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Old 08-28-2013, 11:12 PM
 
349 posts, read 379,277 times
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Here's an example of what I'm seeing _a lot_ of. I apologize if I'm ignorant and missing something obvious:

2225 ORCHID BLOSSOM Dr, Las Vegas, NV 89134 | MLS# 1367987 | Redfin

06/24/13 Home purchased for $194,000
07/26/13 Home listed for $245,000

Did this home really gain $51k of value in 1 month? Could listings like these skew the median list calculation away from reality?
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Old 08-28-2013, 11:16 PM
 
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Says "Home listed for $245,000" not Home Sold for $245,000...

Last edited by Packrat1; 08-28-2013 at 11:17 PM.. Reason: Edit
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Old 08-28-2013, 11:37 PM
 
349 posts, read 379,277 times
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Thank you Packrat1. Please reread the thread subject. It says "list" right?
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Old 08-29-2013, 12:47 AM
 
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Quote:
Originally Posted by djslakor View Post
Thank you Packrat1. Please reread the thread subject. It says "list" right?
Sorry - List prices are list prices. No connection to reality.

They did some stuff...got rid of the white tile counter tops. But I don't thnk they will get anywhere near $245K..

So let us have this discussion after it is sold

There is no median list...though an agent will occasionally promote one for marketing purposes.

At the moment for instance I have probably the best or certainly top few of a particular model. Some idiot has listed a lesser example $20,000 more than my listing. I would certainly send people to see that one. My listing may in fact be overpriced. But I will use the bad example to make mine look reasonable.

Any competent agent would comp both way below list price and their client would offer accordingly. Then again all agents are not competent and mine shows well.
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Old 08-29-2013, 12:58 AM
 
11,177 posts, read 16,021,941 times
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Quote:
Originally Posted by djslakor View Post
Thank you Packrat1. Please reread the thread subject. It says "list" right?
Yes, but who ever looks at or is interested in median list prices? (And yes, I know the stat is available.) The stat that is of interest to the vast majority of people, and the one that the media usually reports on, is median sale prices. Who cares what the median list prices are anyway? To me, that number is fairly meaningless.
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Old 08-29-2013, 01:02 AM
 
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lvoc, I'm referring to the "median list price" on redfin in the Area overview.

Las Vegas Real Estate & Las Vegas, NV Homes for Sale | Redfin
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Old 08-29-2013, 01:05 AM
 
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Quote:
Originally Posted by djslakor View Post
lvoc, I'm referring to the "median list price" on redfin in the Area overview.

Las Vegas Real Estate & Las Vegas, NV Homes for Sale | Redfin
As MMB points out no one seriously interested in Real Estate would even know what that numeric is...

It is there because it is readily available and easily calculated. It however has no practical value.
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Old 08-29-2013, 01:06 AM
 
349 posts, read 379,277 times
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Quote:
Originally Posted by MadManofBethesda View Post
Who cares what the median list prices are anyway? To me, that number is fairly meaningless.
Or it may reveal the mentality of sellers.
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Old 08-29-2013, 01:06 AM
 
12,973 posts, read 15,805,587 times
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Quote:
Originally Posted by djslakor View Post
Or it may reveal the mentality of sellers.
Or the lack thereof..
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Old 08-29-2013, 01:11 AM
 
349 posts, read 379,277 times
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Or a hint at "irrational exuberance" in the market, per Robert Shiller.
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