Come and join us as we have a look inside the market of real estate. Let Mister Frisco guide you through the ups and downs of real properties. Today, we will take a moment to talk about an interesting topic in this industry – median sales. Don’t worry, as it is not as complicated as it sounds. In fact, it’s super useful and, quite frankly, fun to learn!
A Look in the Middle
You are probably wondering about the meaning of “median sales.” Simply put, a median sale price is a ‘middle’ price. If we lined up all the houses sold in a certain period, from the cheapest to the most expensive, the median sale price is the one smack dab in the middle. It’s not the average price, mind you, but the one right in the center of our line.
Inside the Why
You may be wondering why we use the median sale price instead of just looking at the average. Well, the average has a tendency to be skewed by very high or very low prices. For instance, if ten houses sell for $100,000 and one sells for $1 million, the average price is $190,000. However, this is an unfair representation of what most houses sell for. In this case, the median sale price would still be $100,000, which gives a more accurate picture of the market. See why it’s handy?
The Current Market
The most recent median sales price is lower compared to last year’s. The current median sales price is at a figure of $646,000 which is considerably lower than last year’s, which was at $706,783. Median sales prices have dropped by a significant margin of 8.6%. What this means is that this is a great time to buy properties before prices soar. Mister Frisco is sure to help you find the right property at the right price.
Come have a look inside the market of the real estate industry with Mister Frisco. He will make sure that you get the best deals whether you are buying or selling. Connect with us now for more valuable tips!
