I meant the median sale price is 6% down compared to a year ago. Number of sales throuch October is down about 11%.
Zillow says it has something like a +/- 7% accuracy, which is a $56,000 spread on the median Somerville home value of $400,000. The Wall Street Journal did a quick test last year using 1,000 recent sales and found that roughly to the be case, 7.8% median difference (absolute value), even split high and low. 11% of the sales were more than 25% off. The net-net is that Zillow data is overly reliant on public data (number of bed/bath, size of plot, comp sales) and can't accommodate for things like recent renovations -- other than relying on public assessments to reflect the renovations.
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Re: Not sure I understand.
Date: 2008-12-08 01:42 pm (UTC)Zillow says it has something like a +/- 7% accuracy, which is a $56,000 spread on the median Somerville home value of $400,000. The Wall Street Journal did a quick test last year using 1,000 recent sales and found that roughly to the be case, 7.8% median difference (absolute value), even split high and low. 11% of the sales were more than 25% off. The net-net is that Zillow data is overly reliant on public data (number of bed/bath, size of plot, comp sales) and can't accommodate for things like recent renovations -- other than relying on public assessments to reflect the renovations.