25 Percent of DC and Maryland Home Sellers Reducing List Prices

• March 9, 2010
• 4 Comments

by Brett Widness

Roughly one in four home sellers in DC and Maryland reduced the listing prices on their homes in February, according to new data from Trulia. DC and Maryland were two of the “states” with the highest overall rate of reductions, at 25 percent and 24 percent, respectively.

Within the District itself, certain zip codes appeared more impervious to listing reductions than others. The 20003 zip code, which encompasses part of Capitol Hill and the SE Waterfront saw 26 percent of listings cut prices, while Northwest’s 20007 (Georgetown, Glover Park, Palisades) saw sellers only reducing prices at a rate of 14 percent, so nearly half as often.

The 20008 zip code, which includes Woodley and Cleveland Park and parts of Dupont, showed the largest reduction by amount, with listings reduced by 19 percent. This may indicate the continued weakness in the high-end market, as this zip code is known for its expensive homes.

Here is a breakdown of reduction by county and zip code:

Note: The statistics for Montgomery County above are incorrect. Here are the correct stats:

This article originally published at http://dc.urbanturf.com/articles/blog/25_percent_of_dc_and_maryland_home_sellers_reducing_list_prices/1855

4 Comments

1. Dupontguy said at 11:14 am on Wednesday March 10, 2010:

   I find this information unreliable.  Trulia does not have up-to-date info on properties. You find properties on there actively listed for sale that have already sold. Or I have found properties that were priced differently on there, than what they actually are. 
   My experience is that desirable properties are getting bid up because there is limited inventory in DC.

1. Rob said at 11:19 am on Wednesday March 10, 2010:

   I agree with Dupontguy. Bidding wars with the more desirable properties have been common. We lost out to higher offers with escalation clauses for properties in Chevy Chase. Friends experienced the same situation on offers made in DuPont Circle. Limited desirable property supply = Limited demand.

1. Dennis said at 11:34 am on Wednesday March 10, 2010:

   Properties sell for “market value”.  List prices are arbitrary.  I find it amusing when houses are promoted as “reduced” when they hadn’t previously been promoted as “over priced”.  If they’re not over priced they sell for a high percentage of list and quickly.  Under price them and they sell over list.

1. LaszloB said at 11:53 am on Wednesday March 10, 2010:

   These seem like very broad strokes and not very useful when you get into the detail ... for example 20009 does not include Mt. Pleasant, it’s 20010, and much of Shaw is 20005 ....

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