One of the services I routinely provide my real estate clients (and prospects) is a thorough Comparative Market Evaluation (Comp). It is of paramount importance, whether searching for property purchase candidates or attempting to price-shop the selling competition, to comprehensively and accurately include "Comps" when number-crunching. How do I do it?
1) Get all of the data
2) Choose ranges as applicable (size of property in acres, residence square footage, number of beds and baths, low/high sales or list prices, types of garages, year built, etc)
3) Build the query and study the results, looking for mean/median, outliers, and trends over years of history
4) Design custom charts capable of conveying meaningful details and summaries, tends, averages and outliers
Recently in Flathead County, there were 3,085 active listings. Of these, 1,048 were single family residences. These were further delineated by count of bedrooms: 127 5-bedroom homes, 284 4-bedroom homes, 437 3-bedroom homes, and 120 2-bedroom homes.
In effort to offer the reader some real market analysis value, I will show you some summaries, details, and trends for Single Family Residence (SFR) sales spanning the month of May, from 2013-2017. Now, granted that I am pooling into this analysis all:
a) lot and home square footages (I can actually limit by specifying as tight a range as I wish)
b) bedroom and bathroom counts (ditto above)
c) sale prices (in $25k blocks) from $100k-$850k (I can actually limit and massage the ranges by any size limits and blocks)
d) regions (I can actually focus in on specific subdivisions, towns, streets, address ranges and counties) within Flathead County, Montana
e) years 2013-2017 for the sales occurring during the month of May (I usually include 20 years of data for my clients, providing graphics for the activities of each property over that period (including taxable values)
Below is a summary chart of the SFR sales of May 2013 (giving counts, average duration on the market, and average days to close (by sale price range)):
You see the quantity of sales in blue bars (by sold price range blocks), with the vertical left Y-axis representing sale quantities for the period. You see average days to contract as gold bars, again by price range blocks, using the same left Y-axis for count of days. Finally, you see the average days from contract to close as stacked green bars, by price range blocks, using the same left Y-axis for count of days.
Here are the same apples-to-apples charts for SFR sales, during the month of May, from 2014-2017:
You may decide trends, from the above, on your own.
Now, I am more interested in the following, by specific price range blocks:
1) high and low list prices
2) average list price
3) average sale price
4) average list price, per square foot of home living area
5) average sale price, per square foot of home living area
Here are custom charts I've designed (and copyrighted), which collectively convey this information in a creative and useful associated way:
You may decide trends, from the above, on your own. Utilizing the above, I can quickly summarize associated and distinct market factors, realities and trends.