Trulia reports that Oklahoma City is number 5 in the list of “cities experiencing significant increases in percentage of listings with price reductions from June 2009 to October 2009” Oklahoma City has seen a 24% increase in the number of price reductions for homes on the market. Kansas City led the list with a 50% increase. On the other hand, San Antonio TX led the list at a 37% decrease in price reductions.
Nationwide 1 in 4 homes on the market have cut their price by a combined $28.4 billion. What’s in it for you? More house for the money! The average discount has held steady at 10% off the original list price.
On the list of the top 50 cities with price reductions, Oklahoma City is number 36 with 26% of homes with a price reduction. The average price reduction in Oklahoma City is 7% and a dollar reduction of $10.5 million.
Do you want to see which homes have had a price reduction? My website searchokcmls.com offers this.
Luxury Market Not Immune
Nationwide, luxury homes (those listed at two million dollars and above) bear the brunt of discounts being offered with an average of 14 percent being slashed from the original asking price compared to the national average of ten percent. Additionally, luxury homes represent less than two percent of all current listings on Trulia, but are responsible for 25 percent of the $28.4 billion in home price reductions.