When Did $/Square Foot Become the Leading Market Evaluator?

Real Estate Agent with Florida Supreme Realty SL514814

Thirty years prior to the advent of Zillow the usage of price per square foot when determining residential home values was virtually non-existent. We did see its use for investment properties, commercial space and multifamily analysis albeit a background statistic which complimented the whole. Most of the automatic valuation methods or AVM's used today weight it much more heavily as a market and pricing indicator. The fact is that consumers are using it as their single most accurate valuation tool and that causes conflict where our paths cross. I cannot defend its use for accuracy due to the wide range of values it generates. Pricing has always been puzzling for many and one simple equation can skew the realities of our marketplace. Would you consider price per acre or price per waterfront foot as a true indicator of price? I hope not! $/SF does have its place but not as a leading indication of residential value.

 Can you detrmine the quality of construction, lot dimensions, amenities, inventory or home

size by using this simple chart?  Which year would have been the preferred time to sell?

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Kevin J. May

Serving the Treasure & Paradise Coasts of Florida
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