Wednesday, August 13, 2008

Northwest Valley market statistics

I pulled some numbers for the northwest valley, and it's clear to see how the market is different depending on which price range you're looking at. It's also interesting to compare the cities with each other; I'm surprised by the results (pun intended!)

Northwest Valley by City

NW Valley5,2507786.75


Northwest Valley by Price Range

$0 - $250k3,2865975.50
$250k - $400k1,1981527.88
$400k - $800k6132623.58
$800k +153351
NW Valley5,2507786.75


Definitions & Variables – Here are the criteria I used for these statistics:

Northwest Valley: Glendale, Peoria, and Surprise

Single Family detached homes only

Sold: homes which closed escrow between 7/11/08 and 8/10/08.

Inventory: how many months' worth of homes are available at the current sales pace.

I find exercises like this interesting because the numbers don't tell the same story as what's being reported by the media, or by what an individual seller might be saying. Overall, the Northwest Valley appears to be a fairly balanced market – maybe just a tad in favor of buyers, but not too out of whack. In addition, the price ranges under $400k also appear moderately balanced. Yet the media is reporting doom and gloom across the board, and if you happen to talk with a seller whose home has been on the market for a year, you'll hear a different story!

The fact that the numbers tell me a different story from what my local news tells me makes me think that we're at least headed in the right direction. Nobody knows when we'll be back to "normal", but it might not be as bad as some folks would have you believe..

Your looking forward to "normal" Realtor,

Chris Butterworth

Tell a Friend