This is a National and overall-DC view of price reductions. In doesn't tell us how this applies specifically to Georgetown real estate, but as usual, is a positive sign about the market in general (which is of course good for us!)
Some 19 percent of U.S. listings currently on the market as of March 1, 2010, experienced at least one price cut. This represents a 10 percent decrease from the previous month and the first time price reduction levels have dropped below 20 percent, according to Trulia.com.
The total dollar amount slashed from home prices dropped to $21.6 billion and the average discount for price-reduced homes continues to hold at 11 percent off of the original listing price. While many states are seeing lower levels of price reductions, sellers and buyers in the following states continue to disagree more frequently on what is fair for home prices in their respective states:
* Arizona - 25%
* Massachusetts - 25%
* Washington D.C. - 25%
* Hawaii - 24%
* Maryland - 24%
The average amount slashed from homes listed at $1 million above is 14 percent off of the original listing price.
Taken from REAL Trends E-mail Update #1186, March 12, 2010