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August 14, 2009

Price reduced -- by $41 million

A third of the homes for sale in Baltimore are listed for less than their original asking price on Trulia, the real estate site said today. About $41 million less, cumulatively.

The city ranks 11th for its percentage of homes with reductions, which Trulia calculated by seeing how many current listings -- not including foreclosures -- dropped their prices between Aug. 1, 2008 and Aug. 1 of this year.

The average price drop? Eleven percent.

Some of those individual decreases are steep. This three-bedroom Northwest Baltimore rowhouse that went from $75,000 -- its purchase price in 2006 -- to $30,000, for instance. Or this rehabbed Patterson Place home, down 31 percent to $110,000.

Jacksonville, Fla. topped Trulia's list with asking-price cuts on 38 percent of homes for sale. But sellers' reductions were biggest in economically depressed Detroit, down 22 percent on average.

Price reductions might bring buyers to the table, but that doesn't guarantee that those buyers won't offer still less. Average sellers in Baltimore got 89 percent of their asking price last month, according to Metropolitan Regional Information Systems.

Posted by Jamie Smith Hopkins at 7:00 AM | | Comments (1)
Categories: Housing stats
        

Comments

Without those "price reductions" (which put the ask at close to the market) the seller won't have any traffic to even look let alone further negotiate with.

"but that doesn't guarantee that those buyers won't offer still less."

Count on it.

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About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
Baltimore Sun articles by Jamie
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