Real estate asking prices fall in Baltimore area

31% of home sellers have lowered prices, Trulia says

February 17, 2010|By Jamie Smith Hopkins | jamie.smith.hopkins@baltsun.com

Real estate search engine Trulia, which tracks how many homes listed for sale have had at least one price reduction, said Tuesday that Baltimore continues to have a high share. Higher, in fact, than all but four other big cities.

Thirty-one percent of listings in Baltimore are on the market for less than their original asking price.

Average price reduction: 12 percent. On a $300,000 house, that's a $36,000 cut.

A separate site, HousingTracker.net, has shown a fairly steady drop in typical asking prices in the Baltimore metro area. It's just below $240,000 this month, compared with $265,000 a year earlier. (That's an almost 10 percent decline.)

We asked online readers if "reduced!" on a for-sale sign in a yard catches their interest - or if it has the opposite effect. More than 300 people took the poll by midafternoon Tuesday, and most said they assume a reduced-price home isn't a bargain. More than half said their first instinct is that the new price is still higher than comparable homes. Thirty-four percent said they figure any reduction brought the home in line with similar properties.

Click here to take the poll on The Real Estate Wonk blog.

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