Not entirely sure if cash-rich Malibu can be used as a barometer for the rest of the market, but here's Coldwell Banker real estate agent Rick Wallace's analysis via the Malibu Times: "Homes at less than $2 million, where only 15 of 66 this year have found a buyer that currently have or closed an escrow, are the most apt to see price reductions..."
According to Wallace's research, homeowners selling in the $2 million - $3 million range have the most luck: "Thirty-one of the 69 listings this year have found buyers in less than five months." Those selling in the $3 million-$5 million range? Mixed results.
· The 'real' real estate market [Malibu Times]