September City/Neighborhood Price Reductions

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.

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 62 cities/towns we ranked in the Sacramento area this month, just 1 had price-reduced ratios of fifty percent or more. The median price-reduced ratio was 25.5%.

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

Of the 42 neighborhoods we ranked this month, only 3 had a price-reduced ratio of fifty percent or more. The median price-reduced ratio was 27.7%.

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

The Market Wrap-Up For August

Let’s take at look at some August numbers for single-family houses and condos that sold in the Sacramento area and see how they compare to a year ago.

Sacramento County

• 2,061 homes sold, down from 2,520 in August 2008
• The median sales price was $180,000, down from $210,000 in August 2008

Placer County

• 554 homes sold, down from 655 in August 2008
• The median sales price was $305,000, down from $330,000 in August 2008

El Dorado County

• 183 homes sold, down from 214 in August 2008
• The median sales price was $310,000, down from $390,000 in August 2008

Yolo County

• 209 homes sold, down from 248 in August 2008
• The median sales price was $260,000, down from $312,250 in August 2008

We got these numbers from DQNews.

Dig Deeper Into the Trends

These numbers are for county-level trends in the Sacramento area. To see what’s happening in your neighborhood, check out our stats & trends pages.

What trends did you see in August?

Biggest Discounts (Belated) August Update

I apologize for the tardiness of this post. Unfortunately I did not receive the data until almost the end of the month.

Let’s check in on our stats once again and find out where buyers are currently getting the biggest discounts off asking price. If you are a potential buyer, this will help you to know which neighborhoods may be softer in terms of sale price discounts off list price, and help you know where to look for potential bargains.

In the charts below, we have taken all sales data from last month in the Sacramento area and sorted it by zip code. We calculated the overall difference between the sale price and the list price. Note that this reflects the final list price, after all price drops in the listing. Any areas with fewer than ten sales are excluded from the top and bottom ten rankings, but interested readers may download the full data summary in Excel format (xls).

Here are the top ten areas with the largest overall discount:

The overall discount rate held steady from June to July at 1.3%.

Here are the ten areas with the smallest discounts:

In the 54 areas we ranked, the median discount was 0.8%. 19 areas had an average sale price above the average list price.

Is the area you’re shopping not on either the top 10 or bottom 10? No problem, just download the full rankings in Excel format and hit the “FullSummary” sheet.

Of the 2,685 sales we tracked in the 1-month period, 581 homes sold for 5% or more off the asking price, while 546 homes sold for 5% or more above the asking price.