Top spots for home price reductions
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Checking in on the changes over at the Redfin blog, you’ll see they’ve crunched the numbers on which Los Angeles area towns and cities are experiencing the most (and least) price reductions before a home is either sold or taken off the market. Follow me now, this doesn’t mean that percentage was knocked off the price.
Making their Top 10:
El Segundo, 65%
West Hollywood, 63%
Westlake Village, 60%
La Verne, 56%
Mayflower Village, 56%
View Park-Windsor Hills, 55%
Charter Oak, 55%
Bell Gardens, 54%
Willowbrook, 54%
Signal Hill, 54%
Most of the cities with price reductions, the website reports, were fairly close to L.A., which saw 44% of price-reduced homes taken off the market. Of note: Downtown L.A. condos are experiencing the fewest price reductions in the county, at 15% before leaving the market.
What does it all mean for those in the market to buy? Redfin data junkie Tim Ellis offered this:
There are no particularly noticeable patterns in the data between neighborhoods with many price reductions and those with few. If you’re looking for a home, be sure to look around at nearby neighborhoods, where there may be significantly more price reductions.
As for you sellers, get ready to reduce that price.
--Lauren Beale
Thoughts? Comments?
