In January, Sellers Reduced List Prices by $21,925 on Average, According to ZipRealty
According to a report released today by ZipRealty just over 40 percent of available homes for sale had reduced prices in January, down from 44 percent in December.
“Sellers are taking a realistic look at current market conditions before listing their homes,” said ZipRealty CEO Pat Lashinsky. “We have a lot fewer homes for sale right now than we did last year, and we are seeing more sellers sticking to their original list prices, rather than cutting them to try to attract buyers.”
Highlights of the report include:
- January was the fifth consecutive month of fewer priced reduced homes on the market, with sellers reducing list prices by $21,925 on average across 27 markets
- Homeowners in San Diego reduced prices by the highest dollar amount, cutting an average of $44,901
- Homeowners in Houston reduced prices by the lowest dollar amount, cutting an average of $10,000
- Markets with the lowest percentage of price-reduced MLS-listed homes were Los Angeles and San Diego (both at 32.6 percent), San Francisco (31.9 percent), and Denver (29.5 percent)
- One out of every two home listings in Jacksonville (49.9 percent) and Phoenix (48.8 percent) had cut their list prices, the highest percentage in the survey
Markets with the largest median price reductions in absolute dollars were:
| Market | Median Price Reduction |
| San Diego | $44,901 |
| Orange County, Calif. | $43,000 |
| San Francisco | $42,100 |
| Miami/Ft. Lauderdale/Palm Beach | $36,000 |
| Los Angeles | $33,000 |
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