Median Sales Price is the price at which half the properties sold for more and half for less. It may be affected by economic events, by changes in inventory and buying trends - especially in the new construction and luxury home segments - as well as by changes in fair market value. The median sales price for an area will often conceal an enormous variety of sales prices in the underlying individual sales.
Dollar per Square Foot is based upon the home's interior living space and does not include garages, unfinished attics, and basements, rooms built without a permit, patios, decks, or yards (though all those can add value to a home). These figures are usually derived from appraisals or tax records but can be measured in different ways, are sometimes unreliable (especially for older homes), or unreported altogether. The calculation can only be made on those home sales that reported square footage. Generally speaking, all things being equal, a larger home will sell at a lower dollar per square foot value.
Typically, the fewer the sales, the less reliable the statistic. This is especially true of areas with sales across a very wide range of individual sales prices, such as is often the case in the most expensive market segments. Statistics in these areas can sometimes fluctuate dramatically without great significance. Longer-term trends are more meaningful than short-term fluctuations.
How these statistics apply to the fair market value of any particular home is impossible to know without a specific comparative market analysis.
Data from MLS sales. It may contain errors and is subject to revision. All numbers in this analysis should be considered approximate.
Compass is a real estate broker licensed by the State of California, DRE 01527235. Equal Housing Opportunity. This report has been prepared solely for information purposes. The information herein is based on or derived from information generally available to the public and/or from sources believed to be reliable. No representation or warranty can be given with respect to the accuracy or completeness of the information. Compass disclaims any and all liability relating to this report, including without limitation any express or implied representations or warranties for statements contained in, and omissions from, the report. Nothing contained herein is intended to be or should be read as any regulatory, legal, tax, accounting or other advice and Compass does not provide such advice. All opinions are subject to change without notice. Compass makes no representation regarding the accuracy of any statements regarding any references to the laws, statutes, or regulations of any state are those of the author(s). Past performance is no guarantee of future results.
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