"Figures often beguile me, particularly when I have the arranging of them myself; in which case the remark attributed to Disraeli would often apply with justice and force: 'There are three kinds of lies: lies, damned lies, and statistics.'"
Often credited to Mark Twain (who himself attributed the phrase to British prime minister Benjamin Disraeli), "Lies, Damned Lies, and Statistics" could easily be used to refer to media's use of statistics to tell stories about the real estate market.
Every month, we monitor home prices in many Denver area communities and neighborhoods. Because all real estate is local, national trend reports may not accurately explain what is happening in our area - and there may be differences from neighborhood to neighborhood!
We also dig deeper than a cursory look at Median Home Prices or other statistics that national (or local) media use to support the story that they want to tell. Here's an example:
In Evergreen, CO, the Median Sold Price in January 2022 was down 14.5% vs January 2021... yet the Median Sold Price per Square Foot was up by over 23%. So, was the market hot or cold??
By tracking the numbers each month, and looking at the information behind the numbers, we're able to help our clients make informed decisions. Are you interested in learning more about your home's value, market trends in your area, etc? Sign up for a custom real estate market report, based on YOUR interests, at Custom Market Report or learn your home’s value at Home Valuation.
Oh, and by the way... if you're still wondering about those Evergreen stats: the Median Sold Price was lower in January because more smaller homes sold in January 2022 vs January 2021. Smaller homes sell for less money than larger homes do, so the median price was lower. But overall prices (values) continued to rise, as shown by the steep increase in median price per square foot!