(January - August 2007)
MEDIAN SOLD PRICE is the half-way point between highest and lowest priced homes sold in a given area during a given period of time. Following the median sold price does provide one lens through which you might gauge trends in home selling prices. Another is average sold price.
AVERAGE SOLD PRICE is calculated by dividing the total sold $ volume by the number of properties sold in a given time. The average sold price is another lens through which you might gauge trends in home selling prices BUT it is seldom included in news reports about real estate trends - perhaps because the differences from one month to the next may be less dramatic, and they don't make good headlines.
However, as you can see from this chart, median and average sold prices in Anne Arundel County have followed similar paths since February 2007.
WHAT DO THESE NUMBERS MEAN TO YOUR HOME VALUE?
It is very important for you to understand that any change in the median or average sold price in your area is NOT an indication that YOUR property value has increased or decreased accordingly. The purpose of tracking the median and average sold prices for Anne Arundel County this year is to know which price range is most active. These trends are just two of many factors in estimating your home value.
To find out how real estate trends and details about your home are used to estimate your likely selling price, email or call me. I'll be glad to sit down with you at your home or in my office to make recommendations for pricing, marketing and preparing your home to sell in today's market
Source of data: Metropolitan Regional Information Systems, Inc. (MRIS) Chart by Margaret Woda
More Anne Arundel County MD Real Estate trends:
Copyright 2006-12. All rights reserved.
DISCLAIMER: Information contained in this post is deemed reliable on the date of publication, but it is not guaranteed and it is subject to change without notice.
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Margaret Woda, REALTOR and Associate Broker
Direct: (301)346-2923 or click on EMAIL
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Long & Foster Real Estate, Inc., 2191 Defense Hwy., Crofton, MD 21114 (410) 721-1500
Jeff - Thank you. I found it interesting to note tha the average sold price and median sold price follow the same track. I kinda expected it to be different for some reason.
Katerina - You're right, we haven't experienced nearly the pricing issues that other parts of the country have. But that inventory....
This is a great explanation to make it easy for the consumer to understand the numbers and the trends.
Christine - Goodness, you dug up an old one! Your comment did motivate me to ready this again, and you're right - maybe I should re-visit this topic for people who didn't read my blog a year ago.