Cape Coral Florida's Real Estate Guide

Wednesday, March 03, 2010 Zillow:

NEW YORK--The percentage of U.S. home sellers who cut their asking price declined again in February and sellers made slightly smaller reductions in prices, real estate website Zillow.com said on Wednesday.

The median list price of homes, however, fell in January, Zillow said in a report, which was obtained by Reuters ahead of its scheduled release.

Nearly one in five homes, or 19.5%, listed for sale on the Zillow website had at least one price reduction as of the end of February, down from 19.8% in January, Zillow said.

Home sellers reduced prices by a median 6.7% in February, down from 6.8% in January.

The percentage of homes on the market with price reductions has declined steadily for much of the past year. In February 2009 more than one-third, or 33.2%, of homes listed on Zillow had a price reduction, and the median reduction was 8.7%.

The median list price of homes fell 1.4% in February from January, to $205,000, which is down 6.8% from the median listing price in February 2009, Zillow said.

The time that homes sat on the market edged down to a median of 105 days in February, from 109 days in January, Zillow said. Those figures, however, have risen from a 2009 low of 90 days in August.

In February 2009 the median time on the market was 109 days on Zillow.