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October 10, 2009

Asking prices down

If yesterday's post about September home sales just whetted your appetite, you can read more in today's story. Included: some of the debate about the $8,000 first-time buyer tax credit, and whether to extend/expand it. (Which reminds me: This week's twin polls about the tax credit close at noon, so vote now if you haven't already.)

One thing I couldn't fit into the story is the newest monthly data from real estate search engine Trulia about price reductions. Compared with other large cities, the percentage of would-be sellers who have reduced their asking prices is fifth-highest in Baltimore. Or we're part of a five-way tie for first, depending on how you look at it.

Memphis, Minneapolis, Portland, Indianapolis and Baltimore all have reduced prices on 36 percent of their listings, but I'm guessing that the (hidden) decimal places explain why Trulia ranked these cities first through fifth.

Lowest among the 50 largest cities: Fresno, Calif., where 14 percent of listings have been price-reduced.

The average reduction in Baltimore is 11 percent, Trulia says. And average sellers in Baltimore last month got 13 percent less than they asked for, according to MRIS, so -- ouch.

Or, if you're a buyer, woohoo.

It really does depend which side of the settlement table you're on, doesn't it?

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

Comments

These "asking prices" were mostly fictitious anyway, and were almost always lowered in the real-world transaction. So, if these are down, the real stuff must be gone even lower.

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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.
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