Saturday, April 08, 2006

L.A. Tops In U.S. For "Reduced" Real Estate!

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A review of real estate listings for the largest U.S. metropolitan areas conducted Saturday by The Boy in the Big Housing Bubble revealed that properties listed for sale using the word "reduced" are more numerous in the Los Angeles metropolitan area than in any other U.S. city.

This dubious distinction raises serious doubts about whether the spring buying season will be as promising as some market observers have predicted.

Here are the Top 25 results of The Boy in the Big Housing Bubble review, which was conducted using data compiled with the Google Real Estate search engine. In each case, the total indicates the number of listings within 45 miles* of the city that included the word "reduced"**:
1. 244 listings -- Los Angeles

2. 217 listings -- Boston.

3. (TIE) 216 listings -- Miami.

3. (TIE) 216 listings -- St. Petersburg, FLA.

5. (TIE) 209 listings -- Atlanta.

5. (TIE) 209 listings -- New York.

7. 157 listings -- Dallas.

8. 140 listings -- Houston.

9. 136 listings -- Phoenix.

10. 134 listings -- Detroit.

11. 73 listings -- San Francisco.

12. (TIE) 65 listings -- Denver.

12. (TIE) 65 listings -- Washington D.C..

14. 62 listings -- San Diego.

15. 55 listings -- Chicago

16. 53 listings -- Seattle.

17. 52 listings -- Austin.

18. 49 listings -- Jacksonville, FLA.

19. 45 listings -- Las Vegas.

20. 35 listings -- Portland, ORE.

21. 31 listings -- Kansas City.

22. 18 listings -- San Antonio.

23. 14 listings -- Indianapolis.

24. 10 listings -- New Orleans.

25. 9 listings -- St. Louis.
When I conducted the same search without a location, it turned up 6,492 listings.

Of course, what does this mean? Not sure. It means some regions clearly are using the word "reduced" more than others, but is that because those areas are also larger cities? Perhaps. However, now that we have a baseline, we'll try the same searches again in a few months and see if the number of properties listing with the word "reduced" goes up, or down.

* Because a universal radius of 45 miles was used, some metro areas overlap other large markets, which is why those cities are not listed. They include, but are not limited to, the cities of Baltimore, Philadelphia, and San Jose.

** Please note that the city name is also a link to the Google Real Estate search for that city. As listings change, results may vary.

-- The Boy in the Big Housing Bubble/Los Angeles and Beyond