SOURCE: ZipRealty

ZipRealty

January 08, 2010 07:01 ET

Fewer MLS-Listed Homes "On Sale" in December According to ZipRealty

Lower List Prices and Fewer Price Reduced Homes Point to More Realistic Seller Pricing in December 2009

EMERYVILLE, CA--(Marketwire - January 8, 2010) - There were 17,741 fewer homes listed for sale in December 2009 with reduced prices, a decline of 7.1 percent compared to November, according to a monthly survey of Multiple Listing Services (MLS) in 27 major U.S. markets conducted by the national online real estate brokerage ZipRealty (NASDAQ: ZIPR) (www.ziprealty.com).

The brokerage reports that the average list price across all 27 markets surveyed declined by more than 4 percent, and the average price per reduction declined by 2 percent, indicating that sellers may have priced their homes more in line with market conditions.

National highlights of ZipRealty's monthly survey include:

--  Home sellers on average reduced their original list prices
    approximately $23,459 in December, a more than 2 percent smaller discount
    compared to November
--  More than 42 percent of home listings had at least one price
    reduction, a drop of 1 percent compared to November
--  December was the fourth consecutive month of a drop in the total
    number of price reduced homes available for sale
--  The median list price across all 27 markets decreased slightly to
    $261,155, down more than 4 percent compared to November
    

Local-market highlights include:

--  Homeowners in South Florida (Miami/Ft. Lauderdale/Palm Beach) had the
    largest price reduction percentage, compared to the original list price, at
    16. 7 percent (an increase of 4 percent from November) and a median of
    $40,000
--  Homeowners in Raleigh-Durham, NC reduced prices by the smallest
    percentage, compared to the original list price, at 4.7 percent (an
    increase of 2 percent from November) and a median of $10,900
--  Markets with the lowest percentage of price-reduced MLS-listed homes
    were San Francisco (34.8 percent), Los Angeles (32.5 percent) and Denver
    (31.4 percent)
--  One out of every two home listings in Jacksonville (49.9 percent) and
    Orlando (49.8 percent) had at least one price reduction
--  Markets with the largest median price reduction in absolute dollars
    were:
    

                Market                 Median Price Reduction
    -------------------------------    ----------------------
            San Francisco                     $50,000
        Orange County, Calif.                 $49,900
              San Diego                       $49,000
    Miami/Ft. Lauderdale/Palm Beach           $40,000
             Los Angeles                      $35,500

--  The market with the highest median list price -- Orange County,
    Calif. -- was the same in December as in November at $566,950. The market
    with the lowest median list price in December was Las Vegas at $164,500.
    In November, Jacksonville, Fla. was lowest at $169,900
    

For access to all of the data and the full report, click here: http://ziprealty.typepad.com/marketconditions/2010/01/ziprealty-price-reductions-by-metro-december-2009.html

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 www.ziprealty.com or call 1-800-CALL-ZIP.

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