SOURCE: ZipRealty


February 09, 2010 14:41 ET

Fewer Home Sellers Cut Asking Prices for Homes

In January, Sellers Reduced List Prices by $21,925 on Average, According to ZipRealty

EMERYVILLE, CA--(Marketwire - February 9, 2010) - Just over 40 percent of available homes for sale had reduced prices in January, compared with 44 percent in December, according to a monthly survey of home listings in 27 markets conducted by the national real estate brokerage ZipRealty (NASDAQ: ZIPR) ( With fewer reduced price homes available in January, sellers were able to ask for their original list prices, rather than cut them to attract buyers.

"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 ZipRealty's monthly survey 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

For access to all of the data and the full report, click here:

About the Report

ZipRealty compiled real estate listing and price reduction data from the MLS in 27 of the 36 major U.S. metropolitan areas where the real estate brokerage operates. The data cited within this report was pulled on January 4, 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 Web site and employee real estate agents to provide home buyers and sellers with high-quality service and value. ZipRealty's Web site 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 36 major markets in 22 states and the District of Columbia. For more information on ZipRealty, visit or call 1-800-CALL-ZIP.

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