It’s interesting to compare median price levels from one year ago to today’s median price levels. In many areas we have seen a definite increase in property value. What does this mean? What is fueling this trend? I used some data from a South Sacramento neighborhood in the video below to highlight this very phenomenon. If you don’t see the video in your email subscription or RSS, click HERE.
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[…] all these factors at hand, competition has increased lately in various niches and the spike upward we saw in the beginning of 2010 is beginning to fade. Have a look at the screencast below where I talk through some graphs I made […]
Love this method of getting the info out. I wonder if the stimulus money is creeping the prices up? Please redo this after April 30th – thanks.
Good point, Keith. I’ll definitely do that.
In my market each location is different, as well as types of properties. We can have signs of increases in some more popular areas and then the opposite in others. It will be interesting to see as the summer unfolds if consumers will bite on the low home prices and good interest rates (if banks loosen their hold on mortgage money). Great post Ryan.
Same here Tom. There are definitely certain locations doing better than others. I find that the lower-priced areas have seen a prety good surge over the past six months, but that same surge is not taking place at the upper end of the market. It seems like buyers are able to really take advantage of a first-time buying situation at the low end and then find fantastic “move up” situations at higher levels. The level of inventory differs from neighborhood to neighborhood too. It’s just not an across-the-board type of situation.
Ryan,
First off I really love your site. Has great info, but not over done with too much stuff. I hate busy sites, too much to sort through. My life is stressful enough without having to look at somebody’s crazy website.
Nice cluster graph, do you do any filtering for your graphs? I’m finding the same thing in my area. It looks like values may be going up, but it just happens that the higher-end market is picking up.
-AppraiserJenn
Hi AppraiserJenn. Thanks so much for the compliment and encouragement. I’m glad things don’t feel cluttered. I used to keep a 3-column blog and one of the reasons I switched was so things wouldn’t feel so close together.
On this graph I don’t think I did any filtering. I think this one was raw sales (all of them) for a pariticular defined neighborhood. I do break things down further with my graphs so I can decipher trends for niches within the neighborhood, but this neighborhood is fairly uniform in most regards, so the trend upward over the past year speaks volumes (as do the broken down graphs too).
So the upper end in your area is rebounding a bit in your area? Out of curiosity, how much are upper end properties in your area going for?