It’s one thing to say the median sales price in Mesa is $289,000 (based on YTD sales through August). It’s another thing completely to show that one zip code has a median sales price of $358,500 (85207), while another zip code’s median sales price is $240,000 (85208), more than $100,000 less.
This is a great example where a larger pool of data has less variance from point to point, but the smaller pools of data - while they may have more variance, they may also have more relevance. Knowing Mesa’s median sales price is $289,000 is a good way to compare to other cities, or to itself over time (year over year), but it doesn’t help if you’re looking at homes in 85213, for example.
This is why neighborhood comps are so important…
- Chris Butterworth
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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.