Market Conditions in 90014>Question Details

Mr. M Soliman, Real Estate Pro in Los Angeles, CA

No Way? Los Angeles Listings ($) vs median selling ($) - - Why the "disparity" or a Trulia misprint? Wow!

Asked by Mr. M Soliman, Los Angeles, CA Tue Feb 3, 2009

Avg Listing Price : $1,030,191 Wk ending Jan 28 $15,351 1.5%
Median Sales Price $325,775 Oct '08 - Dec '08 -$184,225 -36.1%

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3
HEY -SOLID ANSWERS THANKS
0 votes Thank Flag Link Wed Feb 18, 2009
The median selling price represents the mid point sales price. Half of the properties would be above that point and half would be under.
Each area would have a different median sales price for example: West Hollywood median price for 08 $1,020,000 but, the median sales price for the main areas in Los Angeles was $530,000 for 08.

The disparity you may be seeing has to do more with the fact that the fastest selling homes at the moment are under $600,000. The number of sales per year have increased since 07 mostly in this price range.
0 votes Thank Flag Link Tue Feb 3, 2009
M, the statistical measures of Average and Median are two different measures. Average is the typical calc we are all familiar with: Add up the sum of all number and divide by the number of samples. Median, on the other hand is defined as “the number separating the higher half of a sample from the lower half." This measure has no regard for any of the specifics you may be searching for.

The good ol' fashioned CMA gives you the best representation of market price/activity/trend direction - for the specific property details you search on.

My $0.02

Best, Steve
0 votes Thank Flag Link Tue Feb 3, 2009
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