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February 02, 2007
What's Up (or Down) With the Highest-Priced Markets?
I extracted this little table from a spreadsheet sent to me on Friday by Zillow.com. This data and lots more is going to be posted on the Zillow website on Feb. 8. The first number is the Zindex--i.e., the estimated median price for all homes, not just those that were sold--in the fourth quarter of 2006. The second number is the percentage change in the Zindex from a year earlier.
San Francisco $684,459 -1%
Salinas, CA $654,503 -2%
Santa Barbara CA $627,323 -1%
Honolulu $626,452 1%
Los Angeles $545,409 2%
San Luis Obispo CA $542,856 -11%
San Diego, CA $518,274 -5%
New York $449,910 -1%
Barnstable, MA $404,375 -4%
Naples, FL MSA $387,167 -8%
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I know that you are only presenting the numbers that Zillow is providing you, but I would never (as a realtor) look at "all homes on the market" as they have shown it.
It is totally wrong to be looking at expired, canceled, withdrawn and actives (as well as sold & pending) to determine a price for a given area. They are factoring in all the inaccuracies of pricing by local agents (including the inexperienced ones).
I know that if they use a consistent method to report the year to year changes it may lessen the impact but what does it prove?
More importantly they should be showing the number of transactions year to year, the days on market, the average price (asking and sale), the median price, high and lows. Then you might have some useful numbers to have an intelligent discussion.
Unfortunately, in my opinion, they are providing misinformation that clouds the more important issues that should be discussed.
Posted by: Mark Norman at February 7, 2007 12:28 PM