Larry is out with his numbers , quick and reliable as ever.
The average SFH is back up to $1,221,037, within spitting distance of last Feb's high. Despite sales being 35% less than last Feb
No doubt our local media which is so good at doing in depth analysis will trumpet this rise (next to pictures of phantom mansions), but as Larry says 3 big sales skewed the results.
Working off Larry's numbers:
Sales SFH = 707 for Feb 2013
Total Volume = 707 x 1,221,037 = $863,273,159
3 sales at 11,000,000 + 14,000,000 + 18,000,000 = $43,000,000
Take 43,000,000 away from 863,273,159 = $820,273,159
Divide that by the number of sales 704 = $1,165,160
That would be less than Feb 2011's average. Quite incredible the effect of a few very large sales.
I don't know how the huge sales compare with last year or the year before, but with a 35% drop in
total sales, 15% more inventory and a SFH MOI of 9.25, this is anything but a strong market.
The Median will tell the tale.
Waiting for the gap fill
-
*Mid-week market update:* The decline in the S&P 500 seems to have been
arrested at its 20 dma (blue line). The next question is which price gap
gets fille...
2 days ago
Average is average, you can't pick and choose like that. I prefer to look at the median price, the number of sales, and the total dollar volume.
ReplyDeleteGreat infromation about the drop in total sales but i prefer if you can made any graph for better understanding for the new users. Appriciated
ReplyDeleteThis comment has been removed by the author.
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