REVEALED – THE REAL TRUTH BEHIND REAL ESTATE STATISTICS

What you really need to know and how the numbers don’t always tell you the true story.

It’s complicated.

When you read about or hear about the market, you hear a lot of different numbers being quoted.

Let’s start with the average sales price versus the median sales price. The average, of course is when you total all the sales in a given area, and divide by the number of sales.  Many times it’s actually the median that is being quoted, not the average. The median is the number in the middle. Half of the homes sold for more, and half sold for less. But it’s still not that simple.

There are existing home sales and then there are new construction sales. Often some of the new construction sales are thrown into the existing category in the Multiple Listing Service.  The quote for new construction also may include large multi-family projects.  On new construction, its best to listen for new single family home starts.

Of course, in The Villages, we all know it’s even more confusing, as not all real estate companies are members of the MLS system, so those re-sales don’t get counted at all in most national statistics.

If we look on the best known national real estate websites, like Trulia, Zillow, Homes.com, Realtor.com and a few others, we‘ll see conflicting numbers for the average or median in a given area, but at least we can search the market statistics by city and zip code for sold homes.

The National Association of REALTORS® website, Realtor.org gives the statistics by metropolitan area instead of zip code, but Realtor.com, who is owned by NAR, will give us zip code sales information.

These websites can be a bit misleading, but usually are somewhere in the ball park. If you want a more accurate evaluation of what your home is worth in today’s market, the best method is to call a REALTOR® to conduct a thorough Comparative Market Analysis (CMA).  Make sure that your REALTOR® also looks carefully at what is available on the market today, not just what has recently sold. Even though the numbers are different on all the different national websites, one thing is for sure. They all show rising charts of prices increasing. Current home inventory is low. This is the best time that we have seen in 7 years for Sellers to put their homes on the market.  If you have been waiting, your time has arrived.

The popular thought is that prices are going to continue to rise, but we don’t have a crystal ball. More builders are starting to build again, and new subdivisions are coming on line. The inventory will soon increase with new construction. The interest rates are also rising again, up to 4.55 % this week. If you have been waiting for the right time, this may be it.

We have three offices with experienced REALTORS® who live and work in the area. It is our pleasure to consult with you concerning your real estate needs.