Existing home sales, just what does that mean? What do the numbers tell us? Let’s look at home sales as reported by the National Association of REALTORS and compare January of 2013 vs January 2012. Look below at the National numbers for the U.S. – Units up 9.1% and average price up 12.3%. That sounds pretty good, but look at the regional data. Unit sales are down 5.7% in the West and average prices are up 26.6% In the West, these regional numbers are much different than the national numbers and most reports only report national numbers.
Change in Units Sold by Location 2013 vs 2012:
United States: 9.1% Northeast: 12.1% Midwest: 17.2% South: 14% West: -5%
Changes in Average Sale Price by Location 2013 vs 2012:
United States: 12.3% Northeast: 2.4% Midwest: 8.6% South: 13.4% West: 26.6%
If you’re a home owner or a buyer reviewing national statistics and want to assess your local market condition the national numbers can be quite deceiving. Will the regional numbers help you any more than the national numbers? Not really…let’s look at some local stats to see what I mean.
Let’s look at the local stats for:
Total Closed Sales for Single Family Homes in Yorktown, NY for the month of January 2013/2012:
Total Closed Sales: 14 / 12 (16.7%) Average Selling Price: $446,714 / $315,458 (41.6%) Median Selling Price: $421,000 $334,000 (26.0%) Price Per Square Foot: $201.22 / $191.78 (4.9%) Average Price of Home Sold (SqFt): 2220 / 1693 (31.1%)
So, you’re a homeowner or buyer looking at Yorktown stats…how do they compare to the National and Regional numbers (% Unit Change / % Change in Average Price)?
United States: 9.1 / 12.3 Northeast: 12.1 / 2.4 Yorktown: 17 / 42
Confused? What about the other statistics for Yorktown: Median Price up 26% Square foot price up 4.9%, Size of homes sold is up 31%. Let’s see, if the square foot price is only up 5% but the home size is up 31% does that mean prices are falling? If I’m pricing my home to sell, or looking to buy a home, how do I determine what the price should be?
Let’s not forget there’s location, lot size, style of home, updates, and a whole lot of other things to consider.
Remember, home prices are “HyperLocal” and are not determined by national, regional, or even local averages, but by specifics: including neighborhood location, school district, lay of the land, and many other property features. Whether you’re a Seller or Buyer, If you are interested in what is happening in your own neighborhood you can now access up to date neighborhood market data FREE at YourMarketSnapShot.net Find out what sold, for how much, the homes detail, as well as what’s on the market and for how long.
If you have a specific real estate need or question, or need help interpreting the data, contact us directly at Norway@NoreenAndWayne.com.