SOURCE: ZipRealty


December 07, 2009 14:37 ET

Home Sellers Slash Prices by $23,953 in November, a 3% Smaller Discount Than Last Month -- According to ZipRealty

Fewer Home Sellers Cutting Prices as Average List Price Falls More Than 3%

EMERYVILLE, CA--(Marketwire - December 7, 2009) - Fewer sellers in 27 major U.S. markets reduced home prices this month, and those who did slashed their prices less than in October. At the same time, the average list price in those markets overall declined slightly, a possible sign sellers are pricing more realistically or aggressively to fit market conditions. These are the findings of a monthly report of homes listed for sale on Multiple Listing Services (MLS) in the markets surveyed by ZipRealty ( (NASDAQ: ZIPR), a national real estate brokerage.

Specifically, the survey found home sellers in the markets surveyed reduced their list prices approximately $23,953 in November, a more than 3 percent smaller discount compared to October. While more than 43 percent of home listings had at least one price reduction, the survey found the absolute number of price reduced homes totaled 250,970 in November, a decrease of 2.85 percent compared to the prior month and third consecutive month of a drop in the total number of reduced homes available for sale.

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

-- Sellers reduced their list prices on average more than twice, an
   increase of 4 percent compared to October.
-- The median list price across all 27 markets decreased slightly to
   $272,200, down more than 3 percent compared to October.

Local-market highlights include:

-- One out of every two homes in Orlando (50.1 percent),
   Jacksonville, Fla., (50.1 percent) and Chicago (50.0 percent) included
   at least one price reduction
-- Homeowners in South Florida (Miami/Ft. Lauderdale/Palm Beach) reduced
   list prices by the largest percentage at 16.01 percent or $40,000 on
-- Homeowners in Raleigh-Durham, NC reduced prices by the smallest
   percentage at 4.54 percent or $10,900 on average
-- Markets with the lowest percentage of price-reduced homes are San Diego
   (36.3 percent), Los Angeles (33 percent) and Denver (31.7 percent)
-- Markets where sellers have cut the most in absolute dollars are:

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

-- Markets with the highest and lowest median list price were the same in
   November as they were in October. Orange County, Calif., was home to the
   highest median list price at $595,000, and Jacksonville, Fla. has the
   lowest median list price at $169,900

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 December 1, 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 or call 1-800-CALL-ZIP.

Contact Information