We have a new MLS system arriving later this summer, and because of my involvement with the Scottsdale Association of REALTORS® and the Arizona Regional MLS Committees, I’ve been testing the new system since early May. The system will give Realtors so much more access home sales data, and I can see that I will be able to be able to fine tune my assessments of the market and have much more control of the way I can look at and share current market information.
This morning, I’ve been comparing the past 30 days of 2008, with the same 30 days (May 22-June22) of 2007. I was just curious as to what kind of changes would be immediately obvious.
Here’s what I discovered about Scottsdale:
- Average sales price is down 20% when comparing 2007 to 2008.
- Number of sales is down 27%.
- With 6,854 homes on the market, selling at the most recent rate, Scottsdale has a 15 month inventory of homes.
- The number of new homes listed in the past 30 days, when compared to the same time last year, is down 13%.
Sobering figures, to be sure, but, at the same time, only a snapshot in time.
2 responses so far ↓
1 Artur | Central Phoenix Real Estate // Jun 23, 2008 at 11:39 am
I think you have to be careful when looking a the average price; the average price can be very misleading. It’s probably the least accurate measure, worse then median price which has its own issues.
2 Dru Bloomfield // Jun 23, 2008 at 6:59 pm
Artur,
I agree with you that median can give a better indication of trends over time, while averages are quick way to see what’s going on in the moment. When I have access to the original data, you can be sure that I prefer to look at both the average and median, but in many instances, the historical data that we have access to doesn’t allow me that luxury.
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