One shows the "average" price of homes coming on the market, and the other shows the "median" price of the homes that sold and are now off the market. The other thing to know is that "average" and "median" don't mean the same thing. And while most people understand the definition of the words "average" and "median" individually, very few understand how to interpret what it means when compared to each other, and are different?
How an "average" list price of $417,000, and a "median" sale price of $151,000 could be interpreted is that there is a pretty good size gap between the most expensive priced home and the least expensive priced home. It could also just mean that last month the homes that sold were lesser expensive homes, and the homes that came on the market were higher dollar homes? There's a lot of other variables you'd need to know for sure and ones that an experienced Realtor who specializes in that area should know. For example the actual "average" sold price last month in Camas was $309,100, which is considerably more than the "median" sold price of $151,100.
Below is a link to a map. within the map (zip code 98607, camas) all listed properties are shown.
Im confident that you'll find each property priced to the respective size, age, condition, and location. You'll also recognize that "camas" 98607 as defined by the zip code boundary encompasses a large geographic area, an considerable diversity in the demographics.
The diversity within this geographic location is huge! you take one sale that occured during the time in question, it may have been a 70 year old bungalow by the railroad tracks, or a mobile home on an acre,? who knows. on the other hand, the average listing is likely to include the lakefront estates on lacamas lake, or riverview houses on the ridge.? impacting the average list price significanly.
To effectively price any property (or anything for that matter), you must compare recent, previous sales of LIKE PROPERTIES. thats like saying a single grape and a single water melon are both fruit and therefore the watermelon is overpriced at 6.00, because the grape sold for a dime? geeeez
Your question asks for a comparison between average and median prices. There is often a significant difference between the two. Therefore your question begs a question in response, why is it important to compare the average list with the median sale prices?
Its possible that during the period which you defined, only homes in the lower price ranges sold, yet the listings not yet sold, averaged much higher.
Medians and averages are for a given period for a certain duration of time. We have those numbers EVERY month, calculated from the sales monthly.
This has very little to do with pricing a particular piece of property or preparing a current market analysis, as each property would be reviewed on the basis of size, age, condition, neighborhood, finishes, fixtures and ammentities, ...and more.
I hope you received the answers you were looking for.
Say for instance, there are 20 homes listed and 5 of them above 700,000 but non have sold in the period. Those listings would be calculated into the average of the 20 homes.
and those sold.. perhaps 5 sold at 125k, and one sold at 300k, your median would reflect the average.
Now, I just took a stab at those numbers, ... but I think you can see, how the numbers and averages can be affected by the actual details.
When looking for an approximate value of any piece of property, many things are taken into consideration, to be sure you are comparing apples to apples. Camas (98607) actually covers a very large geographical area, and also has a tremendous economic diversity, with some properties under 150,000 and others over 1,500,000
If you have a particular question, or property that you wish to have a market analysis for, I am happy to help'