People put so much stock into numbers. You read all of these blogs and news reports, and there is so much data on the internet about home price, but in all too many cases, they don’t take reality into account—they just looking at data.
But when you KNOW a neighborhood, you really know what going on, and what the numbers really are. Just a cautionary tale: Do more research into things before you miss out on a potentially awesome location.
Let’s take a look at median home prices for condos for all of 2014: The median price suggests that the price of condos is at $299,950. Do the same thing for 2007 and you’ll see that the median price for a condo is $319,000.
What happened? How can that be right?
Well, as it turns out, in 2014, 324 condos were sold. In 2007, we sold 738 condos! That’s a huge difference and of course, affects the median price point that we’re being presented with in a quick look at market statistics.
It’s also important to consider that in 2007, there were a ton of new buildings on the market, and newer buildings can fetch higher prices. But in 2014, there aren’t as many new buildings available. BUT, if you take the same or similar unit and compare the 2007 sold price to its 2014 sold price, you’ll see that of course, those same or similar unit sold for more in 2014.
See how that can be tricky and pretty deceptive? Talking to a real estate agent about specifics (or even just doing more research yourself) can really shed light on the reality of a situation.