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Florida Quick to Drop Prices

Posted: October 21, 2009

In a Real Estate market that has seen plenty of  highs and lows, home owners looking to move their properties during a slow point in the market are typically willing to lower their asking prices - and by a noticeable amount.

Recent statistics released by the real estate website, Zillow, show that out of 10 cities that dropped their prices the most (compared to the previous listing price), only two cities were outside of Florida. Hot spots such as Naples and Vero Beach, showed decreases of up to 8.9%!

On a better note, studies from Zillow also show that buyers are much closer to offering a number that's closer to asking price. On average, buyers paid about 3% less than a home's asking price in August of this year, versus 3.3% less in July.

With this being said, see below for the quick list of cities where sellers are lowering their prices the most: 

1. Vero Beach 8.9%
2. Naples: 8%
3. Sarasota: 7.9% 
4. Panama City: 7.6%
5. Daytona Beach: 7.3%
6. Atlantic City, NJ: 7.2%
7. Miami-Ft. Lauderdale: 7%
8. Morristown, TN: 6.9%
9. Ocala: 6.5%
10. Lakeland: 6.4%

Information courtesy of Information, Inc., Zillow.com, and Florida

As always, please feel free to contact me at 239-357-9558 with any of your Real Estate needs or questions. Rgds, Jay

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The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program (BR Program) of M.L.S. of Naples, Inc. Properties listed with brokerage firms other than Downing-Frye Realty, Inc. Realtors are marked with the BR Program Icon or the BR House Icon and detailed information about them includes the name of the listing brokers. The properties displayed may not be all the properties available through the BR Program.