RISMEDIA, April 12, 2010—For home sellers in the Southwest or in South Florida the heat is on. According to a monthly review of Multiple Listing Services in 26 major U.S. markets conducted by the national online real estate brokerage ZipRealty in March 2010, more than 50% of MLS listings in Phoenix had at least one price reduction.
That same review showed that the median price reduction in Miami was $33,000, which also had the largest price reduction percentage of 14.16%. While the number of ‘for sale’ homes in Las Vegas declined by more than 6% in March compared to a month prior, the median price reduction increased to $24,000 in March, up $1,000 from the February median.
First-time home buyers looking to take advantage of the tax credit that expires April 30 may be pushing asking prices higher as the median list price for the homes reviewed by ZipRealty increased by 1.07% to $263,754, and the median price reduction declined 3.02% to $20,200.
Other national highlights of ZipRealty’s March survey include:
-The percentage of price reduced ‘for sale’ homes declined slightly to 40.35%
-With an increase in total inventory, there were 243,225 price reduced homes, compared to 230,238 in February
Local-market highlights include:
-Jacksonville (50.3%), Phoenix (50.1%) and Orlando (47.2%) had the largest percentage of price reductions
-Homeowners in Austin, Texas reduced prices by the smallest percentage, compared to the original list price, at 4.15% and a median reduction of $10,600
-Markets with the lowest percentage of price-reduced MLS-listed homes were Denver (28.9%), San Francisco (32.3%) and San Diego (33.9%)
For more information, visit www.ziprealty.com.