I've been looking at the lower end of that range and $600k moving to $500k after listing is a huge mispricing. I have no familiarity with movement on the $750k+ properties as I don't even look at those listings . Even a 10% drop from the original to final listing price is a big move, especially when you consider that sales at asking or above are unlikely when the entire market is awash with price reductions. What is amusing is seeing $600k properties where the seller thinks a $10k move will make a big difference.Yes, and Rockport properties start at ~$500k and go up to $2M - so $50-100k down isn't much on a percentage basis depending on the listing price. But, the market has really softened in late 2019.
I suspect some of it is agents who promise the world to get a listing, knowing there will be a reduction - but also know that quoting a realistic asking price will not get them the listing.