Trulia, that has been tracking price reduction trends, has some interesting stats to look at. As of December 1, 2009, 22% of homes on the market have experienced at least one price reduction. December price reduction is the lowest for the year. The total amount slashed dropped from $28.1 billion to $24.7 billion.
Speaking of good deals, the one major city that held the record for higher percentage price reductions for two months in a row, is Minneapolis. 40% of listings have seen price reduction in any way and fashion. Arlington, Virginia, have 28% of increase in price reduction.
Looking for deals? Here are the areas, in our neighborhoods, with price reductions (as of today):
- Washington DC: 1,070 properties
- Arlington: 200 properties
- Fairfax: 131 properties
- Alexandria: 388 properties
- Falls Church: 124 properties
- Manassas: 76 properties
- Springfield: 69 properties
The luxury homes market, homes over $2 million, still have not bounced back yet. Sellers continue to offer their listings at an average of 14% price cut vs. 10% for homes under $2M. And the number represents 26% of all listings that have seen price cut.
More stats, here.
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