Market Statistics -- Where and Why?

Understanding market statistics is certainly vital to everyone even casually interested in real estate -- whether you're a current homeowner and just keeping an eye on your home's value, or whether you're considering selling, or perhaps buying a home. Statistics help define, in the most concrete and pragmatic way, exactly what's going on -- where and when! They become a useful basis for forming an opinion of value and timing -- and yet are certainly subject to interpretation. Whenever I meet with a current or even a potential client and we discuss "The Market" statistics come into the discussion.

Each month or so I compile charts and graphs from data provided monthly by our Northwest Multiple Listing Service. Certainly there are interesting points that could be said about the data that's presented. My little blurb about each chart is only just the bare bones of a discussion.

Not only that, but here in the area loosely defined as surrounding the Green River Valley, several small cities exist -- Auburn, Maple Valley, and Kent, of course, but also Renton, Tukwila, and then south into Algona and Pacific, Puyallup, and Federal Way (just up the west hill), and then down further south into Edgewood, Jovita, Fife, and Tacoma.

Keeping an eye on local Auburn statistics focuses on one little area only. It's important also to keep an eye on what's going on in other areas as well, especially in this south King County and north Pierce county region. It's actually quite amazing to see just how far a 20-mile radius (generally about a 30-40 minute drive) from my home extends.

Running statistics on all of these areas monthly would be a mammoth task. I do typically keep a close eye on activity in and around Auburn, Kent, and Maple Valley. Others I watch generally, keeping up-to-date based on overall activity for the area.

It's a very diverse area -- Bellevue to the North end of my travel range is worlds-away in practice habits and activity than those in Puyallup. But that's what keeps me on my toes and excited about my profession. I'm very fortunate to have a job where one can interact closely with so many different lifestyles and personalities!