February City/Neighborhood Price Reductions

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. 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 128 cities/towns we ranked in the Seattle area this month, 95 (74%) had price-reduced ratios of fifty percent or more. Moving up from #2 last month to #1 this month, the town of Brier not only wins the distinction of having the greatest percentage of price-reduced listings in the Seattle area, but also managed to have the largest percentage of any city in all eight markets Redfin serves (by a full 5 percentage points). Um, congratulations?

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

Of the 104 neighborhoods we ranked in the Seattle area this month, 51 (49%) had a price-reduced ratio of fifty percent or more. Only #1-ranked Fauntleroy carried over from last month’s top ten to this month.

There is definitely some consistency in the number of homes seeing price reductions month to month in the cities and neighborhoods around the Seattle area. 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.