Occasionally on a blog, one must rant. Please allow me a mini-rant here. The big-box sites have wonderful colors, big budgets, etc. They even have helpful GENERAL information. But it is GENERAL. So GENERAL that I wonder where they get it????
I have sent myself a trulia listing report. They have an automated feed you can sign your clients on so they will be duly impressed with trulia (and by extension, the agent). I wanted to see what the report was about. It shows how many times the listing was viewed on a search, and (most importantly) how many times the person clicked through the listing, looked at the details, etc. Down at the bottom, there is some type of market snapshot...and it is supposed to be based on zip code. The trulia report shows that there are currently (as of their report which was the week Nov 5- Nov 12) 1,391 homes for sale in zip 71913. I looked in 71913 and 71901 and found 505 in 71913 and 706 in both. I finally looked for the entire county and got a little over 1,000 listings active. Still almost 300 short. These were Homes, both on and off the water, Condos both on and off the water, and manufactured/modular homes. The data is whacked, sorry. One of the most damning bit of evidence for the lack of accuracy will be found in this quote from the report:
"The median sales price for homes in ZIP code 71913 in Hot Springs National Park from Aug 14 to Nov 14 was $112,250 based on 6 sales. "
Lets look at this a tad in depth, ok?? A median price is the price that is dead in the middle of the values of the data. It is NOT the average. If there are 5 sales, you line them up according to value and see what the price of home number 3 is. If there are 6 homes, you take number3 and 4 and average the two. That's the median. But here is the thing!!! They are basing a THREE MONTH PERIOD on and entire COUNTY's worth of sales on SIX, I repreat SIX sales. If you look at the actual data??? (And that would be a good thing) THERE WERE 323 SALES IN GARLAND COUNTY DURING THE PERIOD. 323 ACTUAL SALES. Trulia has 6. In statistical information, would you think that the sample size is too small on trulia?? I hope so. That is why you talk to a Realtor® or a trusted agent when you are looking for a home. The big box sites are ok to look at...they are glitzy and they actually have some interesting information here and there... but for statistics???? You need to be the judge. Call an agent. OK, rant over....for now.