Buried under a heaping, steaming pile of seller delusions, it seems. That's not surprising; in fact, it's a pattern that repeats itself year after year, decade after decade: owners whose houses failed to sell the previous year at a certain price decide to give it one more try during the spring market, in the hope that somehow, things will have changed.
And that's understandable, especially for home owners facing a loss on homes bought at the peak of the market (2005-2007, say). But I think those owners are doing themselves a disservice, because by waiting until the end of the spring market (April, May) to drop their price, they'll have spent these active months crowded shoulder-to-shoulder with other overpriced properties. And when they reprice in May, they'll find themselves still buried in the same declining price range, as their competitors do the same thing.
My advice: take the hit now, and stand out from the crowd.