DataQuick is a San Diego based â€œdataâ€ companyÂ offeringÂ real estate and land stats. A lot of the media sources refer to DataQuicks findings as a true barometer of local real estate markets, and so do some agents.Â I want to know whyâ€¦â€¦
My complaint about a lot of â€œstatsâ€ that are reported is that they are ran from a desk miles or counties away from the subject market. We KNOW the person running the numbers is not taking into account road noise, views, crime, remodels, and a number of things people attach value to when buying real etstate. We are also unaware of howÂ Â they get thier numbersâ€¦â€¦until now.
Some would argue that numbers donâ€™t lie, and that they could be ran from anywhere with the same result. Here is an example from the Wall Street Journal stating that the Greenbrae median price is down 27% . What I appreciated about the article was this moment of honest clarity: â€œDataQuick cautioned that the sharp price fluctuations in some cities are partly attributable to a shifting mix of homes sold and a low number of transactions. For example, more high-end homes sold in Palo Alto would help boost its median price, while a shift to more lower-end homes in Greenbrae could depress its median.â€ â€¦â€¦â€¦.reallly?
I started this article out thinking I would reach the same conclusion as DQ, but I couldnâ€™t. In fact, Quarter 4 of 2008 versus Quarter 4 of 2009 saw only a 9.27% decrease according to MLS data. That prompted me to call DataQuick with a big â€œHuh?â€
The person I spoke with stated, â€œWe do not use the MLS. We use tax records or public records.â€
I then asked, â€œDo you include quitclaim deeds, family sales, trustee sales, auctions, etcâ€¦?â€
She says, â€œWe do exlcude quitclaim deeds and trustee sales.â€
Here is the problem with that: I ran thier numbers through public records, and came up with 5 sales in Q4 of 2008. I also ran Q4 2008 through the MLS, and there were only 3 sales. The problem is of the 3 on the MLS, and the 5 in public records, THERE WERE NO MATCHING PROPERTIES. Public records are often inaccurate and not up to date. A sale through the MLS has be to recorded at the county for the property to transfer from buyer to seller, but those 3 sales were not in the records,Â though they obviously recorded because they were transferred or SOLDâ€¦..Maybe the public records are not the ideal source for the direction of the market TODAY.
Comment on this piece with the town you want to know more aboutâ€¦..
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Thanks for stopping by and I will be posting again soon, no later than Tuesday the 26thâ€¦â€¦.see you then.