 |
Whether purchasing or refinancing a home, we'll offer you sound and unbiased information.
Get national and regional topics like California's refinance market,
and calculators to evaluate your own mortgage.
|
Many thanks to John for spending his Saturday morning finding Relevant Articles for us. John starts his day four time zones ahead of me, so I have the luxury of working off his finds when I start in the morning.
As I was reading a Washington Post article John found, I went from amused to aghast. The article described the dilemma of National Association of Realtor’s president Thomas M. Stevens, whose home has languished over a year on the market. Mr. Stevens said,
Once more we take a look at sales prices from yesterday’s AZ Republic. (No link available) Last week we looked at 85296. This week we are looking at 85234. The number of sales in the last four week period dropped from 147 last year to 82 this year, a decline of 44%.
Fourteen properties sold in 85234 this week. We do not see quite the spread in pricing that we did last week, although prices range from $142.68/sq. ft. to to $251.48/sq. ft.- a spread of $108.90/sq. ft. Last week’s spread was $112.40.
Two interesting trends showed up. One is that in general, smaller homes are commanding more per square foot than larger homes. The big exception here would be the home on Park Ct., which has over a 1/2 acre lot. The other interesting thing is that in general, the larger the home, the further apart the sales price and Zillow’s "Zestimate." It may be that Zillow is not allowing for the lower prices at the upper end.
Here’s today’s chart, sorted by home size:
