As you might know, I have a "Love/Hate" relationship. I love the fact that savvy buyers and sellers figure out that some of the data on the big-box sites is inaccurate, but HATE that there are so many buyers and sellers out there that still have not seen the light.
OK, there's my graphic... cool, huh? I get this market update from trulia this morning, so I decide to test it by looking at the data that IS up to date, in out Hot Springs Board of Realtors® MLS®.
Trulia told me that the median sales price home in Hot Springs was $146,000. So what the heck... let's see... I then found out that the price is based on trulia's sales since May of this year. They also refer to Hot Springs National Park... which is a general term for our fair city.. The average listing price they show is $212,611. In looking at the 2 zip codes that are mostly "Hot Springs", AR, the average list price is $286,844. I wish I knew what criteria they used... so I reduced the search to zip 71901, which includes a lot of downtown and surrounding... the average list price is $258,161. That's a $41,000 discrepancy. But it's on the internet, so it MUST be true and accurate, right??? NOPE!
So I look at the sales data that trulia used... They looked from May 15-Aug 15, and I assumed the 71901 zip. They compared to 118 home sales. I'm showing 72 during that period (within the 71901 zip). Who knows? The median sales price was $134, 650 if you are interested. Trulia was showing a $147,000 median... again, if you are interested. Happy data shopping... find a Realtor®...lol.