Here Are Some Updated Market Statistics
When Looking at statistics, as I’ve often said, “statistics can be made to prove anything, even the truth”. The problem is statistics can be manipulated to prove almost anything. Someone else once said “98% of statistics are made up”. The irony is of course that that is a statistic so who knows, maybe that’s true!
What I have below are real time graphs fed directly from my MLS. You’ll have access to what is going on in our entire MLS, which geographically covers a very large section of SE Virginia, and a more localized important group of zip codes representing the greater “Williamsburg” market. Those zip codes are 23168-23185 and 23188. The problem is those zip codes cover 4 municipalities: The City of Williamsburg, James City County, Upper James City County and Upper York County. Within each of those are dozens of communities that span price ranges from the mid $100,000 to several million dollars. So statistically, any statistics covering the whole MLS may be less accurate or skewed. Imagine what that really means when you hear, and pundits often rely on, NATIONAL housing statistics.
It’s also important to understand that medians and averages, yield different statistics. Medians are perhaps more reliable since they represent the mid number-half higher and half lower. Averages are important but can easily be swayed by a few large or small transactions or prices. That may give the reader the wrong message. Say for instance two homes sold last month. One for $1,000,000 and one for $100,000. The average sold price would be $550,000. But is that in any way helpful? It’s also important to factor in re-sales or new construction, attached or detached, condos-townhomes, arms length sales-short sales or foreclosures. THERE ARE LOTS OF VARIABLES AND ENDLESS CHARTS AND INTERPRETATIONS! Don’t dwell too much on the market stats, because you’ll never make a decision to invest, buy or sell at the very most opportune time. You can’t time the market, and by the time you act, you’ll be late.
So back to some local stats. These are median numbers when looking at prices! I am putting closed median sales price, closed sales units, days on the market (for the median sold price) and our inventory of available homes. These are all attached and detached home types in the areas mentioned. When I am talking about buyers or sellers market, it is usually in reference to the number of homes available relative to the number of homes that have been sold. So if we have 1200 homes on the market, and sell 100 homes every month, our “inventory” is 12 months. That’s how long it would take to sell what we have. In reality, homes come on and off the market every month as well as seasonally all year long. But a balanced market is typically looks like 6 months of inventory. Again, you must look at the price range, type of dwelling and numerous other factors to know if you are buying or selling in a buyers market or sellers market. Hovering your mouse over the graph line will show you quarterly statistics!
If you want me to help you figure out how your market is (in Williamsburg or Hampton Roads), please let me know!
NO Fee, NO obligation, NO Pressure!
I have added a new page where I will be making updated stat reports and opinions, so please note that page on the left side bar. I will be playing with the site design a little to make it fresher and easier to work with and find things. Please keep in mind I am an excellent Realtor, and do spend all day trying to become an author, web designer, tech guru and welcome your input and comments!
While the market may appear dark and stormy, I believe there is reason to be very optimistic looking forward! Remember, the housing bubble burst almost 7 years ago!
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