SOURCE: ZipRealty

ZipRealty

March 08, 2010 08:00 ET

Florida Real Estate Remains "On Sale" With Sellers Slashing Prices by More Than 10 Percent According to ZipRealty

EMERYVILLE, CA--(Marketwire - March 8, 2010) - Home hunters are finding deals in South Florida, with sellers in Miami and Ft. Lauderdale having reduced their list price by an average of nearly 15 percent, or $36,000 in February 2010. In addition, one out of every two "for sale" homes in Jacksonville included at least one price reduction in February, according to a monthly survey of home listings in 27 major U.S. housing markets conducted by the online real estate brokerage ZipRealty (www.ziprealty.com) (NASDAQ: ZIPR). 

In Orlando, 47.7 percent of homes listed for sale in February included at least one price reduction, with sellers on average reducing the list price 2.39 times -- the highest of any of the 27 major housing markets that ZipRealty surveys monthly.

"Contrary to the national trend, sellers in Florida seem to be cutting their asking prices aggressively to attract buyer interest," said ZipRealty CEO Pat Lashinsky. "First-time buyers looking to take advantage of the $8,000 tax credit, those looking for a second home and real estate investors are finding there are deals to be had in South Florida, Orlando and Jacksonville ."

Highlights of ZipRealty's February price reduction report for housing markets in Florida include:

  • The number of price-reduced homes on the market in Orlando rose 17.1 percent in February compared to January
  • Miami has the second highest number of reduced-price homes available for sale nationally, though 4.7 percent fewer in February compared to January. Only Chicago has more price reduced homes listed for sale nationally
  • Sellers in Miami/Ft. Lauderdale reduced their list price by 15 percent on average -- more than double the national average of 7.4 percent
Housing Market Ave. Reductions per Listing Median Reduction Amount Reduced % of Inventory Number of Reduced Homes MLS-listed "For Sale" Homes Median List Price Percentage: Price Reduction Amount to List Price
Miami/Ft. Lauderdale/Palm Beach 2.17 $35,000 40.9% 18,769 45,891 $200,000 14.89%
Orlando 2.39 $25,000 47.7% 10,126 21,246 $165,000 13.16%
Jacksonville 2.31 $19,900 49.7% 5,441 10,950 $165,000 10.76%

For access to all price reduction data for each of the 27 U.S. housing markets the brokerage surveys monthly, click here: http://ziprealty.typepad.com/marketconditions/2010/03/ziprealty-price-reductions-by-metro-february-2010.html

About the Report
ZipRealty compiled real estate listing and price reduction data from MLSs in Miami, Orlando and Jacksonville. These are three of the 27 U.S. housing markets that ZipRealty surveys monthly. The data cited within this report was pulled on March 3, 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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