My first and main thought is that today was cold and windy and I am lucky I didn't lose any signs. The wind made it seriously cold outside and after I was done picking up those signs I am sure I looked like a tomato. The next thought stems from something I mentioned yesterday.
The house I sat open happens to fall within the 22033 zip code I wrote about yesterday, and the happenings in the market in that subdivision can show how even a zip code can be too large a sample size when trying to asses what is happening in your market. The market absorption rate in Foxfield is an even 2.0 with eight active listings and four under contract.
The average days on market for the houses that sold in the last three months is nearly half of the 22033 zip code as a whole at 52, and people are getting slightly closer to what they are asking with sale price being 97.4% of asking price. It is important when discussing a market to really nail down what that market is. The market can vary drastically even withing the same zip code.
If someone were to look at Foxfield and then move just a ways up route 50 to Greenbrier everything could be turned on its head. The reason for this might be that single family homes are moving slower than townhouses in the 22033 zip code, older homes are less desired, or any other number of factors that can complicate things. When looking at stats every possible variable needs to be weighted.
The average days on market for single family homes in the Foxfield subdivision is 140 whereas with townhouses all but one went off the market in under 30 days and three of the five went off the market in under ten days. This all gives me a general idea of what people are looking for in this area. The problem here is that Foxfield has gone from being a good sample size to a small sample size. To understand what is happening with townhouses vs. single family houses in the zip code as a whole the zip code as a whole needs to be examined.
Expanding this out to the entire zip code and excluding single family houses the average days on market is 80 and sold price to asking price is 97.29%. When looking at just single family homes the average days on market is 70 and the sold price to asking price is 97.28%. There isn't that much difference between the two types of homes for the entire zip code. This simply means there is some other mitigating factor that stands in the way from making all our data match.
The best way to use stats in the pricing of a home are on a case by case basis and every factor has to be weighted properly. Some factors obviously deserve higher weight like location. From more info on your individual market please contact me through www.SuperNoVaRealty.com and I will be happy to give my opinion on what your home or neighborhood is worth.
No comments:
Post a Comment