There was a recent article in the Bellingham Herald about Zillow’s quarterly home report stating that the median price of a home in Whatcom County is down slightly in the past year.
This may be so, but then again maybe not.
The reportshows that the median price for single family residences sold in Whatcom County was $278,649 during the second quarter of 2007, down 2.1 percent when compared to the same period last year.
When I look at the NWMLS statistics they sure are different that Zillows. According to the NWMLS statistics for the second quarter of 2007 vs 2006, I get a median sales price for a single family residence of $292,500 for 2007 vs $282,250 for 2006 which is a 3.6% increase in residential home values.
When I look at the stats for all homes, I assume they mean residential and condos, Zillow says the median home sold for $247,074 in the 2nd quarter of 2007. Once again looking at the NWMLS statistics the median sales price for all homes in 2007 was $274,900 as compared to $269,500 for the same time in 2006, which is a 2% increase….. There is also an 11% spread between the Zillow median and the NWMLS median prices. What does this all mean?
If I take into consideration the fact that Zillow also uses FSBO’s that are not part of the NWMLS data then it leads me to believe that those selling their homes on their own are leaving a lot of money on the table as there is a 5.7% spread between the Zillow statistics and those of the NWMLS for single family homes.
What do you think?Which is more accurate Zillow or the NWMLS?
If Zillow is right you might want to think about getting the help of a Realtor if your thinking about selling your home.