City/Town/Neighborhood December Price Reduction Update

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 38 cities/towns we ranked in the San Diego area this month, 20 had price-reduced ratios of fifty percent or more. Encinitas, Poway, Ramona, Granite Hills, and Coronado all made the top ten last month and this month, with a consistently high volume of price reductions.

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

44 of the 106 neighborhoods we ranked in the San Diego area had a price-reduced ratio of fifty percent or more. Torrey Highlands, Park West, Village, Kensington, and Ocean Beach all carried over from last month’s top ten as well.

Unfortunately, there do not appear to be any particularly strong patterns in the data that suggest where to look for sellers that might be more willing to negotiate a lower price. However, there does seem to be some consistency from month to month in the neighborhoods with lots of price reductions, so I recommend that bargain-hunters download the full data set and sift through it for their preferred neighborhoods.