Price reductions hit (recent) record in Baltimore
Nearly 40 percent of Baltimore homes listed for sale have had at least one price reduction, compared with 27 percent nationally, according to real estate site Trulia.
Baltimore's figure is a record high for the city -- at least for the last 18 months, which is when Trulia started tracking asking-price movements. Fourteen other cities broke their previous records as well. Check out the map above, which Trulia put together. (The message that went with the asterisk didn't copy over, but it's just a heads-up that the records go back a year and a half.)
Baltimore ranks fourth among the 15 cities with record highs. Minneapolis is No. 1 with price reductions on 46 percent of listings.
Trulia looked at homes for sale on Nov. 1 and calculated which had at least one price reduction within the previous 12 months. It did not include bank-owned properties.
Our neighbor to the south, Washington, has fewer sellers who are dropping their asking prices. It was 30 percent there as of Nov. 1, vs. Baltimore's 39 percent.
Average price reduction in the city: 12 percent. Trulia tallies that up as a grand total of $50 million off.
The site says it's not unusual to see increased price reductions this time of year, as people gear up for the holidays and put off home buying. But it noted that other factors are at play, too:
"The market is flooded with distressed homes that are priced to sell and individual sellers are having a tough time competing," Tara-Nicholle Nelson, Trulia's consumer educator, said in a statement. "These dynamics, along with a shallow pool of active buyers, are leading to increases in price reductions."
What are you seeing out there?