market statistics: Did I Say Recovery?
- 02/14/10 11:37 AM
So the Twin Cities real estate market has finally posted a year over year price increase for the first time in 41 months this January. Certainly good news but let’s not break out the champagne yet. The recovery/rebound…whatever you want to call it, is a long process and this is just another sign that we are going in the right direction as opposed to a destination we’ve been seeking. The price increase means that the median price of this January’s sales was higher than last January. Key point: this year’s sales are different houses than last year’s sales. 2009 started … (0 comments)
market statistics: Zillow is Stupid
- 02/07/08 02:34 PM
I was just plugging in addresses for fun to see what Zillow's Zestimate is. According to the Great Zillow, one property that just sold for $70,000 is worth $176,000. Another one listed at $159,000 is worth $246,000, and another one that was listed at $242,900 and has sold and closed, is currently listed for $276,000 according to Z. Not so bright, huh.
Any professional knows that you can't rely on a computer program for an accurate property value. But not all of the general public knows this, and in fact some otherwise bright young techies think the website is smarter and more … (5 comments)
market statistics: The Case Against Case (Shiller)
- 02/07/08 01:53 PM
The Standard & Poor's/Case Shiller Index was released Tuesday, January 29th, showing an 8.4% drop in real estate prices in November, 2007 from November 2006. Case Shiller is a highly reported index that is alleged to be more accurate than the statistics provided by the Realtor associations.
The argument is that the Realtors report the average or median price of all sales from one year to the next, which is a different group of homes each year. Case Shiller only uses cases where the same home has sold twice, using the apples vs. apples argument. There is logic to this argument, but … (2 comments)
The 2007 statistics for the Twin Cities real estate market were released at a press conference by the local real estate associations on January 16th, 2008. The highlights were as follows:
Listings processed, 105,004, down 2.8% Sales, 40,055, down 16.4% Inventory of homes for sale at year end, 26,675, up 16.8% Average sale price, $274,767, down 1.3%
For excellent, detailed reports on the market, go to the Minneapolis Association of Realtors website: http://www.mplsrealtor.com/Segments/Realtors/Research.htm
It was a disappointing year for many, but important for the long term health of the market. No one likes to see prices drop, but after ten years of rapid appreciation we need … (0 comments)
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