Currently, 37.4% of all houses* on the market in Marin County are advertising "price reduced" according to ZipRealty.com. Keep in mind that these houses have not yet sold.
I didn't think we would break out of the 35% range. How long do you think until we reach 40%? 50%?
Below is a graph showing the proportion of the price reductions by percent range (e.g., the proportion showing a 1-2% price reduction, the proportion showing a 3-5% price reduction, etc.) for the same group of houses represented in the previous graph:
In the above graph it can be seen that the majority of Marin SFR sellers have reduced their asking prices by about 5%. Clearly, Marin sellers are still in denial (or maybe pre-anger phase, refer to this) and are pricing based on last year's market.
You know, it took me a lot of time to do this analysis. I should not have had to do this at all. Given all the money that people pay to realtors in commissions for whatever it is they do for us, realtors should be providing less attitude and spin and more of this sort of information IMHO.
*By "all houses" I mean that I searched ZipRealty for all SFR houses of any size and any number of bathrooms and bedrooms, etc. within the asking price range of $100,000 to $10,000,000, inclusive.