes the top spot, but even right next door to UC Irvine a quarter of sellers are reducing their prices to move their homes.