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Price-Reduced Inventory Up 23 Percent In December Over 2009 With An Average of 2.15 Reductions Per Listing
EMERYVILLE, Calif. (Jan. 13, 2011) The number of price-reduced homes on the market this December remained at high levels compared to 2009, rising 23.4 percent according to a report surveying 26 US markets issued by national real estate brokerage, ZipRealty (www.ziprealty.com; NASDAQ: ZIPR).
The report also found that in the markets surveyed, the median list price in December was down 3.9 percent at $225,434, compared to November when the median list price was over $9,000 more at $234,484. California markets showed the largest month-to-month markdown, with the median list price in San Francisco dropping $35,195, followed by San Diego (median list price dropped $19,100) and Orange County ($17,100) as sellers slashed prices.
According to the report, both price-reduced inventory and total inventory decreased in November compared to October, but this Decembers month-over-month decline was far more dramatic, with total inventory diving 5.3 percent and price-reduced inventory falling 7.7 percent. Both figures are still large increases over last year, with total inventory up 11.2 percent over December 2009 and reduced inventory up 23.4 percent.
We continue to see high inventory levels and declining prices, said John Oldham, Director of Marketing for ZipRealty. Year-end inventory is declining but is still much higher than 2009 levels.
The percentage of inventory that has experienced at least one reduction dropped for the first time in months, decreasing to 47.2 percent in December, compared to 48.4 percent in November and 48.3 percent in October of 2010.
December is traditionally a slow month for home sales, and this could be a contributing factor to the decline over the previous two months in inventory as well as the drop in median list price, Oldham added.
Highlights of ZipRealtys December index include:
The number of price-reduced homes on the market is up 23.4 percent over December of 2009
Price-reduced homes fell faster than total inventory, with the number of price-reduced homes plunging 7.7 percent compared to a 5.2 percent decrease in overall inventory in December as compared to November
The median list price dropped by 3.9 percent from November to $225,434, and the average percentage of price reduction amount to list price rose to 7.9 percent in December
In 9 markets, more than half of homes for sale in December included at least one price reduction, down from 11 markets in November. Those markets are Phoenix, Jacksonville, Minneapolis/St. Paul, Tucson, Orlando, Chicago, Seattle, Baltimore, and Orange County
Homes listed for sale in Florida markets were discounted by the largest percentage of original list price nationwide with Orlando leading (12.4 percent), followed by Miami/Ft. Lauderdale/Palm Beach (12.2 percent) and Jacksonville (12 percent)
Markets with the largest median price reduction in absolute dollars were:
Market
Median Price Reduction
San Francisco
$34,000
Orange County, Calif.
$34,000
San Diego
$30,000
Miami/Ft. Lauderdale/Palm Beach
$25,000
Seattle
$25,000
About the Report
ZipRealty compiled real estate listing and price reduction data from the MLS in 26 of the 35 major U.S. metropolitan areas where the real estate brokerage operates. The data cited within this report was pulled on January 1, 2011. To download the data from the report go to: http://ziprealty.typepad.com/Price%20Reduction%20December%202010.FNL.xls
This report is intended to convey information on the general market conditions where ZipRealty operates, not on ZipRealtys operating results. ZipRealtys operating results may be materially different from the general trends shown in this report. Please do not draw any conclusions about ZipRealty's operating results based on the information contained in this report but, instead, refer to ZipRealty's earnings releases and periodic reports as they are made public.
About ZipRealty, Inc.
ZipRealty is a leading full-service residential real estate brokerage that uses an innovative combination of a comprehensive online presence, robust proprietary technology and knowledgeable local agents to offer its clients fast, responsive and transparent service. The Companys award-winning, user-friendly website gives its users access to comprehensive local Multiple Listing Services home listings data, as well as other relevant market and neighborhood information and tools. The Company's proprietary technology, including its agent platform and customer relationship tools, helps it to enhance customer service while increasing agent efficiency and reducing costs, allowing the Company to pass on significant savings to consumers as permitted by law. Founded in 1999, the company operates in 35 major markets in 22 states and the District of Columbia. For more information on ZipRealty, visit www.ziprealty.com or call 1-800-CALL-ZIP.
Stamen Design put together some graphical real estate maps, which were heavily influenced by Cheerios (yes, the cereal). Using ZipRealty data, Stamen makes it easy to see which areas are more expensive based on the sizes of the colored circles. Read about the project.
Retailers arent the only ones slashing prices this fall to attract shoppers. ZipRealtys Sale Rack finds home sellers are aggressively reducing their asking prices, many by more than two thirds of the original list prices and tens of thousands of dollars in markets nationwide. See the Top Ten by percentage, then dollar discount:
Retailers arent the only ones slashing prices this Holiday Season to attract shoppers. ZipRealtys Sale Rack finds home sellers are aggressively reducing their asking prices, many by more than two thirds of the original list prices and tens of thousands of dollars in markets nationwide. See the Top Ten by total dollar reduction:
Slow Summer Selling Season led to 2.1 Percent Increase in Price-Reduced Listings from August to September
EMERYVILLE, Calif. (Oct. 06, 2010) The number of price-reduced homes on the market this September increased dramatically compared to the same time last year, rising 24.2 percent according to a report issued by national real estate brokerage ZipRealty (www.ziprealty.com; NASDAQ: ZIPR).
According to the Price Reduction Index, ZipRealtys monthly review of MLS-listed properties in 26 markets surveyed by the brokerage, list prices were cut at least once for 47.8 percent of homes on the market in September, an increase of nearly 10 percent over last year.
September also saw more discounted homes for sale than August, with the number of price-reduced homes on the market up 2.1 according to the report. The report also found that sellers had reduced their list prices an average of twice with a median reduction of $19,165.
Sellers appear to be cutting their prices again, said Leslie Tyler, Vice President of Marketing for ZipRealty. Last spring the tax credit helped to bring buyers into the market, and we didnt see sellers reducing prices by as much. But now sellers seem to be cutting prices more aggressively going into the typically slower fall and winter seasons.
Highlights of ZipRealtys September index include:
Nearly half (47.8 percent) of listed homes in September included at least one price reduction an increase of 1.5 percent compared to August
The number of price-reduced homes rose quicker than inventory, with the number of price-reduced homes rising 2.1 percent compared to a .6 percent increase in overall inventory in September as compared to August
The median list price dropped by 1.75 percent from August to $245,265, and the average percentage of price reduction amount to list price rose to 7.25 percent in September
In 10 major markets, more than half of homes on the market in September included at least one price reduction, up from seven markets in August. Those markets are Jacksonville, Phoenix, Minneapolis/St. Paul, Orlando, Chicago, Tucson, Baltimore, Austin, Orange County and Seattle
Jacksonville, Fla., continues to have the highest percentage of price-reduced homes out of the 26 markets surveyed. More than 55 percent of Jacksonville listings in September included at least one price reduction
Denver had the lowest percentage of price-reduced homes in September, with 34.4 percent of listings including at least one reduction
Homes listed for sale in Miami/Ft. Lauderdale/Palm Beach were discounted by the largest percentage of original list price nationwide (23 percent), followed by Orlando (11.7 percent) and Jacksonville (11.8 percent)
Markets with the largest median price reduction in absolute dollars were:
Market
Median Price Reduction
San Francisco
$35,000
Orange County, Calif.
$35,000
San Diego
$30,000
Miami/Ft. Lauderdale/Palm Beach
$26,000
Washington, D.C.
$25,000
About the Report
ZipRealty compiled real estate listing and price reduction data from the MLS in 26 of the 35 major U.S. metropolitan areas where the real estate brokerage operates. The data cited within this report was pulled on October 1, 2010.
This report is intended to convey information on the general market conditions where ZipRealty operates, not on ZipRealtys operating results. ZipRealtys operating results may be materially different from the general trends shown in this report. Please do not draw any conclusions about ZipRealty's operating results based on the information contained in this report but, instead, refer to ZipRealty's earnings releases and periodic reports as they are made public.
About ZipRealty, Inc.
ZipRealty is a leading full-service residential real estate brokerage that uses an innovative combination of a comprehensive online presence, robust proprietary technology and knowledgeable local agents to offer its clients fast, responsive and transparent service. The Companys award-winning, user-friendly website gives its users access to comprehensive local Multiple Listing Services home listings data, as well as other relevant market and neighborhood information and tools. The Company's proprietary technology, including its agent platform and customer relationship tools, helps it to enhance customer service while increasing agent efficiency and reducing costs, allowing the Company to pass on significant savings to consumers as permitted by law. Founded in 1999, the company operates in 35 major markets in 22 states and the District of Columbia. For more information on ZipRealty, visit www.ziprealty.com or call 1-800-CALL-ZIP.
NEW YORK (Dow Jones)--Housing inventory, which typically dips as the summer ends, rose for the ninth straight month in September, indicating that sales remain weak as the downturn drags on.
Listings for single-family homes, condos, townhomes and other residences in 26 major metro markets spiked 13.5% from a year earlier, reports ZipRealty Inc., a real-estate brokerage firm based in Emeryville, Calif. When compared with a month earlier, September's inventory rose 0.6%, according to data pulled from local multiple-listing services on Friday.
In addition to sluggish sales, the increase comes from lenders dumping foreclosed homes on the market, short sale offers and sellers who can no longer wait, says Leslie Tyler, ZipRealty's vice president of marketing. To continue reading please visit the Wall Street Journal
Retailers arent the only ones slashing prices this fall to attract shoppers. National real estate brokerage ZipRealtys inaugural Sale Rack Report finds that many home sellers are aggressively reducing their asking prices, some by more than two thirds of the original list prices and tens of thousands of dollars in markets nationwide. This video from KOMO News focuses on the local Seattle market.
