Business & Finance
Fri, June 11, 2010Thu, June 10, 2010Wed, June 9, 2010Tue, June 8, 2010Mon, June 7, 2010Sun, June 6, 2010Sat, June 5, 2010Fri, June 4, 2010Thu, June 3, 2010More Homes "On Sale" in May After Tax Credit Expiration, According to ZipRealty
Published in Business and Finance on Tuesday, June 8th 2010 at 12:50 GMT by Market Wire
EMERYVILLE, CA--(Marketwire - June 8, 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 ([ www.ziprealty.com ]) (
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 percent) from April.
"Home sellers may be lowering their list price to help stimulate interest from home shoppers now that the first-time and repeat homebuyer 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 percent of all listed homes across the 26 markets price-reduced, up more than 3 percent compared to April
- Sellers reduced their list price by 6.8 percent on average in May, which is a decline of .15 percent compared to April, and down from 7.09 percent in March
- The highest percentage of price-reduced "for sale" homes was in Jacksonville, Fla., where more than half (51.8 percent) 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 percent
- 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:
| Market | Median Price Reduction |
| San Francisco | $39,000 |
| Orange County, Calif. | $35,000 |
| San Diego | $31,000 |
| Los Angeles | $30,000 |
| Miami/Ft. Lauderdale/Palm Beach | $30,000 |
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 June 1, 2010.
This report is intended to convey information on the general market conditions where ZipRealty operates, not on ZipRealty's operating results. ZipRealty's 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 full-service residential real estate brokerage firm. The Company utilizes its user-friendly website and employee real estate agents to provide home buyers and sellers with high-quality service and value. ZipRealty's website provides users with access to comprehensive local Multiple Listing Services' home listings data, as well as other relevant market and neighborhood information. The Company's proprietary business management system and technology platform help to reduce costs, allowing the Company to pass on significant savings to consumers. 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.
