With the turn of the new year, we saw a dip in average price per square foot, but don’t be alarmed. The average price per square foot in Grayhawk tends to fluctuate monthly. January was lower than December, but compare it to a year ago. January 2012 $173/sqft vs last month $198/sqft. That is a 14% year over year increase. Why can this be misleading?
Monthly sales values do not have enough volume to be used as trend lines, which is why this number goes up and down. If you track monthly sales, you know that in the majority of the last ten years, January has the least amount of sales in a month due to the holidays being the least likely time of year to buy. Also, we run into the greater problem with averages; they are good to show the direction the market is moving, but they do not help you price your specific home. This is where market expertise comes into play. We are proud that the last 58 homes we have sold we told the owner within 2% what their house would sell for. Compare that to Zillow’s median error of 11% for this area. If your home is worth $750,000 the Sibbach Team will tell you the actual sales price within $15,000. Zillow would be within $82,500.
If you are thinking about selling, call my direct line: 480-215-7365. We’ll have a CMA on your doorstep within 48-hours.