it helps to illustrate the what's happening in the local market trends especially since we hear often about the national statistics. Are we bucking the trend? Are doing better, or worse?
In Oakland, CA, I picked two zip codes that are worlds apart in so many ways. The only thing they have in common is the city. Here's a picture of where the zip codes are in proximity to the others.
So how do they compare in terms of market values, market trends?
MEDIAN FOR SALE VS MEDIAN SOLD
ZIP CODE 94611 is a fairly affluent zip code.and was considered by Forbes.com as one of the most expensive zip codes in 2006.
The three-year history shows a downward trend where the First Quarter 2011 the median price of SOLD properties is down 17% to $699,500 from $826,250 in Q1 2008,
ZIP CODE 94601.
A few miles away, zip code 94601 isn't doing as well as its neighbor. This charts shows a more dramatic drop in market values, although they seem to be stabilizing.
Q1 2008 shows a median sold price of $333,000 drop 46% to $181,200 in Q1 2011.
PUTTING THINGS IN PERSPECTIVE
Comparing these two zip codes show that real estate truly is local. Take it another step further, and compare these median prices to the rest of the country.
As such, it seems that Oakland CA zip code 94601 is just about the average compared to the rest of the country.
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