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 122 cities/towns we ranked in the Bay Area this month, 69 (57%) had price-reduced ratios of fifty percent or more. Aptos held its top spot from last month’s top ten, while Morgan Hill, Rio del Mar, and Alamo also carried over from last month.

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

Of the 115 neighborhoods we ranked in the Bay Area this month, 59 (51%) had a price-reduced ratio of fifty percent or more. Country Club Crest carried over its #1 spot in the top ten from last month, while Rossmoor and Oak Grove made a repeat appearances as well.

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