Does price sell homes?

I have a great listing that I have reduced to an amazing LOW price, and it is still not showing. So it leads me to wonder- Does price sell homes? I am always told that if you price it right, it will sell. My listing is clean, easy to show, and priced at least $20 a sqft less than market. I checked the area, only one other home is similar in size in price in the whole city. I have advertised it on multiple websites, craigslist, email blasts to agents- yet I have had very little traffic, and no offers. Any suggestions? Could I be priced too low? I would appreciate any advice you have to give me.

Thanks!