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More Homes ‘On Sale’ in May 2010 after Tax Credit Expiration, According to ZipRealty

Home Consumer
June 9, 2010
Reading Time: 2 mins read

RISMEDIA, June 10, 2010—According to a monthly review of MLS-listed properties within 26 of the country’s largest housing markets conducted by the national online real estate brokerage ZipRealty , more than 43% of homesellers slashed their home’s list price in May, up two percentage points from April. The median “for sale” price dropped nearly $2,500 to $264,936. 

The same review showed that although there were more price-reduced “for sale” homes in May, the median reduction was $19,240, down slightly (1.06%) from April. 

“Homesellers may be lowering their list price to help stimulate interest from home shoppers now that the first-time and repeat home buyer credits have expired,” said Leslie Tyler, vice president of marketing for ZipRealty. 

Highlights of ZipRealty’s May survey include:

-More than four out of every 10 “for sale” homes include at least one price reduction – with 43.1% of all listed homes across the 26 markets price-reduced, up more than 3% compared to April

-Sellers reduced their list price by 6.8% on average in May, which is a decline of 0.15% compared to April, and down from 7.09% in March

-The highest percentage of price-reduced “for sale” homes was in Jacksonville, Fla., where more than half (51.8%) of all listings had at least one price reduction

-Denver saw the lowest percentage of price-reduced homes on the market in May, with 30.5%

-Buyers in the San Francisco Bay Area continued to enjoy the biggest home price discount in absolute dollars, with a median price-reduction of $39,000 in May

-Buyers in Houston, Dallas and Raleigh-Durham found the smallest price reductions, with a median price cut of only $10,000 in each of the three markets

-The biggest month-over-month drops in median list prices in May were in Phoenix ($9,100), Tucson, Ariz.($7,995), Baltimore ($5,000), Jacksonville, Fla. ($4,900), Las Vegas ($4,900), and Chicago ($4,000)

Markets with the largest median price reduction in absolute dollars were: 

San Francisco $39,000

Orange County, Calif. $35,000

San Diego $31,000

Los Angeles $30,000

Miami/Ft. Lauderdale/Palm Beach $30,000

For more information, visit www.ziprealty.com.

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Paige Tepping

Paige Tepping

As RISMedia’s Managing Editor, Paige Tepping oversees the monthly editorial and layout for Real Estate magazine, working with clients to bring their stories to life. She also contributes to both the writing and editing of the magazine’s content. Paige has been with RISMedia since 2007.

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