Saturday, April 12, 2008

Recent price reduction history in Redondo Beach

I thought I would take a look at price reduction history on sold homes and see how it looks charted. There isn't much data to go by, but I thought the chart might tell us something anyway. So I've plotted both median and average price reduction percentages on sold homes.

Looking at the data this way, it makes sense to me that price reductions would be deeper during the slow parts of the year (around January) and lighter during the busier times of the year. The rises and dips remind me very much of the DOM charts that I post for the beach cities when I do my "Other measures of beach cities market activity" post toward the end of the month.

I see that average reduction was roughly the same for January 2007 and 2008, but median reduction was lower than the average in January 2007 and then pushed up past the average in January 2008. I would interpret that to mean that more sold homes have had price reductions compared to those the year before.


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