SOURCE: ZipRealty

ZipRealty

November 06, 2009 07:56 ET

Four of Every 10 Sellers Reduced Home Prices in October According to ZipRealty

Home Owners Slashed Listing Prices by $24,718 on Average

EMERYVILLE, CA--(Marketwire - November 6, 2009) - More than four of every 10 homes listed for sale (43.5 percent), across 27 major U.S. housing markets reduced their listing prices in October, according to a report of homes listed on Multiple Listing Services (MLS) in the markets surveyed by ZipRealty (NASDAQ: ZIPR), a national real estate brokerage. This is down slightly from September.

According to the survey, MLS-listed properties with reduced prices have had their prices cut an average of twice, but sellers are not knocking quite as much off as they did earlier this year. Home owners slashed listing prices by an average of $24,718 in October, just slightly less than the average reduction of $24,960 in September.

The median list price across all 27 markets decreased slightly to $281,416, down 2.02 percent compared to September.

Other highlights of the brokerage's monthly survey of price reduction data include:

--  Miami-area (Ft. Lauderdale/Palm Beach) homeowners reduced list prices
    by the largest percentage at 15.7 percent or $40,000 on average
--  Homeowners in Raleigh-Durham reduced prices by the smallest percentage
    at 4.6 percent or $11,000 on average
--  Of the markets studied, those with the highest percentage of price-
    reduced homes are Jacksonville (50.9 percent), Orlando (50.1 percent) and
    Chicago (50.1 percent)
--  Markets with the lowest percentage of price-reduced homes are Denver
    (31.1 percent), Los Angeles (33.6 percent), Sacramento (36.4 percent) and
    San Diego (35.7 percent)
--  Markets where sellers have cut the most in absolute dollars are:
    

              Market                             Median Price Reduction
              San Diego                          $54,000
              Orange County, Calif.              $51,000
              San Francisco                      $50,500
              Los Angeles                        $43,000

--  As in September, Orange County had the highest median list price at
    $624,900. Jacksonville, Fla. has the lowest median list price at $172,000
    

For access to all of the data and the full report, click here: http://ziprealty.typepad.com/marketconditions/2009/11/ziprealty-price-reductions-by-metro-october-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 at the end of October 2009.

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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