There’s a lot of talk in the news about a resurgence in the housing market. Most of what we hear is on a national level. What everyone wants to know is,”What is happening in my area?” Here’s a quick look at some statistics drilled down a little closer to home. They are reflective of what has happened from March of 2012 through February of 2013. Before you get into the numbers, I want to explain to you the difference between “Median” and “Average” Sales Price.
Let me explain “Average” this way: if you have five people whose ages are 1, 3, 4, 5, and 55, the average age for the set is 13, which is not a very good representation. “Median,” defined as “50% above or below the middle number,” gives us a median age of 3, which is a much better representation. It is arrived at because it disregards extremes in the sampling, in this case, the age of 55. This is why you see a pretty big gap between Average and Median prices.
Now that you know that, let me say this. As long as we compare Median to Median, or Average to Average, we get a good picture of the market. We just can’t compare Median with Average.
The good news here is that prices have increased in almost all cases, as have the number of home sales. In every case, days on market and months of supply have decreased over the last twelve months. All in all a pretty good report. If you have been waiting for home prices to rise before selling, it may be time. Remember, a rising tide floats all boats. If your house has appreciated, so has the one you’re looking for.
As you look at these statistics, keep in mind that I chose a representative sampling of areas, just to show you the trends. If you would like a different area, county, city, zip code, or subdivision sliced and diced for you, just give me a call. I will be glad to help you with that information.