by Aaron Graybill | Jan 31, 2018 | Uncategorized
I just wrote an email to a client who had basically this question in response to the quarterly price change map and I tend to answer this question in one form or another multiple times a month. So here is a deeper dive response that I gave him. That is a great question! I think this is a great example of how statistics can be a mixed bag. We all love statistics because it can tell a story in a quick powerful way, but it can also be misleading. The price change map shows how the Average Price of a home sold over the last year in a neighborhood has changed. In general there are some things this can tell us that is meaningful but I think its easy to extrapolate this too far. For example, in the Cole neighborhood it shows that the average price of a home in sold in Cole went up 21%. Does this then mean that every house in Cole went up 21%? I don’t think so. It simply means that more expensive homes were sold this year than in the past in relation to the number of cheaper homes. So in Cole, this is interesting because it means that if you are a house flipper or even spec builder this means that you can push the upper limit of what a home can sell for now more than you could have in the past. This also could show that people are scraping and building more expensive homes. So if a neighborhood is all single story homes selling for 300K and people start scraping...
by Aaron Graybill | Jan 29, 2018 | Uncategorized
Hot off the presses. This price change map shows how each Denver Neighborhood did from 4th Qtr 2106 to 4th Qtr 2017. As you can see Supply and Demand continue to drive prices steadily up. Overall the Denver Average sales price went up 12% and the Median sales price went up 10% city wide year over year. I expect that 2018 will be more of the same. Reach out if you want an updated Comparative Market Analysis of your property. Aaron –...
