I read a post yesterday by Scott Sambucci from Altos Research about how seller confidence in real estate is causing more of them to take price reductions on their home, and at a higher rate. The results were startling. In the 20-city composite they ran, price reductions were up 10% since the spring and the % of the price reduction were also increasing.
I was curious how Oklahoma City compared and created this chart:
So what does this mean?
Left axis, black line: This measures the percentage of active sellers that have taken at least one price reduction within the last 90 days. This shows that since late March, the percentage of sellers taking a price reduction has increased about 9%, from 32% to 41%.
Right axis, orange line: This measures how much reduction sellers are taking and since July that’s also increased.
Oklahoma City, like much of the rest of the nation, is in a fairly severe buyer’s market. Since the end of the tax credit, sellers seem to be getting more desperate and/or realistic and are getting more aggressive in their pricing in order to get their home sold.