Buyer Discounts Inch Downward in October

RISMEDIA, December 7, 2009—Buyers negotiated a median 2.7% off the last listing price of homes during October 2009, down from 2.9% in September, according to Zillow’s Real Estate Market Reports. The month marked the ninth this year in which discounts shrank (in January, buyers negotiated a median 4.6% off the last listing price).

The median discount off the last listing price of homes was $5,741.

Buyers were able to negotiate the biggest discounts in Florida markets, with Sarasota topping the list with a median discount of 7.6%. Some Northeast markets were also near the top of the list, with the Cape Cod, Mass., Stamford, Conn. and New York, N.Y. MSAs in the top 25. The top 25 list is available here: http://www.zillow.com/blog/files/2009/12/discountsdec.png.

On the other end of the spectrum, buyers paid the same as or more than the last listing price in 14 markets, most of which were in California. A full list of these 14 metros is available here: http://www.zillow.com/blog/files/2009/12/sellersmarketsdec.png

Fewer listings saw price cuts while on the market, with sellers slashing prices on 22.7% of Zillow listings as of Oct. 31, down from 24.7% at the end of September. Sellers cut prices by a median of 6.5%.

For more information, visit www.Zillow.com.

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