Neighborhood Market Reports-They Aren't As Easy As You Think

By
Real Estate Agent with Integrity Real Estate Group

River Falls Homes in Woodbridge VAFor consumers it might seem easy to create a neighborhood market report.  The data is in the local MLS right? 

The truth is a bit more complicated than you might think.  The Northern Virginia MLS has some great market reports available for agents to use.  Currently those reports compiled on the 10th of each month only go as deep as the zip code level.  These reports are a nice overview and can give you a barometer of the health of area.  But what is happening at the zip code level is not  a good indication of a local neighborhood.


However you always need to dig deeper to get an understanding of your own neighborhood and even then problems can arise.  Some of those are simple such as your model versus another one and some are complicated by neighborhoods with split personalities.

One of the Woodbridge communities with a split personality if River Falls.  The legal tax name for the community is River Falls on the Occoquan and within it's borders is another neighborhood called Beaver Creek.  A search for River Falls will pull up some homes, a search for River Falls on the Occoquan more and then Beaver Creek additional homes.  So what do you do when you put together a market report for the neighborhood?  Do you lump them all together or do you separate them out?


Watch how the net sales price changes as you add in the other parts of the community.


River Falls   $763,400

River Falls on the Occoquan (added)  $749,771

Beaver Creek (added)  $718,600


If you look at just the zip code level for 22192 which includes River Falls the sales price drops significantly for detached homes with 4 or more bedrooms is $423,737.  A huge difference.

Most of the time it's a matter of figuring out how the residents within the community view the neighborhood and creating a report based on those parameters.  But it does but the burden on the shoulders of anyone writing a market report to identify what data is being used to make up the market report. 

If you are a buyer or seller relying on local market reports for information make sure you ask for more details before you decide the numbers you see are accurate for your neighborhood.  Mistakes happen and you want to make a decision about Woodbridge VA real estate based on the best data possible.  If you are looking for information on your neighborhood give Cindy Jones and CJ Realty Group a call at 703-346-2213. 

 

 

 

 

 

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                                   Real People*Real Lives*Real Estate

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and Integrity Real Estate Group a call at 703-346-2213.

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Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.

Integrity Real Estate Group
 
Real People*Real Life*Real Estate

Licensed in the Commonwealth of Virginia



 

 

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Cindy Jones
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Renee-I try to be.  Doesn't mean they are perfect by any means.

Oct 07, 2012 10:02 AM #23
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Cindy Jones
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Tammy-having them handy is helpful when you go to do a CMA.

Oct 07, 2012 10:03 AM #24
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Cindy Jones
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Melissa-thank you for stopping by.  Hope you have a great week.

Oct 07, 2012 10:03 AM #25
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Cindy Jones
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Eric-I'm sporadic with mine. 

Oct 07, 2012 10:04 AM #26
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Cindy Jones
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Mary-I subscribe to our local MLS special reports but they are all at the zip code level and as in my example the zip code level is way off for a particular neighborhood.

Oct 07, 2012 10:05 AM #27
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Cindy Jones
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Michelle-and then they make a mistake on data entry of sales price or subsidy.  Skews the data even more.

Oct 07, 2012 10:05 AM #28
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Cindy Jones
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Joan-I'm sure every area is different.

Oct 07, 2012 10:06 AM #29
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Cindy Jones
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Tammie-I too have found my numbers different from other local agents as well. Sometimes I can figure it out but other times I just scratch my head.

Oct 07, 2012 10:10 AM #30
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Cindy Jones
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Praful-we have a good MLS too and can break reports down by just about any data field we would like.

Oct 07, 2012 10:10 AM #31
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Mark-when I'm doing a CMA for a potential buyer or seller sticking to houses close by is important.

Oct 07, 2012 10:13 AM #32
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Cindy Jones
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Jackie-I haven't run a report specifically by school district.  It might be intresting to see if there is a significant difference.

Oct 07, 2012 10:16 AM #33
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Cindy Jones
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Thanks Jared. 

Oct 07, 2012 10:27 AM #34
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Cindy Jones
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Silvia-it's never easy to sort through the mountains of data in the MLS.

Oct 07, 2012 10:28 AM #35
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Cindy Jones
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Toni-I'm sure the statisticians could figure out a million ways to sort and interpret the MLS data.

Oct 07, 2012 10:30 AM #36
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Cindy Jones
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Margaret-I love the RBI reports and think they do have value as a general information.  It's when we get to the neighborhood level that it gets more difficult to figure what should be included.

Oct 07, 2012 10:32 AM #37
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Rebecca-thanks for the vote of confidence.  I appreciate it.

Oct 07, 2012 10:33 AM #38
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Cindy Jones
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Michelle-I think any time you are in a big metro area the numbers have to be at a fairly local level to make sense.

Oct 07, 2012 10:34 AM #39
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Cindy Jones
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Tamara-and folks who think that Island Creek and Hawthorne are also part of Kingstowne.  Then you have the condo complexes that don't show up when you search Kingstowne...oh my.

Oct 07, 2012 10:36 AM #40
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Cindy Jones
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Sandy-I do think zip code reports have their place but if it's a big zip code with a lot of variety in housing even a zip code report can be misleading.

Oct 07, 2012 10:38 AM #41
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Cindy Jones
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Adrian-even getting to the neighborhood level in my area means you have to make sure you understand what makes up a specific neighborhood.

Oct 07, 2012 10:39 AM #42
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